More merchants than ever are looking to start accepting credit cards, and it’s easy to understand why. Cash is becoming a rare commodity on the high street, and with ever more ingenious ways to pay, from mobile phone credit card processing to Apple Pay and Google Wallet, business owners are really starting to worry about being left behind.
Small Businesses Need to be Flexible
One of the bonuses of being the owner of a small business rather than a huge corporation is adaptability, with SMEs able to quickly change their operation to adapt to emerging trends and take advantage of opportunities that the bigger businesses miss. One of the fundamental ways in which a smaller business can compete for custom is by making it easy to pay for goods and services. Flexible credit card processing technology and payment services are quickly becoming essential tools for that purpose.
The End of the Price Barrier
It used to be the case that smaller operations were simply priced out of the market, but those barriers are now coming down. The advance of technology and the number of competing merchant payment processors and gateways has meant that it is cheaper than ever to start accepting credit cards. Many companies, including Speed Fund LLC, are even providing free equipment, such as point-of-sale machines, or the Phone Swipe virtual mobile terminal, as they outbid one another for new merchant customers.
Choosing the Right Service for your Business
There are many factors involved in choosing the right partner to help you with your business’s credit card processing, but top of that list has to be price. There are three main ways in which merchant service providers charge their customers: annual or quarterly fees, per transaction fees and a percentage which depends on the type of card and the technology used (e.g. swiped debit cards tend to cost the least).
Speed Fund LLC have teamed up with established merchant services provider American Bancard to offer their customers attractive rates and the latest hi-tech, easy to use point-of-sale equipment. For businesses who already own their own terminals, Speed Fund LLC can get them reprogrammed to be compatible with the exciting new technology that is sweeping the globe.
The Future of Money
The rules around credit card processing are changing to make it harder for fraudsters, but also easier for customers to pay using their mobile phone. For example, from October 2015, businesses with terminals must start accepting credit cards that use EMV technology. If they fail to update their equipment but continue to accept card payments, they could be at risk of being prosecuted for credit card fraud. Meanwhile, Near Field Communication (NFC) technology is being rolled out to ensure terminals will be compatible with mobile payment apps such as Apple Pay and Google Wallet.
Phone Swipe Virtual Payment Terminals
Speed Fund LLC and American Bancard are currently helping their merchant customers to become more flexible than ever by supplying them with Phone Swipe virtual card terminals. Phone Swipe is a discreet device that plugs into a mobile phone, enabling small business owners to start accepting credit cards while out and about.
They are also offering a free, no-obligation comparison service which will help company decision-makers to work out their potential savings and weigh up their credit card processing options.