Regardless of the size of your company, one of your goals should be to make buying your products or services as simple and frictionless as possible. All-in-one credit card processing systems provide you with everything you need to ensure that the buying experience is safe, easy, and fast.
But exactly what should you look for as you wade through your many credit card machine and software options?
What is an all-in-one credit card system?
An all-in-one system uses a single platform that handles all aspects of accepting and managing payments. It can also contain additional tools.
Before we dive into the integral features for your new system, it is important to understand what an all-in-one credit card processing solution is and what it contains. This full-service entity combines several functions into a single platform. These include your merchant account, payment gateway, and the necessary hardware.
Now that you don’t need to find separate providers for each of these functions, you can look forward to a more streamlined set of operations for your business. These are not just for taking payments but for many other crucial operations as well. For instance, your all-in-one system can deftly assist you in numerous matters. Examples include inventory and employee management, customer relationships, report generation, and integration with your other third-party software.
All in all, this innovation represents a powerhouse of capabilities that can revolutionize how you serve your customers and run your company. So just what features should be at the top of your list as you work to incorporate an all-in-one payment processing system into your store?
Diverse payment acceptance
Today’s buyers are highly knowledgeable not just about merchandise and pricing but also when it comes to payment methods. When you allow them to complete a purchase using their preferred method, they will feel even better about your business and are inclined to grant you more trust and credibility.
For this reason, make payments customer-centered. In-person shoppers should be able to complete their purchases using EMV chip cards, contactless tap-to-pay or smart cards, and mobile wallets like Apple Pay and Google Pay. If you accept payments online, support them with a secure payment gateway that facilitates the process and guards against fraud using cutting-edge technology and procedures.
If you take your store on the road to events such as pop-up markets or fairs, or if you make service calls, you should also be prepared to accept payments on the go. Your merchant services provider can assist you in finding hardware and software at an affordable price that will enable you to make mobile payments safe and easy. Combine these with a virtual terminal that lets you accept customer funds over the phone or via mail order, and you will have a complete suite of expanded payment offerings that meet every shopper’s needs.
Predictable and transparent pricing
There is no doubt that your all-in-one credit card processing system is a master at integration and multitasking. Even so, you don’t need to break the bank to be able to afford it. Your merchant services provider should be able to find a solution that comes at a reasonable price while still bringing you the features you want.
The key is to take a hard look at the proposed costs. Find one that is clear, containing no hidden fees, long-term contracts, or early termination penalties. Then focus on the underlying pricing structure to ensure that you make the best use of your resources.
There are three basic pricing models. Flat-rate pricing, often the choice of small businesses and startups, involves a fixed per-transaction fee and a small markup from the provider. Interchange-plus pricing is more complex, generally preferred by companies with higher sales volumes. You pay the card companies’ interchange fees along with an additional markup from the provider. Finally, subscription-based pricing lets you pay a monthly fee in exchange for per-transaction rates and is ideal for stores with consistently high sales volumes.
Easy integration with business tools
The best all-in-one systems interface with hardware and software that enable you to run your store more smoothly. Examples include a point of sale system, invoicing and billing, inventory management, customer relationships, reporting and analytics, and ecommerce.
The primary job of an all-in-one system is to facilitate the seamless and secure processing of customer payments. However, that is just the beginning of what your comprehensive solution can do. It should also come packed with a host of other capabilities designed to transform it into a complete solution for your store.
At its core is a point of sale system. Along with taking payments, this software-hardware suite also contains tools that let you manage your inventory, monitor the hours and productivity of your employees, and create reports to gain insights into your strengths and challenges. Additionally, your POS can handle real-time inventory tracking, customer relationship management, including loyalty programs, and reporting and analytics. It can even interface with third-party ecommerce platforms to make online sales flow without a hitch.
Security and regulatory compliance
Gaining and retaining customer trust is crucial to the success of your ecommerce or in-person sales. A premier all-in-one system makes this a top priority, helping you to comply with all requirements set forth in the Payment Card Industry Data Security Standard (DSS). This is a set of mandates set forth by the card companies to protect cardholder data from cyber criminals.
To make this happen, your solution will come with built-in end-to-end encryption tools. These mask the data that is both at rest and being transmitted, protecting it from hackers by transforming it into a random series of characters that render it useless to them. Additionally, information is protected by the latest anti-fraud measures. These examine potential transactions in real-time, helping to detect abnormalities so that flagged payments can be scrutinized further before they go through.
Responsive customer service
Although your credit card processing solution is capable of performing numerous tasks, it should still be easy to use and understand. Staff should only need minimal training, and support should be available from your provider if questions arise. In addition to responsive phone support, assistance should also be found via live chat, email, and user forums. This helps to ensure that downtime is reduced or eliminated altogether.
Thanks to sophisticated technology, you no longer need to work with multiple providers in order to securely take payments and handle numerous other business-related tasks. An all-in-one credit card payment processing solution can be the complete answer to many of your company’s needs. Choose the right one, and you can look forward to many years of streamlined processes and success.
North is a leading financial technology company that builds innovative, frictionless end-to-end payment solutions designed to simplify and grow businesses of all sizes. From the front door, to the back office, the developer world, and partnerships that expand the payments landscape, North offers proactive, comprehensive merchant services, in-house processing, and more.
