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3 Emerging Payment Processing Trends for Small Business

Posted on 27 February, 2014

3 Emerging Payment Processing Trends for Small Business

In today’s high-tech age, many small businesses are seeking innovative ways to accept payments from customers. Brick and mortar establishments and online enterprises can now easily accept credit cards and debit cards rather than traditional cash payments.

The Transition From Cash to Credit

To streamline the checkout process, small businesses can follow the trend of accepting credit card payments instead of cash. Instead of standing in front of a cash register and flipping through dollar bills and coins when receiving payments, a swipe of a credit card is a convenient payment method for both customers and business owners. Some companies can reject bills larger than $20 to encourage customers to use credit cards on large purchases. Companies can also encourage customers to avoid paying in cash by eliminating any minimum purchase amounts to use credit cards.

Payment Processing With Smartphones and Tablets

Modern technology makes it possible for small business owners to accept credit card payments through mobile devices. Smartphones and tablets can be connected to small card readers that are easily synced with standard USB or 3.5 mm auxiliary connections. The card readers allow a business to accept payments anywhere and anytime without being physically in a store or office. Some credit card readers are designed to be compatible with specific devices, such as the Apple iPhone or a particular brand of tablet. To register payment, the credit card reading devices have to be synced with software that can be downloaded from the appropriate app stores for specific mobile platforms, usually Android or iOS.

Personalized Merchant Accounts

To reach more consumers, many small businesses are now opening up their eCommerce operations. Online stores can be linked to merchant accounts that accept credit card and other wire transfers payments done through the Internet. Personal merchant accounts eliminate the need to deal with third-party companies that handle credit card processing and charge hefty fees for such services. Though personalized merchant accounts are a good fit for some industries, it’s also smart to keep in mind that some business owners can benefit from the oversight of a larger scale organization when it comes to finances. Be cautious when taking this approach so as to avoid confusion, and reach out to financial experts like the team at High Risk Pay with questions about the process.

Digital technology such as mobile apps and card readers are convenient payment processing solutions for small businesses. The Internet also facilitates the process of handling sales and returns without using any dollar bills and change.

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Accept all major credit cards

Regardless of Credit History!