Offering customers multiple ways to interact with your business is a heavy priority this year. Does your business support social distancing and flexible payment options?
Economic effects of the coronavirus pandemic have challenged the way we do business. Businesses and consumers are extra avoidant of handling cash and credit cards. Those who accept credit cards are taking extra precautions to make sure their credit card terminals are disinfected between checkouts and their customers have the option to bypass contact altogether when they buy something in person.
Already, contactless payments were experiencing a surge in popularity, but since the virus started impacting the U.S. banks have issued more contactless credit cads than ever before. According to a study in March conducted by RTi Research, about 30% of consumers in the U.S. have started using contactless payments since the virus started raising widespread concern, and of those new users, 70% expect to continue using contactless payments method when pandemic risks have lessened. Contactless payments include transactions made via contactless credit card, wearable NFC devices like smart watches, and smart phones.
Most EMV chip-enabled terminals are also capable of contactless transactions. Examples range from standalone terminals like the Verifone VX520 to full-featured POS systems like the Clover Station.
Also according to RTi Research, approximately 30% of consumers worry about catching the virus from cash, heavily under fire as a virus transmitter. If your credit card terminal does not already accept contactless payments, it may be time for an upgrade through your merchant services provider. Don’t miss payments just because you don’t offer your customer’s preferred payment method.
If you have any questions about your credit card terminal or are interested in upgrading to a terminal that accepts swiped, EMV chip, and contactless payments to maximize your payment options, contact us for a free consultation today. BankCard USA offers a variety of options to best meet your business’s needs and goals, whether you operate online or in store—or both.
Buy Now Pay Later (BNPL) Installments
Another COVID-19 trend is a Buy Now Pay Later (BNPL). The customer may purchase a product by entering into a payment plan instead of paying the full amount up front. While recurring billing is no novelty in the payments industry, its application is extending to products we don’t usually see it available for, like clothing and accessories, and for single product purchases rather than just subscriptions.
Giving your customer a BNPL option whether they’re buying one product or the same product at regular intervals, is as simple as setting up a recurring billing plan through your payment gateway.
BankCard USA is partnered with the top payment gateway providers in the country such as CyberSource, Authorize.Net, NMI, and USA E-Pay to name a few. Whether you are accepting payments online or keying in customer card information you receive in person or over the phone, recurring billing plans are easy to set up, automate, customize and manage.
Each features a variety of value-added tools you can use to give your customers more payment options. Securely keep a card on file and automatically charge the full amount in installments over time. Send invoices with click-to-pay buttons or past-due reminders you set to go out at automatic intervals. By outsourcing and automating your collection strategies where appropriate, your valuable time is freed up to enhance business in other ways.
Virtual Terminal for MO/TO
Customers who may have preferred shopping in store pre-COVID may now appreciate the option to be able to pay online or over the phone. A payment gateway can double as both a customer-facing checkout form on your website and a virtual terminal you key customer card data into when the card and cardholder aren’t present, if you want both capabilities through through a single solution and provider.
Keying into a virtual terminal versus a credit card machine gives you more options such as invoicing, recurring billing, and reducing your PCI compliance scope by outsourcing credit card data storage.
Do you sell online? Do you want to? Check out our guide for setting up an ecommerce merchant account. Multi-channel businesses benefit from a single platform that makes it efficient to manage multiple business locations and gives you a single view of customer activity, no matter how they interacted with your brand.
Mobile and Delivery
Wireless credit card terminals such as the Verifone VX680 and a suite of handheld Clover devices allow you to accept payments anywhere you have cell service. They are also capable of taking contactless payments, letting buyers tap and go.
As customers continue to shop from home and avoid public areas, easily-contaminated cash, and your checkout station–give them the chance to support your business by offering as many payment method options as possible as well as services you may not have formerly considered, such as delivery or installment plans for single purchases.
If you have any questions about credit card processing solutions or how to adapt your company to meet modern standards, reach out to us today for a free consultation.