subject: Payment Processing: Common Problems And Easy Solutions [print this page] Setting up a payment processing plan may seem overwhelming at first. Since every business is unique, there is no one-size-fits-all plan. Fortunately however, many common processing problems are easily solved.
Below are four common problems and ways to resolve them.
Problem #1 - Most of my business is done away from my physical location.
Thanks to recent innovations in technology, you can now accept payments securely from virtually anywhere. If you own a mobile business, you can now process payments through your iPhone or iPad. If that is not an option, then maybe a wireless terminal is the solution for you. A wireless terminal works exactly the same way as a standard terminal, but allows you the freedom to be able to accept payments where ever you make sales. Mobile processing solutions are also as secure as traditional terminals, so you don't have to worry about increased fraud risks.
Problem #2 - I'm losing money on bounced checks.
A major reason stores encourage customers to use credit and debit cards (think 5% discount when you pay with a MasterCard type of promotions or cash discounts) is because they carry very little risk. If a customer doesn't have the funds to cover their transaction, their card is denied and the store loses no money. To prevent losing money on bounced checks, implement a credit card processing plan. In fact, many businesses have switched completely over to a credit card processing plan and no longer accept checks.
Problem #3 - I don't understand payment processing.
Payment processing can seem complex at first, but only because it has a lingo all its own. Before your initial consultation with a merchant services provider, take a little time to research some common industry terms. Write down any questions that come to mind during your research. Evaluate your merchant services interview based on their willingness to help you understand. If the merchant services provider is unwilling to explain concepts to you, continue shopping around. Also, remember never to sign a contract that you don't thoroughly understand.
Problem #4 - My budget is limited.
It's a common misconception that payment processing is expensive. Many small business owners don't think their budget can afford a merchant services plan. However, because every plan is unique, the right merchant services provider should be able to design a custom plan for your business that falls within your budget. This allows almost every business to afford payment processing.
These are the four most common payment processing problems, but fortunately, they are also four of the most easily solved. If you have any more questions about processing payments, consult with a merchant services provider. The right merchant services provider should be able to answer all your questions and provide solutions to all your payment issues.
