The way consumers pay bills is changing, and payment processing technology is evolving rapidly. People want quick, easy options to pay because let’s face it … life is busy. Your business needs to stay up-to-speed with industry changes to stay competitive in today’s marketplace.
The payments industry is continuously taking steps toward better security, along with developing new, convenient methods of payment. Adopting these methods helps allow your business to streamline payment acceptance, saving time and boosting convenience.
Here are a few of the things you can do to streamline payment acceptance at your organization.
#1: Chip Cards
Traditional mag-stripe credit and debit cards contain static data used for every transaction, making it easy for thieves to duplicate cards and commit fraud. In recent years, EMV technology has been making strides toward improving payment security.
The introduction of chip cards (which use the technology) began in Europe and are currently being adopted across America. Instead of relying on the static data of a mag-stripe, chip cards are embedded with a tiny computer that creates a unique code for every single transaction. It makes the cards very difficult and costly to duplicate, meaning that transactions using chip cards provide more protection.
Businesses lose about 5% of revenue due to fraud each year, costing hundreds of thousands of dollars (or more) to resolve. Upgrading to POS terminals that accept chip cards is one way to ensure more secure, technologically-sound transactions.
#2: Digital Check Processing and ACH
If your business still receives paper checks, a check processing system can help expedite the process. This type of system will convert the check into a digital format, which is then forwarded to the appropriate financial institution for check verification. This eliminates the time and hassle commonly associated with cashing paper checks.
Many businesses have moved away from checks altogether and turned to ACH as a popular payment option. ACH payments are taken directly from a customer’s bank account and transferred to your business’ account. Many ACH processing solutions — like those found at Forte — can complete this process within a single day, providing your business with funds faster.
#3: Mobile Wallets
Near field communication (NFC) is a new payment method that transmits data wirelessly from a mobile device to a payment terminal. This is also referred to as contactless payment because all it takes to process a transaction is swiping your smartphone over a sensor.
Mobile wallets like Apple Pay or Samsung Pay make use of NFC technology, but stores have been sluggish to adopt terminals that accept this form of payment. That means that accepting mobile wallet payments at your business sets it apart and provides convenience for your customers. NFC payments are secure and fast, plus they give consumers the option to simply carry a phone instead of a full wallet.
#4: Go Paperless
Online payment processing solutions significantly reduce the paper flow required by a business. Buying and stocking paper takes time and resources. Now, reports and statements can be digitized in one online portal, which makes them easier to search and sort. You can deliver invoices and receipts via email or text.
Going paperless can be done securely with the right software solutions, freeing up space and resources that paper previously required.
#5: Simplify Software
Consolidating down to one online payment processing system allows you to keep all data, records and reporting in a single portal. These types of solutions can generally be integrated into existing software or websites, like Checkout. This means that customers won’t have to leave your website to complete an order, and they can place orders at any time.
Forte is proud to offer customizable, scalable all-in-one solutions. Contact us today to learn more about the payment acceptance and management solutions available for your business’ needs.