What To Look For In A New Payment Processor

looking forby Axis Payments

Whether you have been in business for some time now and are already accepting electronic payments or you’re just about to begin, the question always comes up; what should you look for in a payment processor?

In no particular order, the list below might come in handy.

24/7/365 Live Customer Support
Depending on your business, you actually might need assistance in the middle of the night sometime, or, perhaps you’re open on Christmas Day. What happens if you run into a problem? It’s always great to find a processor that supports your business hours so you know you can count on them when you need to.

Competitive Rates
Money matters, right? Your rates and fees will largely depend on the type of business you run and the processing volume you do each month. That said, it’s important to read all of the fine print and make sure you’re getting a good deal.

Choose An Established Provider
This might sound like common sense, but it’s always prudent to go with a processor that has been in business for awhile and has a good reputation. Every industry has the shady “fly-by-night” shops that appear then suddenly disappear. You don’t want to entrust building your business to companies like these.

EMV Compliance Across The Board
The EMV liability shift has come and gone and while no reputable processor should offer you equipment that lacks this capability, be warned…some still will!

NFC Capable
Services like Apple Pay, Samsung Pay and Android Pay that use near-field communication are becoming increasingly popular. As you weigh your point-of-sale equipment options, make sure to consider this growing segment.

Mobile & Online Processing Capability
Do you ever need to process away from your brick and mortar location? Do you have a storefront online? These are things to consider as you’re evaluating processors. Ask about the solutions they provide and make sure they can accommodate your needs without breaking the budget.

Next Day Funding
Many merchants depend on getting their deposits quickly for a multitude of reasons. Processors tend to have different requirements and capabilities in this regard. If you do heavy weekend processing, for example, it’ll be worth discussing with you new potential processor.

Equipment Warranty
Today’s point-of-sale terminals are high-tech and can get quite pricey. Explore your options about equipment warranties just in case your customer decides to spill that cup of coffee right on your shiny new keypad.

So, take these points into consideration as you navigate your way through the competitive landscape that is the electronic payments industry. There are a lot of providers out there. Some do certain things very well, but might not offer the complete solution you need. The main thing is that you know what you need and what you’re getting yourself into when you choose a provider.

Copyright 2016  Axis Payments

 

2015 Holiday Sales and Payment Processing Review

The 2015 holiday season is in the books. Retail revenue numbers are in, and it looks like this was one of the most profitable holiday spending seasons in recent memory. If you’re like many Americans, you probably did at least some of your holiday shopping online between Black Friday and Christmas Eve. Find out more about how the season shaped up for retailers below.

2015 Holiday Sales Statistics

According to the National Retail Federation, average winter holidays spending in the U.S. in 2015 totaled around $630.5 billion. That is a significant increase over the prior year, when sales reached a total of around $608.2 billion. Average holiday spending per person remained somewhat steady, with each person spending an average of $806 total and around $594 for gifts. The previous year, the average U.S. consumer spent a total of $804 total and around $595 for gifts.

Most interesting of all, however, is the data concerning online holiday spending. On Cyber Monday 2014, online sales totaled around $2.7 billion. The previous year, they totaled around $2.3 billion. Information regarding online sales for 2015 is not yet available, but it appears that online holiday spending is on an upward trajectory.

Finally, MasterCard SpendingPulse recently published some interesting information regarding 2015 holiday spending. Retail sales were up by 7.9 percent, and online sales shot up by an incredible 20 percent. This robust holiday spending season is largely being attributed to the improving economy as well as low gas prices.

Holiday Sales and the Electronic Payments Industry

Based on the information above, it’s easy to surmise that electronic payments were being processed at extremely high volumes between Black Friday and Christmas Eve. Fortunately, Axis Payments has the technology and bandwidth that are needed to handle this type of volume without incident. 2015 also saw a significant increase in the popularity of mobile payments, with options like Apply Pay, Android Pay, Google Wallet and Samsung Pay all becoming more widely accessible. Mobile payments haven’t quite caught on yet, but 2016 is poised to be the year in which they become a lot more mainstream. Without question, mobile payments will have a profound impact on the 2016 holiday spending season, and we will be here to report on everything when the time comes.

Six Reasons Why You Should Be Accepting Credit Cards

Pile of Credit Cardsby Axis Payments

If you are a business owner still thinking about offering a credit and debit card payment option to your customers and clients, here are six reasons for you to consider. They can all help your bottom line by bringing more money to your business.

1 – Fostering the Image of Your Business

Small business owners who display the familiar logos of payment networks such as MasterCard, American Express and Visa seldom realize how attractive they are to customers and clients. The reason for this is simple: when consumers see those logos, they see brands they can trust. When they see that you do business with these trusted brands, they will think of your business as one that is legitimate and trustworthy.

2 – Enabling Online Business

Even if your business is exclusively a brick-and-mortar operation at this time, you should not discount the possibility of doing e-commerce in the future. By getting a merchant card system in your business now, you are essentially preparing for more productive days ahead since you will be prepared to accept payments.

3 – Checkbooks Are Disappearing

For some reason, the United States has been a stalwart of the paper check era. This is not the case in Europe and Latin America, where checks have been mostly phased out in favor of electronic payments as well as credit and debit card transactions. American consumers are warming up to a life without checks, and this is good news for business owners who are always at risk of getting bad checks. With a merchant processing system, card transactions are approved or declined on the spot, thereby reducing the risk of bad checks.

4 – Happy Customers = More Money

Americans are abandoning checks and turning to credit and debit cards because of convenience. Many consumers dislike the idea of carrying cash; what they like is being able to pay securely with a card that they can track spending with and perhaps score points or frequent flier miles. If you want happy customers, give them the option to pay with their cards.

5 – Card Shoppers Are Bigger Spenders

With more banks combining credit and debit features into a single card, retail analysts are noticing greater patterns of spending. Consumers who run to the ATM or cash checks do not spend as much as those who have a payment card at their disposal. With the American economy improving, credit lines are becoming more generous, and thus many shoppers are spending more on their purchases.

6 – Electronic Payments Are Cheap

The merchant processing industry is very competitive these days, and this makes it very attractive for business owners. Rates, fees and high-tech terminals that process card and electronic payments do not require a major investment, particularly when considering the boost in sales.

Copyright 2015 Axis Payments