If you think about it, payment processors are actually like the new “lifesavers” of the business world.
Why?
Well, because they help ensure your business (whether it may be a convenience store, hotel, gas station or any other business type) is able to stay afloat, most especially with how “complicatedly complicated” the business landscape has become today.
Unlike before where business risks were basically limited to robbery and theft (physical risks), nowadays, such risks have become more high-tech—and a lot more dangerous.
What risks?
Data breach is among the most potentially business-threatening problems that entrepreneurs should be wary of.
With the undeniable importance of the Internet to our lives, a lot of us have become even more vulnerable to data breach.
Why?
Because hackers have found a way to gather and steal vital information via the online realm—using the activities/tools you probably use the most: Emails and downloads. Stolen laptops and smartphones are part of the equation as well.
So, what type of information are hackers most interested in?
Primarily, it’s your credit card and banking information.
If these unscrupulous individuals get hold of your credit card info (and banking details), they will use it to pay for whatever purchases they want. Worse, you won’t know anything about it, until it’s too late.
In some instances, they would make new (counterfeit) credit cards, placing the credit card info they stole from you. They can then use these cards both for online and offline (criminal) purposes.
Now, you might be wondering: In what way does data breach and credit card fraud put your business at risk?
Well, as a business, you need to protect your customers, right? After all—your customers are basically the lifeblood of whatever it is you may be doing or offering.
Think about it: What if you accept payments from a counterfeit credit card (of your customer)?
How do you think they’d feel?
Whether accepting such payment was intentional or not, you can expect that they’d feel a bit insecure with how you’re handling your business.
They’d lose their trust in you—and chances are, they will try to find another business (your competitor) to help them out.
Here’s another thing: Who do you think will be held liable for the losses due to credit card fraud? Will it be your customers? Will it be the bank who issued the card? Or will it be you?
Before October 1, 2015, the banks that issued the credit card will be the ones paying for losses connected to credit card fraud.
However, on and after the date, businesses that accept payments from stolen or counterfeit cards may be held liable—most especially if they fail to comply with certain standards, such as PCI compliance and EMV readers.
In short, never, ever think that data breach and credit card fraud is a minimal problem that requires minimal attention.
If you are a business that accepts payments from your clients, you need to have secured payments.
As a business, you need security in your transactions.
Obviously, your customers need that as well.
Businesses need to exercise the required prudence to ensure that they are able to provide their clientele with seamless, high quality and worry-free products and services.
Fact of the matter is, we are in business to provide solutions to our market. It’s about making sure that our clients and customers are able to get whatever they need from us—without unwanted hassles and issues along the way.
On a realistic note, however, we all know that making one’s business a success is already hard as it is.
According to studies, 9.5 out 10 businesses fail within the first 5 years. Additionally, 5 out 10 businesses fail within the first year.
Obviously, not good numbers (most especially if you’re just starting out with your business).
To fight off these awful circumstances, the first thing you should focus on is to make your business better.
… Make your products and services even more efficient/effective (this is probably the most important step).
… Offer more options for your customers and clients.
… Attract more people (and make them your clients).
… Retain old clients—and make them even more loyal to your brand.
Incidentally, one good example of how you can promote customer retention is through loyalty programs.
These programs are actually designed to increase customer loyalty, by giving them a reason to continue doing business with you. You can do this via special loyalty discounts, member privileges, and other related offers.
Curious as to what makes loyalty programs a good idea?
Firstly, it actually costs more to attract new clients than to retain old customers (meaning: you get to save on your business expenses).
Second point: Old clients actually spend more money compared to new customers. In fact, they’d even be more willing to try out whatever “new offers” your business has.
In short: Loyal customers can help you save money and earn more at the same time. So, it might be something that you should seriously consider trying out for your business endeavors.
Of course, before anything else—you need to make sure you’re actually delivering on what your clients and customers need. This is an essential step you need to take. Afterward, all else will follow.
Payment processors can help ensure that your business runs as smoothly as it should.
After introducing various innovations to your business (ranging from new products, smoother transactions, and even loyalty programs), there’s a high chance that your operations might become a bit more complicated than the usual.
…But do they need to be?
Yes, you might have to add a few more steps to your purchasing process, add new columns to your spreadsheet or probably add more payment methods to cater to your customers—but you know what? They’ll all be worth it.
Changing your business for the better is one of the most important steps you can take for reaching your goals. This can help turn your business from a small enterprise, into a potential game-changing, life-altering empire.
In other words: Change is good. And as a good business owner—you need to adapt to change. That’s all there is to it.
Still finding it hard to process those new payments and business innovations you’ve introduced?
Don’t worry—just get a payment processor to help you out.
The services of a payment processor range from helping you pick the right payment methods, to ensuring that your payment processes run as stress-free as they should.
For example: Do you accept credit card payments? (If not, you should probably start).
With a payment processor, you ensure that those credit card payments you’re getting are as authentic and as genuine as they should be. Accordingly, they can also help you avoid those hefty fines and business losses that come with accepting payments from stolen or counterfeit credit cards.
Here’s another aspect worth taking a look at; If you don’t have a “Point Of Sale” system right now, you might want to get one.
POS systems can actually ensure that your payment transactions are as accurate and as safe as they should be. This system is now being used by a lot of the world’s most established businesses—and you should too.
If you want, you can opt for a POS system with an inventory software, as this can help you enjoy even greater efficiency for your business. With this combination, you get to enjoy greater transparency and accuracy for sales reports—and you get to protect your inventory as well.
Indeed, business, as we know it, is now more open to changes and innovations.
However, looking at all these, it seems that you can only make your business better—if you get the right help and the right tools.
So, are you looking to make your business more attractive to a new market?
Do you want to make your loyal customers even more loyal to your business and brand?
Are you looking for even more accurate and efficient payment processing methods—to ensure that you’re making the right business decisions?
If so, RedFynn can help you out.
We have helped quite a number of businesses (over 150,000) in different aspects of their operations, and proud to say, we have been quite successful. Our A+ BBB rating and 5-star reviews reflect that.
Yes—we can assist you with what you need.
Need loyalty programs for customer retention? We know the ins and outs of this strategy.
Do you want a reputable payment processor? We can provide you with an excellent system that’s bound to make your transactions even more efficient.
Call (888) 510-9871. Let’s talk. No obligation!
We’re happy to help you out with any questions about growing your business. The vast scope of business intelligence is what we’re all about. Your business needs to save money, make money, and run more smoothly so you can spend more quality time with your family.
Awarded locally as one of the best payment processing companies, we’d love to talk with you to improve any area of your business.
