Retail Payment Processing

Whether you’re a small business, medium or large, your customers are bound to demand more flexible and quicker modes of transferring payments. Can we blame them? Modern technology has made it easier for us to make and receive payments using easy-to-use POS systems. 

Retail payment processing only makes things even more convenient by enabling businesses to accept credit card payments. If you’re new to the concept of retail payment processing or you want to eliminate your credit card processing fees forever, allow us to demonstrate what it means and how it can transform your business and take it to new heights. 

Spoiler Alert: It can boost your sales immensely! Schedule a call with today. We will explain the entire process and tailor-make a plan according to your business. 

Retail Payment Processing

What is Retail Payment Processing?

Retail payment processors are a bridge between your customers and your business. It provides both customers and businesses a safe space to transfer money, be it in payment or refunds, once the customer buys goods or services from the business. 

The reason why so many business owners are rushing to purchase the services of retail payment processors is that it can help you collect funds owed to you and in doing so, ensure that your profits would continue to grow. You won’t have to worry about the data being leaked or stolen, as all the transactions that go through this metaphorical bridge are encrypted. 

Sounds simple enough, doesn’t it? But there’s more to retail payment processing than this. 

Types of Retail Payment Processing

The concept of retail payment processing is ever-evolving. Here are a few types of retail payment processing that you should familiarize yourself with. With the assistance of a retail card processor, you can set any or all of these payment options for your business and expand the scope of payment options. 

If you are confused about what will be best for your business, your best bet will be to call the Our highly responsive team will consult you on POS systems and answer all your related queries.

Debit and Credit Card

Nowadays, we can carry loads of money without having thick wads of cash! Debit and credit cards are hands down one of the most popular types of payment options. Customers indeed feel relieved when a business they’re engaging with says that they accept credit cards. This only proves just how much we rely on plastic money now and just how important it is for your business to accept electronic payments.

EBT Cards

EBT or electronic benefits transfer is an up-and-coming form of payment that has awed several customers across the States. These cards consist of the funds that the government provides to low-income individuals. The fact that governments tend to invest a ton of money on these plans shows the popularity of EBT cards. Accepting EBT cards is another way of expanding your customer base, eventually leading to a boost in sales and revenue. That means more money!

Recurring Debit Charges

While some customers can pay upfront, some like to take things slow and pay in monthly payments. One of the ways you can keep the option of monthly payments open to your customers is by setting up recurring debit charges. Not only do these fees allow you to accept monthly payments, but they also facilitate the monthly shipment of certain goods. Through this service, the customer can conveniently make timely payments. 

What Are the Benefits of Retail Payment Processing?

By now, you must be wondering about the benefits of retail payment processing. Here is how this system can prove to be beneficial to your business. 

Win Customer Loyalty

You could be a veterinarian, plastic surgeon, dentist, or any professional with a business; you would want to keep your customers or clients loyal to your service. You can do so by offering rewards and loyalty programs to your customer through retail payment processing each time they process a payment. 

Now that you have their information in your database, you can send rewards to your customers and lure them back to your establishment, thus keeping them as loyal customer with your enticing programs and offers. 

More Consistent Cash Flow

With retail payment processing, funds are transferred from your customer’s bank account or from a retail payment processor into your merchant account efficiently overnight. This streamlined process makes it easier for you to get your funds since the payment processor did all the technical work for you.

Increase Sales and Revenue

One of the biggest benefits of this concept is increased sales. Since you accept payment via credit and debit card, your customer base will be attracted back to your store due to the extreme popularity of accepting credit and debit cards as payment. Hardly anybody carries cash now.

Easy Integration with Business Operations

It’s easy to integrate the retail payment processing system into your business operation. It would blend well with your customer relationship management (CRM) system, accounting methods, billing system, even your new POS devices. 

Fees Typically Associated With Payment Processors

        (Cash Discount Program will eliminate all fees, including  transaction fees) 

Payment processors are extremely cost-effective, but there are certain fees that you need to know about. Here are some of the things you might incur. 

Monthly Statement Fee – The processors might charge a certain amount for setting up a merchant account or even a payment gateway. 

Start-up Fee – As the name suggests, you might have to pay the price for opening a merchant account. 

Annual Fee – You might also be required to pay a yearly fee for all the processing services. 

Other Fees – You could also be required to pay up transaction fee, discount rate, minimum monthly fee, termination fees, equipment lease charge, address verification fee, and chargeback fee. 

What We Can Do For You

All these expenses could pop its head at some point or the other. However, with the Cash Discount Program, all of these expenses could be eliminated, including the transaction fee! Think about all the money you will save just by having these expenses eliminated while also ensuring that all your payment options are streamlined while catering to the needs of all kinds of customers. Contact today if you want to know more about how retail payment processing works and all options you have.