payment processing

Ready to do a little spring cleaning? This year, why not use the annual rite to investigate whether your payment agreement is in need of a little  

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Add a Payments Review to Your Spring Cleaning Checklist

May 19, 2017

payment processing

Ready to do a little spring cleaning? This year, why not use the annual rite to investigate whether your payment agreement is in need of a little tidying up.

A spring review of your processor and payment agreement can help uncover changes that may save you money or reveal new security measures to protect you and your customers.

The following are a few of the questions you should ask to make sure you’re receiving the best return on your investment.

Has my business changed?

From changes to your average transaction amount to an increase in sales volume, fluctuations in the types of transactions you process may help you qualify for lower rates. The addition of an online presence or expanding your item or service offerings may require updated processing services – and may allow you to offer customers new ways to pay.

Sometimes simple processing changes can make a big difference, such as ensuring transactions are batched and settled within established timeframes, making sure POS devices and software are properly encoding transactions, or taking advantage of special programs. Discuss any business changes with your processor to ensure you are taking advantage of the best rates and services.

Is your processor EMV® chip card ready?

Make sure your business is using secure, up-to-date credit card machines to accept payments. Chip-enabled terminals take advantage of the fraud-fighting technology built into EMV cards and may help protect you from card-present counterfeit fraud. Many newer terminals also allow you to accept digital wallet payments via Near Field Communication (NFC), including Apple PayTM and Samsung Pay.

Does your processor support Apple Pay and other mobile wallets?

Accepting the latest ways consumers want to pay requires a processor willing to invest in research and development while forging partnerships with all players in the payments industry. Your processor should have the industry connections needed to stay on top of new payment developments, the ability to quickly adopt new ways to pay, and the knowledge to help you determine which new consumer payments are right for your business.