Guest post by Chase Paymentech, providing thousands of Verizon customers with best-in-class debit and credit card processing through Verizon Merchant Services. Get the insight you need into how payment processing really works and how to use it to your advantage with our series: The Skinny Behind the Swipe.
Nearly 1 in every 3 consumer purchases in the U.S. is made with a credit card payment.*
Being able to accept payments whenever and wherever you are, and more importantly wherever your customers are, is key to making the sale and growing your business. Oh, and accepting those payments quickly, simply and securely? That’s key, too. But how do you get started or what’s the latest in debit and credit card processing solutions? Surely you need some type of equipment, but how do you know what’s right for your business?
Here’s a breakdown of some different payment processing solutions and the businesses that use them. This will help you know what you’re looking for or what you may need to grow your business.
Choosing equipment – find the perfect fit for your business.
Are you a start-up retail operation or small restaurant? Try sticking with the basics and considering a simple terminal. This is basically a stand-alone piece of equipment that resides where your customers checkout. It’s easy to set up, and most are compatible with high-speed Internet and have dial-up (landline connections) as back up. Some terminals even accept contactless and chip card payments.
Have a business that goes with you? If you make sales away from your store or office and need to process at your customer’s door or anywhere in between, you can collect payments by staying nimble with a wireless terminal or mobile solution.
Equipment is often available for purchase, rent or lease. If you already own equipment, some processors may allow you to continue using it on their system. Whatever you select for a point-of-sale solution, ensure that it is PCI compliant. If you are unsure if your existing point-of-sale solution is compliant, simply check with your processor. You may even receive a letter stating that your existing terminal will need to be upgraded.
Maybe you don’t need a debit and credit card processing terminal at all. If you have a laptop or PC and a broadband (Internet) connection, you can utilize a web-based solution. Whether you accept payments from your customers in person or if they purchase your products and services online or via the telephone – there are various low-cost, secure, web-based solutions available to fit the needs of your business. No matter which option you choose, having a phone line or Internet connection is a necessity to process any credit or debit card transactions.
Three things to keep in mind:
1. Think about when and where you currently do business and if accepting debit and credit cards would help to expand your business.
2. The right payment processor should provide a customized payment processing solution that suits your business’s individual needs.
3. Make sure whatever payment processing solution you select that it is compliant and you access to 24/7 support.
Chase Paymentech has been processing payments for over 30 years and has powered Verizon Merchant Services for five years. To learn more about the special programs and benefits offered to Verizon customers, please call Chase Paymentech at 800.600.8351 or click here.
*Source: Visa, Inc.
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