Do you remember the days of swiping a credit card on an imprinting machine? Today’s transactions run through computers at record speeds without the carbon-duplicate slips. Learn all about the best credit card payment app for your business so that profits come automatically.
1. More Than a Swipe
There are dozens of functions that happen in the background when you swipe a credit card. Select an app that offers integrated invoicing, general ledger and inventory management. Each transaction tallies up your costs, profits and other financial data. It should also “pull” that stock from your inventory. Reordering items to keep up with customer demand is much easier with the proper app.
2. Work With an Aggregator
Some card apps work exclusively with merchant accounts that you set up with traditional banks. Think outside of the box, however, with aggregators. These third-party processors are popular among consumers and require very little setup as a merchant. You’ll appear modern and trendy as a business with an aggregator as a processing partner. It’s also just as safe as a merchant account as regulations have improved over the years.
3. Think of Hardware Applications
Are you a people person or work exclusively online? Pose this question to yourself to find the right app. Online businesses may only require the bare minimum when it comes to hardware. In contrast, in-person sales need sturdy hardware that can take on a lot of swiping. Broken hardware can cost the business a lot of money. Nobody wants to resort to “cash only” transactions.
4. Accept All Cards
Don’t decline a card just because it isn’t part of your app’s acceptable payment pool. Read over the cards accepted with each app. Ideally, you want to accept every type of card that’s issued today. Losing just one sale can make a negative difference in your bottom line.
5. Know About Transaction Fees
Every credit card payment app will require some form of transaction fees. They typically include a percentage, flat rate or mixture of the two types. Online, keyed-in and in-person charges will also determine the fee’s amount each time. The best way to find the lowest fees is by comparing your business’s charging habits with each app’s fee chart. The right one will slowly emerge from the pack.
6. Consider Monthly Fees and Contracts
Card apps must run their businesses too. As you research each platform, look carefully for any monthly fees. There will always be transaction fees, but some apps offer free monthly access. Curbing your processing costs can happen in this area. Be on the lookout for contracts too. The most reputable apps won’t always require a contract. You should have the freedom to use or drop a card app at any time.
With the key features in mind, the best credit card payment app is ultimately a subjective choice. You might feel more comfortable with one platform than another. Make the right choice for your business based on fact and gut instinct. Success can follow afterward.