Whether you like it or not, you need to make sure that you have the right payment systems in place.
There’s no denying it.
Because having the right payment methods means the opportunity to cater to more clients and customers.
It means being able to expand your business.
More importantly, you’ll have happier, more satisfied customers.
And of course, we all know how important they can be to our business, right?
How essential is having the right system to your business?
In business, having the right system is indispensable to the smooth flow of your business operations. This includes having the right inventory system, point of sale software, payment system, purchasing standards, operational procedures and many others.
Mess any of these systems up, and you might end up having more than a headache on your hands.
In fact, it can mean being part of the 95% of businesses who fail within the first 5 years.
Scary numbers, if I say so myself.
But how do we stop (or at least minimize) the probability of losing?
Take care of your customers. Cater to them. Offer more options. Make your target market feel that you really are there to sincerely, wholeheartedly and openly serve them. Be open to change. This can help increase your profitability, and enhance the longevity of your business as well.
Of course, to make more profits, you need to make sure you are getting paid.
Remember profits are the lifeblood of your business. If you don’t earn profits, then you incur losses. The more losses you incur, the closer you are to closing shop. That’s the unfortunate cycle of business—and certainly one we want to avoid at all costs.
Now, you might be thinking: “I have a cash-only policy in my store. So, I’m sure I’m getting paid.”
Well, yes—you are getting paid. But are you really sure you’re getting all the profits you deserve?
Fact of the matter is, more and more people are now using credit and debit cards to buy anything they want and need under the sun. And if you aren’t able to maximize on that trend, then let me tell you now: Get moving and start working on your payment methods.
The key here is to offer more options to your clients and customers. Retain your cash payment policy, but remove the word “only.”
Provide people with different payment methods to increase their interest in your business and whatever you may have to offer. Accordingly, this may not only lead to more customers—but it can even lead to greater customer retention as well.
But isn’t accepting debit and credit card payments risky?
Honestly, it all depends on how safe and secure your payment system really is.
Besides, engaging in a business will usually involve certain risks—whether we like it or not.
Think about it: Will having a cash-only policy make businesses immune from theft or robbery? Don’t think so. In the same vein, accepting credit card payments (realistically) also involves some risks.
And how about the much more probable risk of losing money by not accepting card payments? That’s like walking by $100 bills laying around on the sidewalk every day and not bending over to pick them up.
The solution to this risk is going with a payment processing company that is PCI compliant and EMV compliant. These two things—integral to an excellent payment system—greatly reduce the risk of digital payment processing.
So, here’s an important tip: Invest in systems which make your transactions more secure and trouble-free.
If you happen to operate a store with a cash-only payment policy, using high-resolution security cameras might help deter criminals from robbing your store.
If you’re accepting credit and debit cards, make sure to use the right debit and credit card processing system, to prevent you from accepting payments from counterfeit or fraudulent credit cards.
In the long run, it’s all about making the right investments. And if you are a good and smart business person, you may want to put “payment security” on the top of that list. After all, what would business be, if we aren’t able to protect our profits, right?
So, what specific payment solutions do you really need?
Do you want to remain with your old-school cash-only payment policy, but run the risk of ignoring the thousands of potential customers who like using credit and debit cards?
Or do you want to take the more proactive approach, and offer more options to both cash-holding and credit-card-loving patrons and customers?
Please give RedFynn a call. Our job is to help business owners like you make the right decisions.
Want to find the right payment systems that can help make your business more secure, efficient and profitable? Call (888) 510-9871.
It’s not just payment systems we specialize in; that’s just a piece of the whole business intelligence pie. We can also help you with anything related to making your business more secure, more profitable and more efficient.
That’s our well-rounded specialty.