You and Your Payment Processor: Partners in Growing Your Business
Sure, you get a statement from your payment processor each month that you have to pay to keep your credit card processing services up and running, but did you know that your payment processor can actually be helping you grow your business? Read on for some ways that your processor can support your company to help you reach your biggest growth and revenue potential.
Giving your business the boost it needs to thrive
Your payment processor should be doing more than just running credit cards for your company. Here are just some of the ways that a processor can help your business grow and thrive:
- Gift card program. Today’s top payment processors also offer gift card programs, which can help increase sales and boost loyalty. Gift cards can also introduce new customers to your brand, such as when a recipient requests a gift card from your business and the giver visits your company for the first time. Or, a giver may give a loved one a gift card to your company, thus introducing that person to your brand for the very first time.
Gift cards can also help boost sales during busy holiday periods. Offering gift cards simplifies shopping by taking the burden off the giver to choose just the right gift. Make spending money at your business easy during these stressful times of year by allowing customers to purchase gift cards in handy $10, $25 or $50 denominations.
- Marketing and customer analytics. Your payment processor should be supplying you with tools that provide customer analytics that you can use to grow your business.Customer analytics and data can help to inform your marketing campaigns and promotions, and help your marketing efforts capture a wider margin of your target audience by better understanding how customers perceive and interact with your brand.
- Tablet-based POS system. A tablet-based POS system can help many business types grow and expand their businesses and payment acceptance. For example, at-table tablet POS systems for restaurants can allow diners to order another round of drinks or dessert right from their table and to pay for their check when they’re ready, freeing up your wait staff for other tasks. In the retail setting, tablet-based POS systems can enable your staff to serve your customers right on the sales floor, showing them all of the product options available and accepting card and mobile payments. Whatever your business type, a tablet-based POS system can improve customer service and reduce wait times.
- Comprehensive reporting. Your payment processor should also be delivering regular (such as daily, weekly and monthly) reports to your business on a variety of important metrics. Reporting, for example, can help you better understand how your business is tracking, perhaps how each employee is performing, how your products or services are selling and which payment cards and methods are being used and in what volumes. Armed with this valuable insight, you can continually improve your product offerings and make sure you are sufficiently staffed and inventoried to handle the rushes that come your way.
- Wide range of payment types. The best processors will enable your company to accept the full range of emerging payment types that customers have come to expect today, including mobile payments, EMV chip cards and NFC payments. You’ll be able to attract new customers and even take your business on the road to trade shows, festivals or other events with features such as mobile acceptance that helps you take your "register" on the road. Flexible payment options also make setting up an online store or accepting phone orders easier for you and your staff.
Select a processor experienced in your industry
Whether you’re a QSR operation, a hair salon or a car wash, select a payments processor that is experienced in serving others in your industry so you can be sure that you’ll be ready to offer the best and latest payment acceptance methods with a partner that understands the specific needs and challenges of your industry. If your current payment processing company isn’t offering the services above to help your business reach its highest potential, it’s probably time to look into other processor options. You’re paying for processing, so you might as well get the best partner you can for your dollars.
Choose the right payments processor to help keep your business and payments systems up and running, 24/7/365. Especially with the ever-growing popularity of shopping online, commerce today never sleeps. Don't risk losing a sale or a loyal customer if your payment systems go down after 5pm or on the weekend and your processor’s support team isn’t available. Instead, select a partner that is committed to the ongoing growth of your business—day and night.
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