Payments Processing: Different Types


Businesses who want to take a form of payment other than cash need the help of a payments processing company. If you are considering taking advantage of this option, you should understand the various types of payment choices your business could start receiving with the right company.Credit CardsCredit cards are the most common type of payment accepted through a payments processing company, There are many benefits to being able to take credit card payment. Most customers in today’s economy pay with credit or check cards rather than paper checks or cash. If you do not take this type of payment, you lose out on a lot of your customer base. By taking credit card payment, you instantly increase your customer base significantly.Credit card payment can be taken online, or they can be taken through POS systems. POS Systems are the systems that take payment at the point of sale. These are the scanners that sit at the cash register at restaurants and retail establishments. Often POS systems also calculate cash and check charges, update inventory, calculate a customer’s change, and print receipts. These can be as integrated or simple as your business needs. A good processor will have several POS systems for your business to consider, allowing you to find the right one for your company’s individual needs.Check PaymentToday, check payment can happen much more quickly than ever before. Gone are the days of waiting for the bank to process the check and get the money to your account. Telecheck services from a payments processing company allow you to process your checks instantly, just like you do with your credit cards. The data on the check is electronically converted, and money is deposited into your account instantly.This gives you several benefits. Most obviously, it eliminates the delay waiting for your money. It also protects you from fraudulent check writing. Many processors can instantly find out if there is money in the account to cover the check. If there is not, you are saved from the hassle of tracking down the bank and getting your money from a bounced check.Gift Card PaymentPayments processing also allows you to accept gift card payment. This is another huge benefit, because gift cards can actually increase your bottom line. When you sell them, you do not lose any inventory, but you get instant income. Often they will not be fully cashed in, so you will have a little bit more pure profit from the gift card. In some situations they will even be lost, giving you pure profit. However, if you cannot accept gift cards, you cannot sell them.In any consumer-driven industry that accepts payment of any form, payments processing is essential to success. Keep in mind that these services are not free, so shop carefully for a company that is upfront about its pricing and charges industry average rates. This will help you benefit from accepting a wide range of payment options without spending a fortune to do so. 

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