Plastic is now the preferred payment method of choice for consumers across the globe, and accepting card payments is no longer an option for serious businesses. Unfortunately, a number of myths surrounding payment processing still muddy the waters and keep some businesses from taking the leap. Those myths are generally rooted in old information from a time when getting set-up to accept credit cards wasn’t all that easy, but those days are long gone. Here are four of the most persistent of those myths, and how they diverge from the reality of modern payment processing.
PCI compliance is one of the most important factors in establishing safe online transaction processing, but many business owners and managers know very little about it. Most either assume that it doesn’t apply to them or that they already have it – whatever it is. But e-commerce software and online payment solutions aren’t PCI compliant by default, and it’s essential that companies accepting credit card payments – both online and off – understand the basics of PCI compliance and the many benefits that it provides.
Credit cards are a big part of every business. If your store isn’t equipped for credit card transactions, you’ve already put a huge roadblock in the way of your company’s growth. But if you don’t have clear in-store and internal policies, even the best merchant services can’t help your business navigate new regulations. Here are two policies that your business needs to create and regularly review:
When you’re looking for a payment processing site so you can make personal online transactions, you might just use the first thing you come across. But when it comes to your business, you want to back up your choice with some research. Different payment processing tools, like PayPal, Stripe, and BAMS, offer a wide array of benefits and supplemental features. The most important thing for your business, however, is PCI compliance.
How does PCI compliance apply to your business?
PCI DSS, or the Payment Card Industry Data Security Standard is a list of standards for securing payment processing details. If your company even touches payment information, whether you’re storing the information or just accepting, processing, or transmitting it, then you’re responsible for maintaining a secure environment for that data. That’s why more and more companies are using third-party providers to handle payment processing. If payments are routed through another site entirely, your liabilities are limited.
How do you know which processing service provides the best PCI compliance?
The best way to know which service is for you is to start studying your own business. How do you usually get paid? Online stores will have a lot of individual transactions. Subscription service providers, whether they provide online services or something physical like landscaping, may have automatic payments. If your company provides freelance services, you may need to invoice clients for monthly services or varying amounts.
Once you know how your company sends requests for payment and receives payment, start looking for exceptions. Stripe, for example, doesn’t have an inbuilt invoicing tool so you will need to check your additional third-party services for PCI compliance. PayPal does offer more PCI compliance, but only at certain levels of subscription.
Most e-commerce payment processing platforms are all but required to have PCI compliance, but your company may be liable for any gaps. So look for those gaps before finalizing your choice. Browse our blog for more ways to choose the best platform for your business.
How is your business doing? Is your startup ready to rock and roll or is your well established SaaS business steadily growing? Perfect. That means that your stress and headache over the intricacies of payment processing are a distant memory – right?
The Strange World of Finance
It isn’t odd if you aren’t quite ready or if this land of financial transactions still feels a bit like the land of Oz. With the multitude of considerations and strange industry verbiage heard here, it might cause some disorientation. From integrating payment processing systems or setting up a useful reporting system to handling EMV payment structures or maintaining PCI compliance, there may be quite a few flying monkeys and singing dwarfs to distract you.
The Comforts of Home
Not only is it important to have a reliable, trusted and successful payment processing partner – how much nicer would it be if that partner was someone familiar? You already understand the importance of cash flow and how that can determine the success or failure of your startup or the continued success of your growing company. Isn’t it hard enough to deal with the processes, systems, and jargon surrounding the payment processing landscape? Working with people who know your demographic, your language and the nuances of New York will make this strange land a little less strange.
Dorothy only had to click her heels three times, having someone local to address your immediate and real payment processing concerns will quickly remind you too – that there really is “no place like home.” Contact us to find out how NYC Merchant Services will alleviate the headaches of payment processing, provide a familiarity you will appreciate and afford a comfort that might feel, a little like home.