Time-Saving Tips for Managing Business Payments

Author: Anthony Lucatuorto, SVP, Sales and Association Partnerships, Transfirst Date: March 12, 2013

Merchant processing tipsYou started your business because you crave independence and you thrive on the satisfaction of creating your own success. But as much as you love running your business, you probably don’t love every aspect of it. If you accept credit and debit cards as payment from your customers, you know that processing costs can be high and back-office functions can be stressful and time-consuming. You owe it to yourself, your employees and your customers to find solutions that can streamline these tasks and even potentially save your business money. Fortunately, there are several steps you can take that are easy to implement.

1. Consider mobile technology

As you’ve undoubtedly seen in recent months, many payment processing providers offer devices that plug into mobile phones and tablets and enable you to accept payment by swiping a customer’s credit or debit card. Whether your business operates out of an office or out in the field, you can use mobile processing. When lines are long at your POS terminal, use mobile processing to help speed transactions. If you’re at a client’s location, mobile processing lets you accept a credit or debit card payment and avoid a lost sale because the customer does not have the right amount of cash or a check. You’ll also want to be sure that your business website is optimized for viewing and e-commerce on mobile devices — industry research shows that consumers are making purchases on their phones and tablets more than ever before.

     RELATED: 6 Ways to Accept Payment from Your Customer's Mobile Phone 
                        Accepting Credit Card Payments Via Your Company's Mobile Phone

2. Use an online processing management system

As customers change the way they pay for your products and services, you may find yourself accepting payments in many ways — at a POS terminal, on your business website, using mobile devices, or a combination of them all. An online management system or a payment gateway lets you keep control your business’s payment acceptance through a single web application that you can access from any Internet-connected device. That means you can see real-time processing even if you’re away from your location. You can set up multiple users at different locations. You can see customized reports on your activities. A complete online management system should also offer you options like tokenization for maximum security, recurring billing and batch processing. And of course, the system should be scalable, so it can grow as your business grows.

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3. Choose the right payment processor

In today’s business environment, you have quite a number of options when it comes to choosing a payment processing provider. It pays to ask yourself these questions:

  • Are my processing rates as low as they could be?
  • Is my processor available when I need help?
  • How long has my processor been in the business?
  • Does my processor offer solutions that can help my business grow?

You’ll want to work with an experienced payment processing provider that is committed to your business’s growth and success, not just its own. You won’t want to settle for anything less than 24/7, U.S.-based, live customer support. And you’ll want to be certain that your processor is offering the lowest processing rates, using your business’s specific criteria to make that determination. If you’re not getting this kind of service from your payment processing provider, perhaps it’s time to consider a switch.

NFIB members have access to a number of member benefits to help manage their business more easily, including payment processing with pre-determined low rates, exceptional service and the solutions needed to grow and succeed. Look into these benefits and see how easy it is to potentially save time and money.

For more information about how the right payment processing provider can help you grow your business, or to request a free merchant statement analysis to find out how much you could save on processing costs, please contact TransFirst at 800.619.5301 or click to learn more about TransFirst.

Anthony Lucatuorto is senior vice president of sales and association partnerships for TransFirst, a leading payment processing provider and NFIB’s member benefit provider for payment processing.

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