We find that many businesses in the service and retail sectors will use a variety of payment processing types, tools and systems to support their customers. Being able to support them “the way they choose to pay” is critical in today’s climate.
When we consult with companies and their consultants – like business coaches, CPAs and financial advisors – we help explain the options. Here are some of the updates and recommendations you can make when you are meeting with your clients.
Tap to Pay in store and in the field
Now, Near Field Communication (NFC) is available nearly everywhere. Whether customers are in the store, restaurant or at home having work done they can use this option. No need to swipe or even insert the card – and definitely no need to enter in the digits manually.
The latest tech enabled software will take nearly any smart phone and turn it into a tap to pay terminal. No new equipment. No expensive hardware. No time wasted in the field.
As an advisor, you may want to help them to stay ahead of (or keep up with) the competition. Be sure to ask:
“Are you taking advantage of this option in your payment suite?”
Text 2 Pay from anywhere
All types of businesses who issue invoices and request payments can and should be taking advantage of this secure payment method. Text 2 Pay uses encrypted, one-time messages, the ability to reach a customer on their smart phone is important.
Invoices for professional and home services like HVAC, roofing, plumbing repairs can be sent via e-mail, Q/R code or text and then easily paid on the phone with one touch of the screen.
As soon as the service is complete, request, process and accept a card immediately. No need to bill and wait for payment. This saves both time and money versus traditional methods.
Online payment options
Secure payment portals, links to pay and ecommerce all fit within our capabilities to support customers. We have many solutions and partner with web developers and tech teams to build a custom solution that works.
If you are updating or building a new website, be sure to reach out and ask for recommendations.
Or, if you are seeking a new partner to help you – we are here. We have worked with many 3rd parties to help them, help their clients. Reach out for our referral and partner programs to get started today.
In person flexibility
Offer customers who are in the store or restaurant the options they want to choose. Some no longer carry cash and will want to use their credit or debit card. They can choose card in hand or, pay with their app on their phone.
No matter what they decide, you have the solution ready to accept their payment.
Many options are available, and businesses can offer them to their customers.
Credit, Debit and E-check
Saving when customers use an e-Check, debit or credit card is possible with a few new programs. Some states have their own laws, policies and restrictions so it is important to know how to handle this. We approach each new client on a case by case basis to evaluate and understand what is needed first.
As a general rule here are some things to keep in mind.
Between credit and debit cards there usually isn’t a difference, unless there is a surcharge or dual pricing program in place. Then, It is important to process at the correct rate with the card type in mind.
E-check is a rising option and needs to weigh in the processing time, ability to pay a larger balance all at once as well as the risk of bounced payments. Some service providers thought this was the ultimate solution to save on costs in recent years. However, many have reduced the focus on this offering due to the negatives that did not outweigh the cost of processing fees.
Dual pricing, surcharge and a variety of payment processing types are available, so choose to put them into place where and when needed.
Get Started
Many factors will dictate the needs, but in every conversation, we hear that flexibility is essential.
This is why we always take a consultative approach. No two customers and no two payment accounts are the same. (Not even franchise owned businesses!) Each business owner can choose to accept payments in the methods that work for their unique and individual basis.
Reach out to TransAct to learn more how you can help your clients get and stay ahead.