So you’ve decided start a new business, and the excitement is palpable. You’re almost ready to launch the website, you’re making the finishing touches to your retail store, and you can’t wait to serve your first customers.
But before you even think about how you’re going to attract new customers, have you thought about how you are going to accept their payments? What if someone walks in and tries to pay with a credit card when you’ve only got a cash register? Have you thought about whether you would be liable for a breach linked to the payments data on your website?
These are just a few of the important considerations that need to be made by startups looking to get off the ground. The merchant services you choose can make a big impact on the initial success of your new venture. Putting robust payments solutions in place can help your business get off to the best possible start.
With that in mind, here are four payment processing options worth considering for your brand new business.
- Credit Card Processing
Credit cards account for over a quarter of all purchases made in North America, which means if you don’t have credit card processing, you’re missing out on a serious chunk of business.
Startups often make the mistake of using payment aggregators such as Square when first starting out. While it’s certainly true that these types of providers are easy to set up, their processing fees are astronomical in comparison to dedicated merchant service providers, charging and much as 3% per card transaction.
Getting your business off the ground is going to be difficult enough without having to have 3% immediately taken off the top of one of your most popular payment methods. By setting up a dedicated merchant terminal, you’ll have the ease of process credit card payments, without the associated crippling fees.
You may even qualify for a free terminal, making opting to use a dedicated merchant service provider a no-brainer.
- E-Commerce Processing
Ten years ago, e-commerce accounted for just 5.1% of all retail sales. Last year that figure stood at just under 17%, and it’s only going to continue to grow. Setting up an informational website for your business is no longer enough, you need to offer your customer the ability to make a purchases online.
If you don’t have e-commerce processing, you’re missing out on a slice of the $600 billion-plus spent online each year in the US alone. By implementing an online payment solution, you can drive up sales above and beyond those made within your physical location.
Better still, dedicated online payment solutions comply with PCI DSS standards. With hacking attempts now almost a daily occurrence, ensuring the safety of your customers’ payments data whilst protecting your business from the liabilities associated with non-compliant payment pages should be one of your top priorities. It’s beneficial to get PCI training so that your company can become compliant in the quickest amount of time.
- Mobile Processing
Before the end of this year, 90% of smartphone users will have made at least one payment using their mobile phone. Therefore, if you don’t offer would-be customers secure and efficient mobile payment processing, you could lose out on sales to those who love using their cell phone to pay for everything.
Better still, mobile processing solutions come with handy analytics apps that allow you run your business from the palm of your hand. All you need is a mobile card reader app and a Bluetooth connection and you’re ready to go! This solution is also great for companies looking to attend trade shows or pop-up events taking place at temporary locations.
- Point of Sale (POS) Systems
A complete necessity if you’re a retailer with a physical store location. POS systems have the ability to not only process debit, credit, and checks instantaneously, but they also provide a great deal of real-time information that’s critical to the success of your business.
For instance, you can find out within seconds of swiping a credit card whether a cardholder has sufficient credit to make a purchase. Furthermore, business owners can gain access to pertinent sales data, analyze daily receipts, and receive real-time analytics that potentially provide opportunities for improving revenue.
Finally, leading POS systems (much like their e-commerce counterparts) offer PCI compliance to ensure that all payments data is safe and secure. Which helps startups to both prevent credit fraud and protect sensitive data from falling into the wrong hands.
Why Choose Midwest Merchant Services?
When starting out as a new business, it can be scary when you don’t yet understand the complexities of payment processing. However, here at Midwest Merchant Services we can guide you through the benefits of each processing option and provide a tailored solution at a price that works for your new company.
Whether you need to process credit cards for the first time, or you’re wary of the liabilities associated with taking online payments, we assess each individual client’s needs and adopt processing strategies to reflect the intricacies of each individual business. Better still, we have 24/7 customer service, providing a helping hand whenever you need it.
From free statement analysis to virtual terminals, Midwest Merchant Services can provide everything you need and more. If you would like to learn more about our services don’t be afraid to speak to a member of our team about taking advantage of the following benefits:
- Omni-channel platforms that can easily integrate into the software you use to run your business
- Customized payment solutions that include online capabilities, mobile processing, POS systems, virtual terminals and much more
- Protection of your customers’ sensitive payments data through PCI-compliant payment solutions
- Increased sales from all payment types including debit card, credit card, ACH, mobile, and check
- Free payment terminals (qualification required)
- State-of-the-art payments hardware
- Analytics software that provides unique insights into your business performance and presents new opportunities for growth
- ATM machines
- Cash Discount Programs
Midwest Merchant Services,
Credit Card Processing,
Free Statement Analysis,
24/7 Customer Service,