Why Do You Need A Retail Credit Card Processing?
As the world is adopting the new era of the payment system, each and every retail store must have the latest technology of payment acceptance methods. In any business, if you lag behind in terms of technology or trend, you will lose your business. Business means to be updated in every aspect either it’s your core productivity or payment acceptance method from your customer. With the world being revolutionizing day by day, your business also needs a latest, robust and secure Credit Card Processing For Your Retail business. In a report in 2019, The Retail Industry was valued at USD 23,460 billion, and it is expected to reach USD 31,880.8 billion by 2023. The retail market is mature and highly competitive in the developed economies of Europe and North America.
If you are also in the retail or brick and mortar business, then you should move with the trend and start accepting digital payments. We will help you to get started, and you may start accepting credit card payments in less than 24 hours. Stay tuned!
What A Retail Merchant Should Look Before Opting Credit card Processing Solution
To get you started, first, we will discuss what the features or factors a merchant or retail business should look in the credit card processing solution.
- Hardware: Hardware-based solutions are most common for a retail business-like credit card terminal or a POS device. Before opting a hardware-based solution, ensure that it is capable of accepting all types of cards like magnetic stripe card or chip-based card. The EMV is the most common type of chip card. There are other chip cards like chip-and-pin or chip-and-signature.
- Cost: Cost is a major issue with the retail business. There are many processors who charge retailers with a huge cost for the transaction and even for a hardware device. Our rates are industry standard, and we charge nothing for application. We have a cost-effective hardware device which is very affordable, even for small businesses.
- Contract: Earlier or still a few processors might onboard you with a contract period which can be anywhere between 1-3 years. And if the retail merchant wants to terminate the agreement or contract in between, they may ask for termination fees. But this is not the case with us. Our partner processors can help you with Month-to-month (no-contract) processing. And many of our processors even don’t take pre-closure or termination fees.
- Security: Security is also one of the crucial factors when it comes to the transaction. Never ever compromise with security with low rates. A small mistake can ruin your business. Our solution is PCI compliant and follows PCI-DSS standards. Our online credit card processing solution for eCommerce is secured with an SSL certificate, which tokenizes the transactional data and helps you process transactions securely.
- Customer support: our customer support is excellent and helps you 24×7.
Payment Methods For Your Retail Store With Quadrapay
Now let us make you familiar with different payment methods that a merchant can opt to accept credit/debit card payments.apart from these if you are planning to go online there are many alternative payments method that let you accept payments online.
- Credit card Terminal: credit card terminals are payment gateway which is used to accept credit/debit card payments. These are small devices which can easily fit in your hand and also portable. The credit card terminal can process magnetic stripe cards and chip cards. EMV, Chip and pin, Chip and signature are the types of the chip-based card.
- POS System: A Pos System is somewhat the same as Credit card terminal but a lot more than that in terms of functionality and capabilities. A POS system is used to accept payments via credit/ debit cards. But apart from these can also be used print receipt, track inventory, invoicing capabilities and employee activity management and real-time analytics or report which is very beneficial for a merchant to track everything on a single POS system. It is not easily transportable because the system has other hardware connected to it like a credit card reader, receipt printer, cash drawer and a screen. The screen now is touchable, and it looks very attractive in businesses like Restaurants, hospitality, supermarkets or other retail industries.
- Mobile card Reader: A mobile reader is a small hardware device which plugs into your phone and lets you accept credit/debit card payments. The mobile card reader comes with an application which you can easily download from google play store and Apple App Store. It is compact and convenient and helps merchants to accept payments on the go.
- Payment gateway: If you are having a website or planning to go online, then you need a payment gateway. The gateway is integrated with your eCommerce website to help you accept payments online. A payment gateway authorizes and accepts credit/debit card payments online. We have an additional feature for you that comes with payment gateway, i.e. virtual terminal. A virtual terminal helps you to accept payments from your customer over the phone or mail. The virtual terminal is also known as MOTO or mail order telephone order.
Features of Credit card Processing For Your Retail Business
The credit card processing for retail doesn’t mean only to accept payment, but it comes with the more innovative feature to make a lot of your tasks easy and ensure your transaction is secure. Let’s talk about some of the features of the payment solution for your retail business.
- Improves Customer Service.
- Safe And secure.
- Month-to-month (no contract) processing.
- In-built invoicing capabilities.
- Report Analytics.
- Inventory management.
- No termination fees.
- Approvals within 24-48 hours
- 24×7 Customer support and many more.
If you are also a merchant and want to go with the trend and want to accept credit card payments, then apply today with Quadrapay. Fill the pre-approval form, and we will get back to you to help you better. Feel free to contact us. We will love to help you.
Get in touch with us at [email protected]
Happy Processing !!!