An electronic payment is one of the most convenient options you can offer your customers. They do not have to write a check or carry extensive amounts of cash when this processing choice is available. Most consumers carry very little cash these days because they expect businesses to accept some form of card or electronic transaction both in person and online. With electronic payment processing, no paper is required. A card can be swiped at a location or the information can be entered via a website very easily. There are many forms of electronic reimbursement. An electronic transaction is any payment which does not utilize paper such as a check. Individuals who pay with a credit or debit card are in fact paying electronically. Direct bill pay, phone payments, and direct deposit payroll are all other examples of this type of processing. Online or in store purchases are commonly referred to as a one time transaction. Service reimbursement for a bill or other item can be considered as a recurring payment. Payroll or other bank services are often automatic. These are the three basic types of transactions which can take place with your customers. Allowing consumers to pay electronically offers them a high amount of convenience as well as reduces business costs. Customer retention is also increased because they will continue to provide their business when it is convenient.
Credit Card Processing: Is it Right for Your Business?
The type of transaction will determine what is needed to initiate the process. A recurring service may require a different setup than traditional credit card processing. The first thing you must do is evaluate your processing needs. What types of transactions will be accepted by your business? In what manner will they be accepted? There are multiple options when answering these two very important questions. Cards can be accepted in these manners:
- Phone
- Virtual Terminal
- Mobile
- Website
- On-Site
Customers paying for a service may prefer to pay by phone or set up a recurring payment online. If your business sells a product at retail locations only, an on-site setup would be more appropriate. Sometimes a combination of services works better. For example, if you will be selling products online and at physical locations, it might be beneficial to offer consumers the same options in both areas. Maybe your business travels to the customer. In these scenarios, the customer may need to be charged via a mobile device. You must also decide upon electronic checks, credit, debit, or other forms of payment. Credit card processing is one of many choices you have available. Payment forms and collection practices are essential when determining your processing needs.
AVPS is ready to provide the most workable solution for your business. Our services cover phone, mail, online and traditional payment acceptance. Electronic payment processing is highly beneficial to your business as well as customers. It reduces the amount of paperwork required, provides additional convenience, and supplies the opportunity for increased sales. Call us today to learn about our available processing choices.
