Payment processing 101: Save time and money with streamlined operations

As a small business owner, you love what you do and care for your operation as if it were a member of the family. Of course, you also want to get paid so you can stay in business and grow now and into the future. That makes payment processing mission critical.

Yet, selecting the right payment processor is more challenging than ever. Many are simply vendors whose only interest is selling their product – without concern for your individual needs and aspirations. But, to survive and thrive in today’s fast changing economy, you need a payment processing partner – one who works in tandem with you to understand your goals and helps you achieve success.

How can you tell if a payment processor will be more than just a vendor? Let’s look at four critical features that every savvy business owner should expect.

Quickly and easily process payments

Most business owners are no stranger to cash flow issues, and the pandemic has only exacerbated the problem for many. A survey revealed that 38% of small business owners said they are facing cash flow issues because customers are paying late and the processing time for depositing cash and checks takes too long. Another 48% said their company is only one missed payment away from having to shut down.

To make matters even more difficult, businesses that rely on payment processing through nonbank sources like PayPal can be forced to wait up to three weeks to see payments appear in their bank accounts.

“This is a huge pain point for small businesses,” said Jennifer Cunningham, Director of Sales for First American by Deluxe. “Most don’t have large reserves that they can rely on – they have to use funds as they make them – and that’s why we offer next day funding for businesses who use our payment technology.”

Accept payments in any environment

Customers today expect to shop and pay for goods and services on their terms, not yours. “One of my co-workers won’t go anywhere that doesn’t accept Apple Pay,” Cunningham commented.

A study by Visa backs up Cunningham’s point as it shows that younger customers prefer to use contactless payment options and cards. The same study also reveals that a growing number of all customers, who are deciding whether to visit a business for the first time or as a repeat customer, use payment options as a determining factor.

In other words, if you’re not keeping up on new payment trends, you’re probably losing sales. Business owners who want to survive and thrive in this new normal are adopting multiple ways to accept customer payments, from in-store and online checkouts to contactless methods and mobile on-the-go payments. The challenge lies in finding a single provider who can manage all your customer payment channels.

First American by Deluxe makes it easy to accept payments in multiple forms from wherever you or your customers are. Need a customized payment page and shopping cart capabilities for your website? We’ve got you covered. Relying on your tablet or cell phone to accept credit or debit card payments? We can help with on-the-go pocket-sized design that will improve your customers’ experience. Want to turn your laptop or desktop into a virtual terminal so you can accept payments virtually or over the phone? We can do that, too. Looking for a POS system for your brick-and-mortar operation that puts inventory management and reporting analytics at your fingertips? You guessed it – we’re there for you.

Protect cardholder data

It’s understandable that, as a small business owner, you want to ensure the safety of your customers’ information when they pay by card. After all, credit card fraud is the second most common form of identity theft in America, comprising nearly 30% of all identity theft complaints received by the Federal Trade Commission in 2020.

When using our payment processing technology, you can rest assured that you and your valued customers are protected with our PCI Smart program.*

PCI Smart helps ensure that your payment systems are compliant with global standards. Unlike other payment processors, First American by Deluxe doesn’t charge extra for this service. What’s more, we have a team of compliance professionals available 24/7 to answer your compliance questions.

Get the support you need – when you need it

Lack of support from payment processors can keep small business owners up at night. When you need help setting your batches, don’t see a deposit you were expecting, aren’t sure how to correctly use your new POS machine or need help troubleshooting it, you don’t want to wait on hold for two hours – you want assistance NOW. With First American by Deluxe, you can rely on 24/7 customer service from a real person within 10 seconds of your call being connected. What’s more, 87% of all calls coming into our center are resolved on the first inquiry. In fact, the Association of Teleservices International has bestowed its prestigious Award of Distinction on our customer service center for the last nine years in a row.

If you’re looking for a single payment processor that can handle all your customer payment channels and provide you with the protection and support you need to take your business further, check out First American by Deluxe. 

*Payment Card Industry (PCI) compliance is a set of specific security standards created by the major card brands to protect customer cardholder data from being stolen during and after a payment transaction. PCI compliance is required for all merchants that process credit cards, regardless of the size of the business.