subject: Small Business Credit Card Processing [print this page] Small businesses face a lot of riskSmall businesses face a lot of risk. Whether raising capital, working with unproven business plans, entering into mature or unknown markets, growing pains, and more, the list can be intimidating. When looking to expand, some steps have to be taken to minimize risk to ensure the long-term health of the company and its finances. Small business credit card processing is an excellent way to expand payment options and customer service with a very low amount of risk.
Credit card processing automates many business functions by integrating payments received with account software. Offering more convenient payment options will prompt more business, and expanded account services will help promote repeat business.
Reducing Overhead
Overhead expenses can be detrimental to any company, but especially to small businesses. Many company functions will not have dedicated personnel and departments. Many times employees perform double duty as accountants or human resources managers or will have to perform inventory and invoice reconciliation.
Small business credit card processing can integrate itself with existing account software to help automate many bookkeeping tasks. Orders can be automatically entered into a system and then can be searched and sorted. Cash flow is easier to manage, as payments will take less time to clear than checks. Leveraging technology to reduce overhead and free manpower will help small businesses stick to their business plan instead of being swamped in administrative work.
Added Options
Credit payments through a terminal are much more convenient than cash or checks. Customers will appreciate this convenience by giving a company more business. Small business credit card processing can open up payments through Internet sites and mobile phones. Sales staff on the road can also utilize a remote system to enter orders as they make sales, accelerating the process of delivering goods and services. Adding options will ultimately increase customer satisfaction. Satisfied customers will bring repeat business and use word of mouth to provide free advertising.
Beyond payment methods, small business credit card processing opens up interactive account features for customer use over the Internet or through a mobile phone. Customers can place orders, edit billing information, pay invoices, track shipments, monitor milestones, or create recurring transactions. These features facilitate both business-to-customer transactions as well as business-to-business transactions, improving supply chain management with the ability to place orders automatically based on inventory levels. Payment gateways also provide a level of customer support, such as verifying shipment dates and viewing a service history, saving employees from having to act as customer service representatives to resolve common issues.
Small business credit card processing offers a wide array of opportunities. Automated payments and recordkeeping can reduce overhead, payment gateways and account services can improve customer satisfaction, and additional payment methods will expand the customer base. All of these benefits come from a system that is highly dynamic and can be scaled to meet any company size, from the self-employed to a large, multi-department business.
by: Chris Harmen
welcome to Insurances.net (https://www.insurances.net)
