Secure payment solutions are available from tons of different manufacturers, complete with features like merchant chargeback protection and card not present fraud detection — but you might be surprised by how many business owners aren’t even really sure what payment processing services are for and why it’s so essential to pick out a good credit card payment system.
So, regardless of whether you’ve owned a business for a while and you’re just updating your credit card payment system now or if you’re opening a brand new business and you aren’t sure where to start, here are a few basic points you need to know about payment processing:
- Payment processing services may seem a lot like POS systems because they assist businesses in conducting transactions. However, these are like POS systems with one major upgrade: they provide excellent protection for businesses that make sales online and charge customers for a service or product with the customer’s card actually being present.
- This is often called “card not present transactions” and it’s convenient for a variety of reasons, but it’s also a bit risky for consumers and businesses alike. This type of ecommerce is the driving force behind online shopping and mobile shopping apps, and secure credit card payment systems allow businesses to take payments from consumers through a secure digital entry form.
- Security is a major factor in payment processing, and even though digital security risks seem to be increasing exponentially in recent years, good payment processing companies will provide excellent credit card and debit card protection for customers while also protecting the merchants.
- There are many different types of payment processing services, so it’s important to look for a service that provides what your business needs right now and also what you hope your business will need in the future!