Whatever the situation, perhaps you’ve finally made your way into achieving entrepreneurial status, even if you still work from your home office. Understanding your customers is the key to your ongoing success.
And one of the most important things about succeeding in small business is collecting payments from your clients and customers. When it comes to collecting payments from them, here are four things you should know.
You should know that your customers will be concerned with safety, that you should do your own research, that processing credit cards accumulates fees, and that payment processers take time to send the money to your business.
Read on for more information.
Your Customers Are Concerned with Safety
It’s important to determine how you’re going to handle payments by thinking from the perspective of your customers. They want to ensure that their payment information is going to be secure. You know that you’re not going to overcharge their card and steal their information to do your own Christmas shopping.
However, your customers don’t know this as they likely have never met you. Because of this, it’s good to process payments through a trusted payment processing firm who will handle the sensitive information.
You Need Do Your Research
As a business owner, you become instantly responsible for the vendors that you use. If your credit card processor isn’t as secure as you thought, your customer isn’t likely to blame them for their stolen credit card. Rather, they’re going to blame you.
Therefore, it’s important that you do your due diligence when researching payment processing companies. You may want to get card processing partner consulting to ensure that you get set up with a reputable payment processor.
You Get Charged A Fee to Process Credit Cards
While companies will offer you free use of their most technologically-advanced payment portals, you still have to pay them for every transaction. As a business owner, it’s important that you take these fees into account when pricing your products and services.
Most credit card processors will charge a percentage of the amount that you’re charging to a person’s credit card. Other companies may opt for charging you a flat transaction rate for any number of transactions up to a certain amount of money.
Your Payment Processing Service Will Take Some Time
Most payment processors will deposit the money that you charge your customers into your bank account the next business day. Some may offer instant deposits up to a set amount of funds for an additional fee.
other valuable tips from our business blog (new win):
4 Entrepreneurial Tips to Help Your Business Grow
Hard Truths about Becoming an Entrepreneur and How to Come Out on Top
You need to figure out what depositing structure best fits your needs. Be sure to read over the fine print and understand how after-hours and weekend deposits are handled.
Being an entrepreneur can be an exhilarating experience. However, one of your biggest jobs will be handling payment processing. By understanding the four concepts above, you’ll be well on your way to picking a great company that your customers will love.
Image Credit: handling payments by Pixabay
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