Payment Processing Services

Payment Processing Services

Payment processing solutions enable a merchant to accept payments with credit cards, whether the consumer is using a plastic card (including EMV chip cards) or other payment options such as contactless payments, digital wallets like Apple Pay or Android Pay, stored value cards, and debit cards.

A payment processing solution will include software that connects the merchant with the payment processor, which may be direct or through a payment gateway, and enables transactions that move money from the card account to the merchant’s account. The payment processing solutions will also include encryption, tokenization and other security solutions to keep card data safe.

Why It Matters to Your Customers

Cash-only businesses have become extremely rare as most merchants realize a significant fraction of their customers will prefer to use payment cards. At a time of growing competition and shrinking margins for many merchants, it’s important to provide customers with every convenience to enhance shopping experiences and build loyalty—and that includes allowing them to use their preferred payment methods. Accepting payment cards can also help increase the average sale, since customers aren’t limited by the amount of cash in their wallets.

Why Payment Processing Services is an Opportunity

Providing payment processing to your customers will result in recurring revenue for your business. Each payment processing vendor’s terms vary, so do your homework on the charges your customers will incur and the margin you can make to determine the best options to offer as a part of total point of sale (POS) solutions.

The U.S. transition to EVM chip card payments is still far from 100% adoption. As more EMV chip cards are issued, merchants that delayed upgrading to EMV technology may be ready to move now as more consumers equate EMV with security. A prospect may have also experienced chargebacks due to processing a fraudulent card with its mag stripe, and may no longer want to bear the liability in those circumstances. The opportunity may be greatest among hospitality businesses, which lagged behind other merchants in EMV adoption.

There is growing opportunity to provide payment processing solutions to healthcare organizations, as the payer is more often the patient instead of exclusively an insurance company. Healthcare providers are following the lead of merchants and are looking for solutions that optimize customer experiences while making payments easy and convenient.

Payment Processing Vendors

[smls id=”2258″]

Payment Processing Services Trends & Case Studies

4 Prime Opportunities for MSPs to Sell Integrated Payments

It’s time to consider how selling integrated payments can benefit your business.

How Much Residual Income Could You Make from Payment Processing?

VARs and MSPs need to find ways to build recurring revenue to replace the upfront margin they once received from solution or project sales.

Payment Security Considerations at the Point of Sale

Solutions providers must stay one step ahead with payment security to help protect their clients from fraud and cyberattacks.

What Retailers Expect from Credit Card Processing Services

How well does your payments partner address merchants’ needs?

Customers Need Payment Processor Choices. Here’s Why.

Practical advice from Terry Zeigler, President/CEO of Datacap Systems, concerning the state of the payments industry and the choices you must make.

Are You Providing Frictionless Payment Solutions?

The industry is trending toward seamless, even invisible, payment experiences that take care of transactions behind the scenes with little effort on the customer's part.

Recurring Revenue Best Practices

POS SaaS Growth

How a Growth Mindset Fuels MSP Success

Adopting a growth mindset requires organizational shifts and a change in individual thinking.
IT Asset Management and FinOps

Hybrid ITAM and FinOps: A United Approach to Cost Optimization

FinOps and asset management are both necessary for comprehensive cost optimization.
Distribution Partnerships

Are You Taking Full Advantage of Your Distributor Partnerships?

Distributors offer expertise, training, support, and a network that can benefit your business – if you take the initiative to learn what’s available.
Internet of Things

Beyond Shiny and New: Why Legacy Devices Are Key to a Successful IoT Strategy

The future of networking hinges on the ability to seamlessly interact with cutting-edge and legacy solutions without compromising security or performance.
Smartsourcing

Solve Staffing Shortages with Smartsourcing: A Win-Win for MSPs and Clients

MSPs can leverage smartsourcing to offer high-skilled talent to clients and expand their portfolio while reducing client costs and workload with minimal investment.
customer surveys

Tips for Selling Customer Survey Software

It’s time to take a different perspective and consider customer feedback less of a value-add and more of a necessity.
×