Payment processing for credit and debit cards isn’t the same as it was a few decades ago. Retail businesses and restaurants used to manually imprint credit cards to take payments, and then pin machines were introduced a while later. Today there are far more credit card payment processing solutions for consumers and retailers alike. For modern businesses, both of the brick and mortar and the online varieties, having a flexible payment solution provider is one of the smartest ways to get ahead in business.
What kinds of payment solutions are available for businesses today? Here is a sampling of popular payment processing services that many businesses take advantage of.
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1. Mobile payment processing: Mobile payments are increasing in popularity these days because of the safety and convenience they offer. Not only do businesses benefit from having such a technologically forward service, but customers can also appreciate the convenience of making a payment from anywhere in a store, at a restaurant, or at a special event. Mobile payments are easy — all they require is a mobile device like a smartphone or tablet, and a card reader just clips to it and interacts with a mobile program. All payments are sent over secured connections and are PCI compliant, too, so consumers and businesses alike have nothing to worry about.
2. Online payment processing: Many companies today are expanding to the internet, and some operate there solely. As a result, these companies need to have a payment processor that can handle safe payments quickly, protect companies from fraud, and charge little in the way of fees. Online payments go through a secured socket layer (SSL) for security, and many online payment processors require buyers to input the three-digit code on the backs of their Visa cards or other cards. Online payment solutions also need to handle a full list of international currencies and take as many types of cards as possible. Visa and MasterCard are the top two credit cards in the world, but there are many other types that some retailers also need to accept.
3. Other services: Payment solution providers have many services that are safe, secure, and can be used for any business. Terminals today are getting much smaller, so they are designed to take up less room at a register. Some of them are even wireless for extra efficiency. Payment solution providers also high risk merchant services to ensure that businesses and their customers have safe and approved transactions.
Have questions or concerns about payment solutions for your business? Ask a payment processing agency what they can do for you. You can also leave a comment below if you have questions or have advice on choosing a payment processing company. Research more here.