By Kristen Gramigna, Chief Marketing Officer, BluePay treatment, LLC
How many days will it take for your business to collect money after a sale has been made? If you send your bills, it could be 30, 60, 0+ days for the clients send checks. Then you must bring checks to the bank and wait for them to clear.
By accepting credit cards or payments / ACH eCheck, you can start collecting immediately, reduce your DSO (Days Sales Outstanding) and increased cash flow so that you can reinvest in your business.
Have you decided to accept payments by credit card and eCheck / ACH or are you considering switching to a new provider? Consider the benefits of a payment processor all-in-one that offers the following.
1. PCI Compliance
The best way to build trust among customers is to follow and comply with standards and regulations of a management organization strict quality. By choosing to accept payments, your company must respect and comply with the PCI Data Security Standard (PCI DSS), created and updated each year by the PCI Security Adviser.
Counsel provides a framework for action for the development of a robust process of data security of payment cards - including prevention, detection and appropriate reaction to security incidents. At a minimum, all traders are required to complete an annual SAQ (Self Assessment Questionnaire) to determine if they comply with PCI DSS.
A PCI compatible processor has already taken the necessary steps to use the highest security levels of data to ensure that your confidential business information is secure. A reliable merchant account provider should offer to help you complete the SAQ to check your compliance and guide you to take the right measures to improve the protection and improvement of business.
2. Safety
With advances in payment technology, to have the freedom to pay anywhere, anytime, on any device comes with consequences - including increased your responsibility to protect and secure sensitive customer payment data and your confidential business information.
to protect against fraudulent activity, trusted payment processors use tokenization and P2PE technology (Point-to-Point Encryption). Tokenization process is the substitution of a customer PAN (primary account number) with a "token." - The information that is useless to a hacker
You, as a merchant, will store the token in your system up to the sensitive payment information. P2PE is a sure way to transmit data between two parties that can protect sensitive information obtained and sent to electronic transactions.
With P2PE, credit card data is encrypted from the moment the card is swiped, while data is in transit, all the way to the authorization; preventing the system from a merchant never see or touch sensitive PAN data. Together, these security measures greatly reduce your PCI scope and compliance costs.
3. eCheck (ACH) payments
Similar to the procedure for registration paper, payments / ACH eCheck transmitting the bank routing number of a customer or account number electronically via the ACH system provides a more immediate transfer.
Companies often use ACH payment processing to offer direct deposit options for employees; allow direct payments on loans, rent, mortgage or other bills; simplify business-to-business transactions; and even make e-commerce payments.
By saving the time and costs associated with traditional payments by cutting check, you can save money while improving customer service and increased profits.
4. Reconciliation
Whether you accept payments through a channel or more, with robust, detailed reports in a centralized location is essential for your business.
Only a small group of payment processors allow you to follow your creative operations the settlement because they are the gateway provider and while a processor.
a payment gateway sends the transactions by credit card for payment by credit card networks for processing. Intel reports that offer application programming interfaces (APIs) will let you see all the information is passed through the entire transaction and can be customized to your specific needs.
5. Integrated Payments
Do you use a specific accounting, ERP (Enterprise Resource Planning), or CRM (customer relationship management) software system to manage your practice?
payment processors can offer plugins or API to seamlessly integrate payment processing into your software. By processing from a single interface, you can save time and money, reduce duplicate data entry errors, and simplify the process of reconciliation.
As you can see, there are many factors to consider when choosing a payment processor for a merchant account. Be sure to research each of the above items before entering a relationship with a new processor or renewal of the agreement with your current provider.
Do your homework to make sure you get the lowest rates, safest, reliable, and integrated robust reporting required to keep your business on track and make your life easier.
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