Choosing the method of credit card processing
The credit card processing is done by different methods. When selecting a method of credit card processing, its important to select wisely based on business needs. On one hand, there is the mobile credit card processing system and on the other hand, there is the point of sale system set up. The latter is the more traditional way of processing credit cards while the mobile credit card processing is quite new and probably the way of the future. However, you should still consider the following factors while making your decision.
Methods of credit card processing
- The customers: It is important to consider their purchase decisions while choosing a method of credit card processing. If you have consumers who are more tech savvy of the lot, you will be expected to accept payments via any means, while the ones which are of the regular bunch, will be satisfied with the fact that you have enabled a credit card processing feature.
- The mobility of your business: Is your business on the wheels or do you offer extra services with your products which require your staff to commute to different places? If so, then mobile processing may be the ideal option for you. Mobile credit card processing too allows you to accept all major credit cards. On the downside though, most mobile processing services do not allow payments via NFC.
- Adding another line: If you want to enable the one-tap feature, by which they can make all their payments using Google wallet or Apple Pay, then you can use the traditional way. Also, this processing method is excellent if you want to create a second checkout line without having to pay for a second register. You can add an NFC reader to this processing system.
- The cost: It is one aspect which just cannot be ignored in a business setting. It is essential for you to understand how much each of these services will cost you each month up front. So when you are choosing the point of sale credit card processing system, that is, the traditional system, then you may have to pay the fee on a monthly basis. This cost will include the gateway access and the statements besides the per-transaction fee and the added percentage rate. Of course you need to have enough budgets for a point of sale system. The mobile credit card processing systems often charge only a percentage for each transaction.
- Majority pays cash: In case majority of your customers pay by cash, it is futile to invest in a point of sale system. Mostly the businesses which have a mobility aspect accept cash, which is why they prefer the mobile card processing system, which are also ideal for start ups.
- Location: last but not the least; location plays a key role in selecting your processing type. If you want a centralized credit card processing go for traditional methods, for all other kinds mobile methods are enough.
Conclusions of methods of credit card processing
By analyzing the location, transportation and the nature of your clients you can make the accurate choice regarding your credit card processing. But whichever method you choose, make sure you understand the terms and conditions of the processor. Most importantly, make sure you select a method of credit card processing that’s best for you.