There was a time when cash was king. Then along came checks, credit cards, ACH and countless other payment options.
Each change introduces new regulations and security concerns. Your customers’ shopping habits might also evolve. As a merchant, adapting to this rapidly changing landscape isn’t easy, but it’s absolutely essential if you want to survive and continue growing your business.
So, what steps can you take to prepare for Q2 and beyond?
1. Make Payment Security Your No. 1 Priority
The most important step involves protecting your customers’ payment information from unauthorized use. This is why you should choose a PCI-compliant payment processor that offers advanced fraud protection solutions such as tokenization and
- If you sell products and services online, consider the security benefits of using hosted payment pages.
- If you run a physical store, update all of your POS terminals with more secure EMV readers.
The less inviting your payment environment is to hackers, the more secure your business becomes.
2. Offer More Payment Options
You might not be familiar with Apple Pay, contactless payments or wearable technology, but many of your customers certainly are. If you don’t begin offering these payment options in 2017, you could miss out on potential sales.
Fortunately, making such upgrades is a lot easier than you think. That’s because many of the more popular payment options on the horizon all use the same near field communication (NFC) technology. With the right terminal, you can accept a wide range of payment types.
Don’t stop there. It’s also worth exploring cryptocurrencies like Bitcoin or electronic payments like PayPal. The more options you provide, the fewer customers you’ll have to turn away.
3. Incorporate Payment Integration
There is one downside to accepting multiple payment forms. It becomes harder to manage and report transactions coming from different sources.
With the right setup, however, it’s possible to automatically integrate these payments directly into your accounting and sales software. Regardless of their origin, all new transactions are instantly reflected in the business tools your team already uses.
Payment integration removes the need for manual data entry. As a side benefit, you also end up saving money since your employees don’t have to invest as much time balancing books.
4. Understand What You’re Paying For
As long as new payments keep coming in, you should be happy, right? Not necessarily.
As a merchant, you should periodically check how your payment processing is set up. Only then can you understand whether the fees being charged match the value you’re receiving. Depending on what you find, you may be able to negotiate certain charges — or avoid them altogether.
This free resource provides a useful breakdown of how payment processing fees work.
Making Q2 Your Most Profitable
No one can predict the future. But with our help, Q2 could begin one of your most profitable years to date. What makes us so confident?
- We constantly monitor the payment horizon to ensure our PCI-compliant solutions adhere to the latest security standards.
- As new technologies and rules emerge, we can help you update your payment environment accordingly.
- BluePay’s competitive pricing ensures that you keep a much larger portion of every successful sale.
- Our payment integration solutions can make your operations more streamlined and profitable.
To learn more about BluePay’s payment processing solutions, contact our merchant services team today.