Remember when the biggest decision small businesses had to face was whether or not to take credit cards? The cost, the tech, and the financial viability. It was all a big question mark. Now, with so many options the question isn’t whether to take digital payments, but which ones? What draws the line between happier customers and a healthier bottom line?
What’s Driving Payment Technology?
Every customer has their preferred payment. Whatever’s convenient or nets them the most rewards. So, businesses of all sizes, brick and mortar and online, have to accommodate all the payment types from every device imaginable to promote a good customer experience. Especially at the rate online sales are growing. Luckily, technology allows even smaller businesses to adopt new technologies seamlessly.
Security and Privacy Needs
Obviously, in the age of cyberattacks, everyone’s concern is security. From businesses small and large, the fear of a breach has us all on our toes. Luckily, there are ever-evolving technologies coming at a steady pace to keep us safer. Ones that don’t require the actual exchange of credit card information-like contactless payment technology means you never hand over your credit card to a merchant. That is good considering in 2020 credit card fraud made up a total of 459,297 reported instances of fraud and identity theft combined in 2020. (https://mint.intuit.com/blog/planning/credit-card-fraud-statistics/)
Luckily, terminals with Near Field Communication (NFC), a chip that contains security features that make it harder for hackers and fraudsters to steal PINs or counterfeit cards, are more readily available and affordable than ever. And that technology will continue to evolve. So, it’s good for you to stay in the know about new breakthroughs in the market.
Mobile Payment Services
Technology is most certainly a friend to mobile payments. Thanks to Apple and Google, payments can be made with a wave or a tap of the phone on terminals with NFC-enabled terminals. No credit card information is given, just a one-time code that authorizes your transaction. Visa™ payWave and MasterCard™ PayPass also have similar contactless pay technology.
Best of all, aside from an equipment upgrade to NFC, there’s no additional infrastructure or cost required.
Cash Flow Management Solutions
It’s quite amazing how far we’ve come. With payments now taking place mostly on the internet, your business can now reap the benefits payment tech has to offer. You can fully integrate payment methods and control them from a computer or tablet. You can access and manage important business data, such as sales, inventory, receivables, payables, etc. from the cloud. Some systems even track your customers’ purchase histories and provide valuable customer relationship management capabilities.
In today’s business environment it’s difficult not to accept any kind of credit card, debit card, or digital payment. The question good businesses are trying to answer is how to use new payment technology to get more customers and keep existing customers happy. Can I improve my relationships? How can I use this tech to grow my business?
Sure, there’s a cost to being tech-forward. And you need to find the bank and merchant services that will serve you best. But let’s look at this as a long-term success strategy that’ll pay you back. and then some.
So, find a bank and/or a small business specialist. You can find all sorts of packages — one that will be right for your present needs and help you grow. And see how today’s way to pay can really affect your future. 1st Source Bank Treasury Services offers solutions for businesses and will answer any questions you may have.