How Payment Choice Can Impact The Customer Experience

Many of us appreciate having choice about how we pay for goods and services. Maybe we like to put larger purchases on a credit card rather than a debit card. Or to use different payment methods for in-store purchases and online shopping. And perhaps we find eChecks handy for paying bills. Offering your customers a range of ways to pay can have a positive impact on their shopping experience. Add in convenience and security, and you can be well on the way to building a loyal customer base and accelerating your growth.

Offer the payment types customers prefer

So, can offering different payment types make your customers happy to shop with you? Whether you sell online, in store, or both, you should try to offer the options that meet most customers' preferences. Your payment processing platform should allow you to accept:

• Debit and credit cards. Card payments are pretty much a must-have for both eCommerce and in-person payments. For in-person purchases, you'll probably want to offer customers the convenience of contactless card payments, too.
• Digital payments. Add more choice by enabling customers to pay using digital wallets like Apple Pay and PayPal.
• eChecks. Ideal for recurring transactions like bill payments and subscriptions, eChecks also offer faster processing and deposits than traditional paper checks.

A smoother payment experience

As well as giving customers choice about how they pay, look for a payment processing platform with additional features that can positively impact the payment experience. In general, most people will choose options that require them to make the least amount of effort. This so-called 'principle of least effort' is widely applied to consumer behavior. So, it's worth considering ways to:

• Make things easier for returning customers. Make checkout faster and easier for returning customers by securely storing their payment information so customers don't have to re-enter their details every time they check out. 
• Simplify recurring billing. A great solution for subscription—and membership-based businesses—customers just set up their payment details once and are automatically charged at each billing cycle.
• Avoid the hassle of expired cards. Save customers the trouble of updating their stored details when they receive a new card. Use a service that automatically updates their card-on-file information to help avoid the friction and lost sales that can have a negative impact on the shopping experience. 

A more secure payment experience

On top of payment choice and convenience, customers also care about the security of their payment information and transactions. If they think a payment method could be risky, they may be less likely to use it—even if it can make shopping easier or checkout quicker.

Investing in secure payment systems and communicating about your security measures can help reduce perceived risk and increase customer trust. Look for a payment processor that helps you store customers' payment information in a PCI DSS-compliant manner.

You should also consider using a fraud detection solution that helps identify, manage, and prevent suspicious and potentially fraudulent transactions to give customers peace of mind and minimize the impact of fraud on your business. Source

Choosing the Right Credit Card Processor: What Every Business Owner Needs to Know

Selecting a credit card processor can be daunting for any business, especially when faced with a myriad of options, from large companies to smaller independent providers. Understanding your needs, the pros and cons of different providers, and key contract clauses can help you make the right choice. This guide will walk you through how to evaluate credit card processors, with insights gained from industry experts.

1. Understand Your Business Needs

Before diving into the details of credit card processors, it's essential to assess your specific needs:

• Transaction volume: How many transactions do you process each month?
• Sales channels: Do you operate in-store, remote / mobile or online?
• Customer payment preferences: Do your customers prefer credit cards, debit cards, or mobile payments?

By understanding these factors, you can narrow down the type of processor that fits your business model.

2. Types of Credit Card Processors

Credit card processors generally fall into two categories: Merchant Account Providers and Payment Aggregators.

• Merchant Account Providers: These companies offer dedicated merchant accounts, meaning your business has its own individual account with the processor. These accounts require the business to go through an underwriting process to verify the business is legitimate and in good financial standing.Independent providers often fall into this category and provide customized solutions for small and mid-sized businesses.
• Payment Aggregators: Companies like Square, PayPal, and Stripe operate as aggregators, where multiple merchants share one large merchant account. These companies are the master account holder and have 100% control of every businesses's processing account. These services are typically easier to set up but may come with limitations and higher costs in the long run. Aggregators do not require underwriting to be approved for an account.

3. Advantages of Working with an Independent Processor

Choosing an independent processor, such as those offered by smaller, independently-owned companies, can offer significant advantages:

• Personalized Customer Support: Independent processors often provide more tailored and accessible customer service compared to larger corporations. James Shepard emphasizes that dedicated account representatives and personalized assistance are often missing with mega processors. When you have an issue, you need fast, reliable help — something independent processors pride themselves on.
• Flexibility and Transparency: Independent processors are more likely to offer transparent pricing and customized solutions that match your business's specific needs. They can work with you to eliminate fees through dual pricing programs and offer more adaptable contract terms.

4. Disadvantages of Using Payment Aggregators

Payment aggregators such as Square, PayPal, and Stripe may seem appealing due to their simplicity and ease of setup. However, they come with several potential downsides:

• Higher Fees: Aggregators often charge higher transaction fees compared to traditional merchant account providers. This can add up quickly, especially for businesses with a high transaction volume.
• Account Stability: Aggregators can freeze or terminate your account without notice, potentially leaving your business unable to process payments. This can happen with little recourse, especially for high-risk businesses.
• Limited Customer Support: Unlike independent processors, aggregators typically offer minimal customer service. If you run into an issue, you may find yourself stuck in a slow and frustrating support process.

5. Watch Out for Contract Clauses with Mega Processors

Many large credit card processing companies include clauses in their contracts that allow them to change the terms without notifying the merchant. For example, you may find a clause stating, "By agreeing to this contract, the merchant understands that [processing company] has the right to revise this contract as deemed necessary without notifying the merchant."

This means that your rates and fees could change at any time, and you're expected to comply. James Shepard advises reading contracts carefully and asking the provider about their process for notifying merchants of changes.

