monthly payments

Choosing the Right Automatic Payment System

Technology has made a variety of processes easier. One thing you can now carry out with ease is paying your bills. You can easily do this through some of the systems that have been introduced. Different business models can have a payment method or system that meets their requirements. A perfect example is the subscription business model. These are businesses that mostly rely on offering subscriptions to their customers. Classic examples include Netflix and Spotify.

An automatic recurring payment is ideal for this type of business model because it makes it easy for people to access your products or services. Getting an excellent payment processor is suitable for such a model.With automatic bill payments, you can set up recurring payments from your credit card to clear bills like utilities, cable, mortgage, phone and even tuition. This mode of payment is convenient for both clients and businesses. You don’t have to worry about dealing with cash for every subscription.

recurring paymentClients don’t have to deal with annoying reminders every time because funds will be deducted automatically from their credit cards on a specific due date. Forgetting to make your payments on time may see you incur different penalties. It will be different when you opt for an automatic payment system. You should look for the right system for your business model to have an easy time. Here is what to consider when looking for one.

Identify Your Needs

You should look for an automatic payment system that will meet the needs of your business. The kind of products or services you are dealing with will guide you in choosing an excellent automatic payment system. Some are ideal for different types of subscriptions and a particular number of customers. Look for one that will meet all your requirements.

Determine the Fees

The amount charged as transaction fees is the other thing you should consider when looking for an automatic payment system. You should look for one that is charging reasonably to guarantee your clients the best experience. The rates charged for processing payments should also be reasonable.

Check for Safety Features

automated payment systemA good automatic payment system should have various safety features in place to ensure all payments are secure. Your customers should not worry when giving out essential information such as their credit card details or payment information. Considering all these features in an automatic payment system will guarantee you a smooth time collecting and processing payments for your business.…

credit card terminal

How to Choose the Right Credit Card Terminal

A credit card processing device is arguably the most used and under-appreciated machine in any retail business today. One of the most critical and essential credit card processing machines is the credit card terminal. The credit card terminal is among the simplest and the most cost-effective ways of accepting card-present transactions in a retail environment. In short, this’s a situation where the customer hands over their card for payment to be processed.
In this article, we’ll show you how to choose the right credit card terminal for your retail business. Keep reading!

What’s the Connection Type?

point of sale credit terminalThis’s a very crucial question when choosing the best credit card processing terminal. Consider the kind of method used for communication between the terminal and your processor. Although you’ll get some terminals that still use a modem, and transmit transaction information using the analog phone lines, this method is no longer preferred.

Settle for one that uses hardwire internet connection because of speed and reliability provided. Alternatively, you can also choose a terminal that wireless technology like cellular service or WiFi.

What are the Costs?

You’ll find some companies imposing higher credit card processing fees than others. You should find out if the company charges interchange fees, application fees, monthly minimum fees, early termination fees, and monthly statement fees. If the company doesn’t provide you with a detailed and clear explanation, kindly look for another company. However, the company should also offer you quality service apart from being pocket-friendly.

What are the Additional Transaction Types?

Apart from processing debit and credit transactions, a proper credit card terminal should also incorporate additional payment methods such as:

  • EBT (electronic benefit transfer) which refers to benefits like food stamps and SNAP offered by the state. This method is commonly accepted in grocery stores.
  • Gift Card which is an electronic stored-value card containing a predetermined value at a given business. Gift cards will come in handy when building customer loyalty and attracting new clients.
  • Electronic Check which is a program that converts a paper check into an electronic format. This will protect you from those bounced checks.

Is it Secure?

visa sign acceptedFor any business that accepts credit card payments, security sensitive data is very critical. Both small and big companies have to maintain high-level security standards. You are solely responsible for ensuring the processing company you choose has prospered security standards as well as compliance in place.

These standards should include SSL (Secure Sockets Layer) protocol, End-to-End Encryption (E2EE), the CVV2 (three-digit Card Verification Value) and the PCI (Payment Card Industry). Therefore, your top priority should be the machine’s security because a single breach can compromise your whole security system.

Does it Have Automatic Updates?

The terminal’s ability to automatically download and install the latest software update without any user intervention is also important. Apart from being convenient, this will limit the amount of time spent talking to customer support on the phone.

Accepting credit card payments might be the key to success. Although there’re many factors to be considered when choosing a credit card terminal for your business, these five points should be at the top of your list. All in all, carry out proper research on the service provider to avoid any future disappointments.…