Every small- to medium-sized business needs either a basic method of accepting credit, PIN-debit and check payments or a feature-rich, integrated POS system. In these economically uncertain times, be sure your payment processing solution addresses the following SMB concerns: benefits, productivity, revenue, security and innovation before you make that call.
Benefits - Merchants need to fully understand why your processing solution is better and what they receive by using it. Do they have the most competitive pricing on merchant accounts; is there a special technology that improves their bottom line?
Productivity - All things being equal, how quickly and easily does a merchant see an increase in productivity or efficiency using your solution? Do your back-office management and reporting tools readily address this issue?
Revenue - Every business has money on their mind. How does your payment solution help develop and grow revenues? If you offer innovative technology or valuable add-on options, be sure your customer understands how it grows the bottom line. Gift and loyalty cards come to mind as an easy way to increase revenue per transactions and grow customer loyalty.
Security - With PCI Compliance requirements just around the corner, does a new payment processing system help minimize the compliance headaches and ensure card data security? How does end-to-end data encryption technology make a difference?
Innovation - New technology is great if it improves the current business' situation, but if it adds little value and has a low ROI, it’s a hard sell. Before asking your customer to invest in new technology or upgrade their processing systems, be sure you understand their pain points and how new technology addresses them. Will lowering processing costs make a big difference for a customer or will accepting payments in real-time save money?
All businesses need cost-effective payment processing solutions. When pitching yours, make sure your solution answers these five critical business concerns.