If you own a small business, you’re probably used to questions about alternative payment methods to cash and the option of virtual shopping. Knowing about available eCommerce payment options will not just help you create a more convenient buying experience for your customers; it may evolve into something of a necessity in the coming years.
Each method and option has its perks, from Paypal to bank loans, and here we’ll try to introduce some of the most common ones.
You have reached the point in which you are satisfied with the results of your work and feel like that your current market may be somewhat saturated. It seems that it’s the right time to start thinking about expanding your business, whether into a new city or state or maybe even a brand new industry. Although it is a move that carries an inherent risk – know that the possible rewards are numerous.
If you’ve just opened a small business and expect to process lots of smaller cashless transactions, you might have heard somewhere that flat rate credit card processing is the way to go. To put it simply, it’s a pricing model wherein your chosen processor typically charges a fixed rate (in the range of 2.75% – 2.9%) for each transaction you process.
What is crucial for every business owner? To know “who” and “what” makes their company grow – that’s a must when aiming for success and being relevant and competitive in today’s market. Thanks to Clover Insights, you can gain a detailed insight into your daily revenue, customer history and busy hours, and a glimpse into your competition. This tool gives you the solutions to track vital information and learn about your work and, above all, it can offer suggestions on how to improve your numbers.
Business operations have their ups and downs. In the down periods, a business owner may decide to shut down their merchant account as a way to cut costs. It means canceling the contract with the merchant service provider that allows it to process credit cards. They’ll then probably face an early termination fee. It is essential to understand this potential expense and the possible ways around it.
If you’re a merchant who accepts payments with cards, odds are you’ve asked yourself: “What is a good effective rate for credit card processing?” To be able to answer this question, we have to take a closer look at what these rates are, what they include, and how they’re calculated. If the percentage seems too high, there might be ways in which you can lower it. Let’s take a look.
With the number of payments via credit cards growing by the minute, merchants should acquaint themselves with potential risks associated with accepting such payment methods. One of those risks stems from the card not present transaction (CNP). Though completely legitimate by itself, it can land you in financial troubles if misused. Stay with us to learn the basics of CNP and improve and protect your business.
When searching for merchant services, the majority of business owners tend to pay particular attention to the nominal credit card processing prices offered by processors on the market. But to calculate the total cost of accepting cashless payments, the so-called effective rate, and to determine the most affordable one for your enterprise, you need to get the full picture of the various pricing models and cost components.
It never hurts to know how much you can save.
