The Small Business Guide to Merchant Payment Options

The days of “cash is king” seem to be over. Convenience now rules consumer behavior, and businesses must adapt. For example, 97 percent of consumers have backed out of a purchase because it was inconvenient, according to research from the National Retail Federation.

For small businesses, one of the biggest convenience factors you can offer is credit/debit card processing. Many people no longer carry much or any cash, and they don’t want to get to the checkout only to find that you don’t accept cards. Even businesses offering professional services, such as contractors, can increase customer satisfaction with convenient payment options instead of asking for a check.

Merchant Services doesn’t just benefit your customers; it can also increase your business’s bottom line. Research shows that people are likely to spend more when they can use a card.

So, are you ready to make your customers happy and boost sales along the way?

Let’s learn all about Merchant Services!

What is Merchant Services?

Also known as credit/debit card processing services, Town and Country Bank and Peoples Bank can support all of your payment processing needs from traditional credit card terminals and phone links to online shopping cart gateways and virtual terminal access for repetitive billing. In addition to the equipment and software you need to accept a variety of payments, you can also get online reporting and monthly billing.

Which types of payments should your business accept?

• Debit Cards: Everyone has one and many people enjoy the convenience of paying with a debit card. Most debit cards have now been reissued with EMV chip technology for increased security. Depending on the type of point of sale (POS) equipment you have, customers may be able to make “contactless” payments with their debit cards.
• Credit Cards: They have been around for a long time and most people have at least one. Some of your customers may even prefer to pay with a credit card in order to earn rewards or points. You can decide if you just want to accept Visa and Mastercard or also Discover and/or American Express.
• Remote Teller Check Deposit: Accepting credit and debit cards doesn’t mean you have to stop accepting checks. Our Remote Teller service makes it easy for you to deposit checks immediately right from your office or your mobile phone.
• ACH Payments: This option is especially convenient for businesses with a recurring payment model, such as a subscription or seasonal service, like lawn maintenance. You can also collect one-time electronic payments, all through the Automated Clearing House (ACH).
• Mobile Pay: Smartphone users can link their debit or credit card to a payment app such as Apple Pay, Samsung Pay, and Google Pay. Then they can make contactless payments with their phone. If your business has an e-commerce platform, you can also accept payments via PayPal.
• Gift Cards: Issue and accept your own branded gift cards.

How to choose a Merchant Services provider

Small businesses have a variety of options when it comes to Merchant Services providers. One of the most important considerations is transparency. You want to know that your provider has been in business long enough to be trustworthy and that they won’t try to sell you point-of-sale (POS) equipment you don’t need or lock you into an inflexible contract.

At Town and Country Bank and Peoples Prosperity Bank, we competitively price your service based upon your transaction volume and type of transactions and cards accepted. We can also reprogram your existing equipment or offer a competitive point-of-sale equipment pricing.

How to protect yourself from payment fraud

While payment fraud has always existed in one form or another, advanced technology makes it easier than ever for scammers to create counterfeit checks. They could also potentially hack into your IT network and initiate fraudulent electronic transactions from your business account to theirs.

So, what’s the best way to prevent payment fraud without spending too much time or money on prevention efforts?

Positive Pay is an automatic service that matches any transactions or checks presented for payment from your account to an “issued payments” file created by you. This ensures that nothing will clear the account that hasn’t already been authorized by you. If an unmatched transaction does come up, you’ll be notified and have a chance to approve or decline it before it goes through.

How to deal with payment disputes and other issues

Also known as chargebacks, consumers can dispute transactions on their credit card statements. The merchant or business who issued the charge must then refund the payment, resulting in a loss to the business. Here are a few tips for reducing chargebacks:

• Make sure the business name that appears on your customers’ statements will be recognizable to them. Sometimes people initiate a chargeback simply because they don’t recognize the transaction name.
• Post your contact information everywhere. From your website to invoices and receipts, make it easy for someone who does have a question about a charge to call you for help instead of disputing the transaction.
• Have a clear refund/exchange policy in case customers are unhappy with their purchase.

Town and Country Bank and Peoples Prosperity Bank are your local Merchant Services provider.

At Town and Country Bank and Peoples Prosperity Bank, we have a rich history of providing convenient financial solutions to businesses in the communities we serve. Partner with us today for all of your payment processing and treasury management needs! To learn more, give us a call or visit your nearest location.