Three Payments Processing Myths For Small Businesses: Debunked!

If you are a small business owner, one of the most important concerns is probably how you make your products available to as much of your target market as realistically possible.

1Even though a prominent number of small business owners do this by accepting multiple payment options like credit cards and online payments, a fraction of small business owners still remain skeptical about the latest payment processing technologies.

If misconceptions you hear from other business owners are keeping you from integrating latest payment processing technologies, you could be losing out on a lot.

Here are some of the most common myths that go around:

#1-Payment Processing Can Be Expensive

Maybe you’ve heard this from other business owners who complain that they need to cover a lot of processing fee if they accept credit cards. Even though there is a small fee, it is even more important realizing how many of your customers won’t have hard cash to make payments.

1Typically, as low as 5% of a payment is charged as payment processing fees. Compare that to the number of customers you would lose to a competitor who accepts payments in all forms.

Customers won’t really be upset if you inform them at the POS that the credit card payment system is out of service compared to telling them you don’t accept credit cards at all.

If the fee concerns you, so should the number of customers lost.

#2-Payments Will Take Days To Reach Me

Another misconception that goes around small business owners is that they think payments processed through credit cards may take a while before finally reaching them. In reality, as soon as credit card is swiped, the system connects with the card holder’s bank. Once the payment is approved from the bank, it takes less than two days for the amount to be deposited in to your account.

#3-It May Become Hard To Stay Compliant

Another misconception that is rampant among small business owners is that if they accept credit card payments, they might need to put in extra efforts to stay compliant. However, they don’t need to do anything as the systems are already integrated with encryption features that ensure data safety. You wouldn’t need to do anything else to be compliant.

Ready to offer your customers additional payment options? Get in touch with Easy Processing Solutions. The company offers a wide array of easy payment solutions in Atlanta, GA.

 

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