subject: How To Utilize Merchant Credit Card Processing [print this page] Having a credit card terminal is a great way to allow customers the convenience of paying with plastic, rather than relying on cash, checks, or mailed invoices. However, merchant credit card processing offers so much more than just a card swipe.
Credit card processing enables a wealth of online and mobile options to manage accounts, offer services, and provide customer support. Entire companies have built their business plans around this one aspect alone. Automated payments facilitate recurring business-to-business orders and integration with accounting software supports bookkeeping, all of which help reduce overhead costs.
Let's look at how, with a little creativity, merchant credit card processing can help a business grow.
Account Management
Credit card processing facilitates the creation of Internet and mobile payment portals for goods and services. Customers and salespersons alike can create sales from across town, across the country, or while on the road. By combining account features with these portals, customers can manage their own accounts as well. Common questions and issues can be addressed automatically, from shipment tracking to payment histories and outstanding invoices.
With a linked credit card, charge resolution and repeat orders become a simple one-click process. Customers will be more inclined to offer repeat business to a company that has convenient and automatic ordering methods. The account features linked with credit card processing can improve customer relationship management, all without adding another department or software suite.
Managing Overhead
Cost reductions, especially in overhead expenses, are the best way to increase productivity without having to alter a business plan, secure more customers, or expand operations. Merchant credit card processing can integrate and automate company functions in order to free manpower and reduce operating expenses.
By linking payments made through credit cards with accounting software, both at the point of sale and online, bookkeeping becomes much easier. For small businesses that often have their employees or CEO perform double duty as accountants, this can lead to a huge time and cost savings and allow the focus to remain on implementing the business plan. Combined with automated account management, many daily tasks can run without the need for constant human supervision, allowing for a more efficient use of work time.
Setting up recurring billing and ordering can also help with supply chain management. Establishing communication between inventory and purchasing can automate supply ordering to anticipate and prevent material shortfalls. A high level system can even include pending orders and distribution to anticipate workloads before they even begin. A streamlined workflow management scheme could carry an order through an Internet portal to billing, through to production, and finally purchasing.
Merchant credit card processing is a tried and true technology that has been fueling business growth. Companies like Amazon.com and Ebay.com own their existence to online account management and order automation. Thankfully, today's systems are dynamic and completely scalable to fit any size company. Even a self-employed contractor can utilize a credit card terminal and online order database to better serve their customers. Ultimately, all businesses should be taking advantage of these benefits.
by: Chris Harmen
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