If you are a busy business owner, you might find yourself constantly searching for new ways to stay competitive and productive. However, if you are busy making deals and working with your customers, it might be difficult to brave new frontiers. Fortunately, you might be able to save money and improve your business by doing something as simple as switching which credit card processing company you use. Here are two ways the right credit card processor could improve your business:
1: Make Your Business More Mobile
If you are trying to update your business, you might zero-in on those antiquated check stand credit card machines. After replacing those old systems with brand new versions, you might wonder what else you could possibly do to take your business into the twenty-first century. Fortunately, some credit card processing companies give business owners the opportunity to take their payment platform outdoors—or anywhere else they want to go.
Because many merchant processing companies store transaction data online, you might be able to access your account from a smartphone or tablet. Here are a few ways this mobile technology could help your business:
- Food Trucks: If you run a restaurant, you might be looking for a way to jump on the food truck bandwagon. Fortunately, with a mobile payment option, you won't have to worry about sending your employees on the road with thousands of dollars in change.
- Trade Show Booths: Research has shown that nearly 81% of trade show attendees have buying power, which is why selling products at these conventions is a no-brainer. You might be able to use your trade show booth to promote in-house products, without fiddling with a cash box during the day.
- International Locations: Some credit card processing merchants even accept payments internationally, so that you can do deals while you are overseas.
In addition to giving you the opportunity to spread the word about your business, taking your company on the road might also allow you to test new markets. For example, you might be able to send a few employees to an exciting new location to see if there is enough customer interest to buy a property and open a store—all because of your payment mobility. For more ideas on this topic, look at companies like One Payment.
2: Save You Money
Giving your company a modern edge might sound appealing, but how much will it cost? Believe it or not, working with a different credit card processing company might even save you money. Here are a few reasons your costs might drop, and why:
- Receipts: Some credit card processors give business owners the option of emailing receipts to customers, instead of printing off endless sheets of meaningless documentation. Also, since electronic receipts are a more earth-friendly option, you might be able to sleep a little easier at night about your company's carbon footprint.
- Fees: Although it isn't uncommon for credit card processing companies to charge merchants up to 2.19% per transaction, some companies offer lower prices to small businesses. In fact, some processors charge between 0% - .36% per transaction. To put those numbers into perspective, if you did $200,000 worth of sales with a traditional credit card processing company, you could pay up to $4,380 in fees alone. However, if you qualified for a small business program, you might not have to pay a dime for the service.
With the money you save on credit card processing, you might be able to improve your business by lowering prices, hiring extra employees, or renovating your sales floor. As you shop around for credit card processors, ask about their transaction costs, and whether or not they offer special deals.
By working with a cutting edge credit card processing company, you might be able to set your business apart, while protecting your financial future.