The world of credit card processing has changed significantly.
While small businesses with brick-and-mortar locations still use merchant processing, many are opting for hybrid payment solutions, too, such as online payments and mobile credit card swipers.
Small businesses that operate solely online, such as ecommerce brands, have to rely on creative credit card processing methods that are quick and easy to use or risk losing their patrons entirely.
Since merchant processing and mobile credit card swipers are a no-go for them, online businesses need to find flexible payment options their customers use most.
However, regardless if you run an in-person, hybrid, or remote-first business, there are a few methods you can use to reinvent the way you process credit cards. By doing so, you can appeal to more customers and reduce unnecessary barriers to entry.
Ready to learn what they are?
Let’s take a look.
Accept digital payment methods
Cater to a smartphone society by accepting digital payment methods, such as digital wallets and contactless card payments.
Venmo, PayPal, and Apple Pay are quickly becoming customers’ preferred payment options due to their ease of use.
Not only do these payment processes connect directly with your customer’s bank account information to send and receive payments, but they’re also ideal payment options if you run an online business.
An added bonus? These payments cost much less to process and can easily integrate into most websites and payment gateways.
Use payment links to sell online without a website
Don’t have a website yet?
Want to create a marketing funnel with landing pages to help you sell your latest product?
Consider creating a payment link!
How? Use a solution like Stripe or Wave to create full payment pages in just a few clicks and instantly share them with your customers — or include them in your marketing funnel landing pages.
You can share a payment link:
- Directly to a customer
- On your website
- On your Facebook page
- On a stand-alone web page
Send digital invoices with built-in payment processing capabilities
Do you work as a freelancer, manage projects, or take one-off customer requests?
If so, digital invoices with built-in payment processing can be a great tool for your small business.
Simply use invoicing software, customize your invoice to your business and client, and send it over for payment.
To save time, you can also set up automated invoices for routine work or client retainers. Check out BILL (bill.com), HoneyBook, and Stripe for digital invoice creation and submission options.
Set your employees up for success by training them on all of your credit card processing methods
Effective HR policies and procedures are essential for small businesses that aim to reinvent credit card processing. This includes training staff on transaction processing and security procedures and how these processes help protect customer payment information.
It’s also important to equip your team with any additional documents they may need to communicate your business’ payment options and security measures clearly.
For example, consider including them in your sales playbooks, marketing materials, and customer service scripts.
Allow repeat customers to use mobile checkout, sign up for automatic billing, or sign in for a faster checkout
By choosing a payment processor that offers features like mobile checkout and automatic billing, small businesses can streamline payment processing, improve the customer experience, and automate sales.
Additionally, by offering loyal customers the option to securely store their payment information for future orders, businesses can create a more efficient and convenient ordering process that encourages repeat sales with ease.
Here’s an example from a flower delivery brand called The Flower Bucket to demonstrate what we mean:
In this example, The Flower Bucket has a “sign in for faster checkout” button right underneath the “continue to checkout” button to make this payment option easy to spot.
An extra bonus of using this feature is that it can help you encourage fewer bounce rates and abandoned checkouts. Consumers are impatient. Giving them the easiest and fastest checkout options can help them stay motivated to stay on your website and complete their purchases.
Note for brick-and-mortar businesses without online stores:
If your business fully operates in person and there’s no way customers can purchase something from you online, the sign-in option may not work for you — unless the merchant you use offers a special feature on their card reader.
If they don’t offer it, opt for a reader that allows contactless chip cards in addition to inserting or swiping the card. This way, in-person customers can simply tap their cards on your reader to complete their purchases immediately.
Consider accepting a variety of credit card types
While accepting a variety of credit card types can feel risky due to inconsistent fraud protection features, the reality is people today use many different kinds of cards to make payments.
Refusing to accept certain types may alienate certain members of your audience and motivate them to reach out to your competitors instead.
To navigate this risk, meet with a fraud prevention specialist and go over your options for protecting your business and your customers.
Then, decide which cards you’re willing to accept, given the information they provide.
If you find a method that can help you prevent fraud across all card types, then consider accepting all options.
For instance, that might include the Discover card, travel rewards cards, teen credit cards, American Express, business credit cards, and PayPal debit cards. Needless to say, you should still opt to accept traditional cards, too, such as VISA and Mastercard.
Wrap up
And there you have it. Today we shared simple ways small businesses can reinvent credit card processing to give customers the flexibility they crave.
Which of these methods are you looking forward to trying first? Be sure to save this article for reference when you’re ready to get started.
Here’s to your success!
PS: Need money for your small business? Take our quiz to see if your Fundability™ is holding you back from getting the capital you need. Simply head to our home page and choose the “Discover my Fundability™” button at the top left.
