Did you get into business to spend money or make money? I’m willing to bet it’s the latter. And where there are many costs of doing business, there are ways to invest in it and make money.
Traditionally, the payment processing industry has relied on confusing invoices designed to mask that you are overpaying, poor customer service that doesn’t compare to what you were promised, and strategies that can cripple your bottom line rather than boost it. From being payment card industry compliant to making sure you don’t get swindled on prices, there are a myriad of things to look out for.
Like most business owners, you might not realize that your payments setup is among the arsenal of tools you can use to grow, so how should you choose a payment provider? Consider these six things.
TIME IS MONEY
You know this, but are you living it? Here is what I mean. If your credit card machine breaks, you or your manager will need to contact customer service. This could put you on hold for hours, pulling you off other projects, and your clients will have to wait while you resolve the problem. Whatever the situation, it is costing money. You are unable to accept your customers’ credit cards until the connection is fixed, you are losing valuable employee time trying to fix it, and customers are annoyed that they can’t pay and get on with their day. A lose-lose situation.
YOUR PRACTICE NEEDS TO BE MODERN
At your spa, you wouldn’t dream of offering outdated treatments or using outdated tools. Staying up-to-date is essential for growth in all areas of your business, including your point of sale system. Making sure that your payments equipment has the latest technology serves two purposes: demonstrates that you are modern and up-to-date, signaling that your treatments are as well, and you are keeping up with industry changes that your competition is likely already taking advantage of – for example, the ability to accept Apple Pay or access to speedier transaction processing.
YOU REQUIRE TRANSPARENT PRICING
It shouldn’t be easier for you to read in a foreign language than it is for you to read your merchant services statement. Your statement should be clear and simple. It should not be laden with hidden fees and shady charges. Expect transparency – the only pricing model you deserve.
YOU DESERVE A TRUSTWORTHY REPRESENTATIVE
This industry has a history of using car salesman-like tactics to rope you into lengthy contracts and poorly priced deals. You want to work with a reliable company and a representative who is not charging you for the wrong products to benefit their own bottom line. You also want the kind of provider who gives you the best rate the first time, not as a reaction to someone else walking into your office with a better offer. You want one cost effective rate from the beginning; if someone offers to match your best offer, they aren’t offering you their best right now.
UTILIZE CUTTING-EDGE CARD LINKING TECHNOLOGY THAT DRIVES PROFIT
It used to be that businesses wanted to collect addresses. Then, it was e-mails, Facebook likes, and cell phone numbers. Now, we are seeing the emergence of promotions that actually get inside a customer’s wallet. There are payment processing companies who offer promotional and marketing tools that are linked back to your payment terminal, making offers simple for you to deploy – no tech know-how needed.
CUSTOMERS WANT TO SPEND MONEY AT SOCIALLY CONSCIOUS BUSINESSES
Consumers today are increasingly interested in supporting businesses that are dedicated to a social mission. You can contribute to the larger business environment by selecting a payments partner that is committed to ethical business practices and has a clear goal of diversity and inclusion.
As a business owner, you no longer have to choose between saving money and investing in your business. When you find the right payments partner, you will find that you can achieve both.
Samantha Ettus is the founder and CEO of Park Place Payments, aimed at helping small to medium sized businesses use payments to grow their businesses. Ettus holds a bachelor of arts and a masters of business administration from Harvard, is a best-selling author, and has dedicated her career to championing women in the workforce.