Payment Processing for Online & Brick-and-Mortar Businesses
Payment processing is a general term that refers to how transactions are automated between the customer and the merchant.
What to Look for in a Payment Processor
• Seek out a payment processor offering competitive rates on a merchant banking account. At eMerchant, we collaborate with multiple banking partners to find the right fit and rate for your business.
• Ensure you have access to dedicated customer support to tackle any payment processing challenges. At eMerchant, we assign a dedicated Account Manager to support each client.
• Explore wide range of retail terminals and point-of-sale systems, including mobile options, for in-person transactions. eMerchant partners with industry-leading brands, offering industry-specific hardware and software.
• Look for options that include a payment gateway (virtual terminal) and/or an e-commerce platform for processing payments when credit cards aren’t physically present. eMerchant offers eMerchantGateway along with a variety of other gateways.
• Partner with a consultative sales team that will craft a customized plan for your business. Take the first step with eMerchant today!
Understanding Payment Processing:
Every day, billions of payments occur worldwide. However, few people consider the intricacies that follow when they hand over cash or input their credit card details. Payment systems are integral to successful transactions, essential for maintaining customer satisfaction and a positive brand reputation.
Whether you’re dealing with processing for small businesses, card terminals, startups, e-commerce ventures, or legal firms, the fundamentals remain consistent. Processing is a broad term describing how transactions between customers and merchants are automated. Typically, a third-party service, often a computer-based system like eMerchant Gateway, manages customer payment information and authorizes or declines transactions according to preset parameters on the merchant’s behalf.
When processing transitions from physical stores to the online realm, new possibilities emerge. Online payment allows merchants to accept various payment methods, establish recurring payments, authorize remote transactions, and handle foreign currency transactions. However, safeguarding customer payment information with robust data security and anti-fraud measures becomes even more critical. By choosing a high-quality payment processor with excellent customer service, you can ensure that both you and your customers will enjoy secure and mutually beneficial transactions.
The Pillars of Processing Payments
- In-person Transactions: When you walk into a store, swipe your card, or insert it into a chip reader, you’re witnessing it in action. These physical transactions involve a point-of-sale (POS) system that securely transmits your payment information to a payment gateway for approval. The speed and reliability of these systems are crucial in retail settings, where customers expect smooth, efficient transactions.
- Online Commerce: The e-commerce boom has transformed the way we shop. From buying clothing to ordering groceries, online transactions have become the norm. Processing for e-commerce involves complex layers of security to protect customer data and sophisticated payment gateways to handle high volumes of transactions.
The Dance of Data Security
The rise of cyber threats and data breaches has made data security a top priority in payment processing. Payment processors are now equipped with advanced encryption techniques to safeguard your financial information. These security measures ensure that your data is kept confidential and transactions are protected from fraudulent activities.
- Retail Stores: Retailers rely on payment systems to manage transactions efficiently, including processing various forms of payment, such as credit cards, debit cards, and mobile payments. Fast and reliable processing is vital for providing customers with a seamless shopping experience.
- Service Businesses: Service-based industries, like restaurants and salons, need payment systems that can handle tips, split checks, and integrate with booking software. This ensures that customers can easily pay for services and adds convenience to the overall experience.
- Wholesale / B2B: B2B transactions often involve larger sums of money, and processing in this sector requires solutions that cater to the unique needs of businesses. This includes invoicing, bulk payments, and customized reporting to streamline financial operations.
- Mobile Merchants: Mobile businesses, such as food trucks and market vendors, rely on portable payment solutions. Mobile card readers and smartphones enable these merchants to accept payments on the go, extending their reach and increasing convenience for customers.
Choosing the Right Payment Processor
Selecting the right payment processor for your business is a crucial decision. Consider factors such as transaction fees, contract terms, customer support, and the ability to scale as your business grows. It’s essential to find a payment processor that aligns with your specific needs and industry requirements.
In a world where the payment processing landscape is constantly evolving, choosing the right partner ensures smooth, secure, and efficient financial transactions. By understanding the various facets of payment processing and its significance in different industries, you’re better equipped to make informed decisions that benefit both your business and your customers. Payment processing is more than just a behind-the-scenes operation; it’s a driving force that shapes the way we conduct commerce in the digital age.
If you are looking to learn about Payment Processing, you might also be interested in:
- What payment gateways are, and how they fit into the puzzle.
- What specifically is a Merchant Account
Here are some other aspects of processing payments:
One stop shop for a retail merchant account, Account Services and POS Hardware
Assigned Dedicated Account Manager.
Industry-leading “swiped” or “Card Present” rates.
Terminal Loaner Program in case of device failure.
Free Terminal Program (with certain restrictions).
Call us today for a Rate Proposal!
*Some restrictions may apply