Integrated payment systems are those that allow you to safely accept many different forms of payment, either on location or online. These systems are a great asset to any sized business. They provide convenience to your customers while protecting you from the loss associated with inadvertently accepting checks, debit or credit cards from accounts that have been compromised.
Credit And Debit Cards
Integrated payment solutions allow your business to safely accept credit, debit and check cards from your customers either in person or through the internet. On location, you will be provided with a machine that you can physically run the cards through. The magnetic strip on the back of the cards gives all the account information to the system where is is processed rapidly and accurately. If the account has been compromised or there is not enough of a balance to cover the charge, the card will be declined.
The system works the same way online, except that the account number is manually entered by the customer. This information is then processed in the same way. Whichever way the information is entered into the system, the fact that the account can be checked almost instantly protects your business from financial loss and may protect your potential customers from suffering a loss through the use of a stolen or hacked account.
Checks
Checks are not as easy to verify as cards are, and because of this, many businesses will not accept them. However, integrated payment solutions does make it possible for you to quickly and easily verify that the account exists and that it is currently in good standing. This will not protect you from forged checks or those that may bounce, but it does at least keep you from accepting checks that are little more than worthless slips of paper. Some system even have the ability to treat a check like a debit cards and remove the funds from the users account the same day.
Increase Your Profits
Using integrated payment solutions not only saves your business from losses, but it can help you to increase the number and value of the sales you get. We live in a world where very few people carry large amounts of cash. Having the ability to safely accept other forms of payment will not only generate more customers, but it may make them spend more as well.
If a customer is only carrying $100 in cash and you do not accept alternate payments, then your customer is limited in how much they can spend. However, if they can whip out their credit card or wrote you a check, they may be encourage to make that impulse sale. Impulse sales can make the difference between a season spent in the red and one where your business sits comfortably in the black.
If you run a small business, take the time to look into integrated payment solutions, especially if you do any part of your business online. Having one of these systems working for you can give your business the edge it needs to rise above the huge number of options available to the customer in the internet age.
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