4 payment processing mistakes to avoid
As merchants look to grow in the new year and invest more in the technology that will help launch their brands forward, they have to make sure they aren't making any huge mistakes. Payment processing solutions are an important part of any business, but it is important that merchants and employees understand the importance of accepting credit and debit card or customers will become frustrated, and internal operations won't run smoothly. Here are four important mistakes to avoid so your company can excel in the coming months:
1. Failing to notice a cashless society
Entrepreneur magazine is quick to point out that disregarding the fact that consumers don't carry any cash on them can be a major hindrance to any small business. The simple point is that there is not much cash circulating anymore, with most people relying solely on their credit or debit card to make purchases.
2. Not accepting credit cards
If a company does not acknowledge that cash is not in use as much anymore, they will not see the significance behind accepting credit or debit cards. This could be a huge mistake as it will drive many shoppers away, and the enterprise will struggle to retain any loyal customers. If your business is stuck only accepting cash transactions while your competitors use credit and debit card machines, you will not remain competitive.
3. Pricing miscommunication
An Intuit blog post stated that if companies take too long to name a price or have an outlandish cost for any of their products that consumers can get anywhere else, they will not see a good year of sales. At the same time, if the payment processing system isn't integrated with the inventory pricing strategy, customers will likely grow weary when the price they expected when selecting an item isn't reflected in the cost at the checkout counter. Have competitive prices for consumers, show them that their purchase is well worth it and make sure the price is consistent.
4. Not training employees thoroughly
Investing in the right payment processing solutions means training employees on how to work the debit and credit card machines so they don't hold up checkout lines. Workers will be happier if they have a grasp on their responsibilities and are able to manage the technology the store relies on. For instance, it's important for all customer-facing staff at the point of sale to recognize different card types and how to enter card information manually should it be unreadable. At the same time, these individuals need to be able to troubleshoot a variety of issues, especially when a POS system has connectivity problems.
Invest in the right technology to avoid turning customers away. Offer them alternative ways to pay by accepting debit and credit cards. Contact us online or call 1-888-321-9124 for a RISK FREE trial today.
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This article is for informational purposes only and it is not intended to provide you with any personalized financial, marketing, accounting or tax advice. Neither Moneris Solutions Corporation (Moneris) nor any of its affiliates shall be liable for any direct, indirect, incidental, consequential or punitive damages arising out of use of any of the information contained in this article. Neither Moneris nor any of its affiliates warrant or make any representation regarding the use or the results of the use of the information, content and materials contained in this article in terms of their correctness, accuracy, reliability or otherwise.
About the Author
Moneris processes more than 3 billion credit and debit card transactions a year, for over 350,000 merchant locations across North America. We have over 1,300 dedicated employees who understand transaction processing and know how to make it work for you.Follow on Twitter More Content by Moneris