It’s virtually impossible to run a business today without accepting plastic as a form of payment. You can find at least one credit card in 70% of all American wallets today, and the majority of consumers prefer paying with debit (43%) or credit (35%) as opposed to cash (9%).
That said, finding credit card software for small business operations isn’t as simple as it sounds. There are many types of card payment processing companies, and each of them can offer surprisingly different services, technology, and plans. Here are the questions you should ask yourself about your own business in order to pick the credit card services that are right for you.
- Do You Conduct Business Online?
It goes without saying that e-commerce businesses need to have secure online credit card payment processing solutions. But even brick and mortar stores, which still account for 94% of all retail sales, need to think about the potential future of their business in the online realm. For instance, many of the brick and mortar bookstores that have survived now do a majority of their business online.
You can sell almost anything through the Internet these days, from gift cards to t-shirts to digital seminars. Even if you’re not doing online business now, think about your five-year plan.
- How Much Do Your Customers Spend?
Many credit card payment processors offer lower transaction fees for large purchases. Of course, it makes sense to have card payments handy when dealing with expensive goods, but even smaller retailers should consider their rate and size of sales when talking fees with potential payment service providers. Have them explain how the fees work when it’s not clear. If they can’t give you a good answer, it’s probably best to keep looking.
- Are You On the Move?
If you travel frequently for your business, such as for trade shows or special events, you may want to consider mobile credit card software for small businesses on the move. Card readers for tablets and payment gateways for services like Apple Pay are becoming increasingly popular for merchants and consumers alike.
Before you decide on a credit card payment software or provider, think about your business. Your needs and future goals will help determine what kind of product and payment plan is right for you and your customers.