6. Conclusion: Making the Right Choice

When choosing a credit card processor, it's essential to balance cost, customer support, and your business's unique needs. While payment aggregators may seem convenient, independent processors often offer better long-term value, particularly for businesses that need dedicated support and transparent pricing.

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5 Reasons Vivid POS Will Boost Your Holiday Retail Sales Forever

 

Vivid POS is crucial for businesses during the holidays for several reasons:

Efficient Transaction Processing: During the holiday season, there is often an influx of customers and increased sales. Vivid POS helps streamline transactions, reducing wait times and ensuring that customers can make their purchases quickly and efficiently.

Inventory Management: The holidays can put a strain on inventory management as products may sell out quickly, or you may need to restock popular items. Vivid POS allows you to track inventory in real-time, helping you avoid stockouts and overstocking while providing insights into which items are selling well.

Sales and Promotions: Many businesses run holiday-specific sales and promotions. Vivid POS enables you to easily apply discounts, create special offers, and track the effectiveness of these strategies. This helps increase sales and attract more customers.

Customer Data and Loyalty Programs: Vivid POS can capture valuable customer data, such as purchase history and contact information, which is especially useful for holiday marketing campaigns and loyalty programs. This information can be used to personalize offers and engage with customers effectively.

Reporting and Analytics: A modern retail POS system provides robust reporting and analytics tools. These tools help you gain insights into your business's performance during the holiday season, enabling you to make data-driven decisions to optimize sales, inventory, staffing, and more.

In summary, a retail POS system is essential during the holidays to handle increased transaction volumes efficiently, manage inventory, run promotions, gather customer data, and gain insights into your business's performance. It can ultimately contribute to a successful and profitable holiday season for your retail business. Source

Happy Holidays!

 

Happy Holidays and a Joyful New Year!

Bankcard Processors, LLC

850-228-5571

jphaire@bankcardprocessors.biz

Holiday Chargebacks

What They Are & How to Protect Your Business

The holiday season brings more sales — but it also brings more chargebacks. With increased shopping, online orders, fraud attempts, and shipping delays, disputes tend to spike this time of year. Here’s what every business should know:

What Is a Chargeback?

A chargeback happens when a customer disputes a transaction with their bank. The bank pulls the funds back while they investigate, often before you’re aware of the issue.

Why Chargebacks Increase During the Holidays:

• More online and card-not-present transactions
• Gift purchases customers don’t recognize
• Shipping delays
• Higher fraud activity
• “Friendly fraud” — disputing legitimate purchases

How to Protect Your Business:

• Use AVS and CVV for card-not-present sales
• Keep clear business names on statements
• Provide tracking and delivery confirmation
• Document receipts, invoices, and service records
• Make refund/return policies clear
• Train staff to watch for red flags

If a Chargeback Happens:

Respond quickly with strong documentation — delivery proof, signed work orders, receipts, or communication logs. A fast, organized response increases your chance of winning the dispute.

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Digital Wallets, Mobile Commerce, and Your Business

Mobile wallets are mobile device apps that allow people to store and use digital versions of their credit and debit cards. They eliminate the need to carry around a bulky wallet, or worry about a physical credit card or cash getting stolen. If a smartphone does happen to fall into the wrong hands, the mobile wallet would still be protected by the fingerprint ID, facial recognition, or passcode the owner has set to authenticate and open it. With more and more consumers using mobile payment technology, such as Apple Pay, Google Pay, and Samsung Pay, merchants are accommodating them with NFC credit card terminals.

All it takes is a tap on the terminal for a customer to make a payment using their smartphone. Through Near Field Communication (NFC), the terminal is able to accept the transaction. Not only do mobile payments speed up your checkout line, they also help drive revenue by catering to customer preference.

How Does NFC Work?

Mobile wallet payments are called contactless because they don’t require physical contact between credit card and terminal, and instead get transaction data from the former to the latter through NFC.

NFC powers credit card terminals to create an electromagnetic radio field with other NFC-compatible devices, such as smartphones, smart watches, etc.

The radio field makes a safe channel for close-range contactless payments. The customer simply waves their device over the terminal to make what’s known as a “tap and go” payment. Physical credit cards can also be contactless, so not all contactless payments refer to mobile wallets.

Mobile Payment Security

Mobile payments are backed by leading-edge security. Take Apple Pay for example. When an iPhone user uploads their credit card information to a digital wallet, the card data is instantly tokenized and stored on a secure NFC chip in the phone.

The token is a random substitute that can’t be decrypted, so it’s worthless to credit card thieves. The token holds the place of the real card information, so nothing sensitive is ever stored on Apple’s servers, on the smartphone, or at businesses where the card is used.

Only the highly secure payment processor has access to the “token vault,” which holds the keys to match up tokens to the real card info they represent. To all other parties involved in the transaction, the token is meaningless.

Thanks to tokenization, NFC technology, and biometric authentication (fingerprint or face ID), mobile payments are considered even safer than traditional card-present transactions.

What About Online?

You can use a mobile wallet on your smart device and conveniently make payments in stores, or you can store a digital wallet on a computer to make online transactions with a simple click instead of keying in your payment information every time. For a big task, like Christmas shopping online, this is a major time-saver.

Digital wallets help reduce cart abandonment at your online store because payment occurs in one fell swoop, rather than requiring the customer to enter their information.

A mobile wallet typically refers to one that is stored on a handheld or wearable mobile device, like a smartphone, Apple Watch or Fitbit. A digital wallet securely stores payment data in the same way, but is typically stored on a computer and used for online purchases. Sometimes, the terms are used interchangeably or called e-wallets.

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