Even though many people think that paying with credit cards is a standard nowadays, it’s actually far from the truth. There are many things a business owner needs to think about before deciding to implement various methods of payment. A decade or two ago it was much easier because entrepreneurs were looking for the lowest fees with standard functionality.

However, the situation is quite different nowadays due to the existence of mobile devices, Internet, various types of terminals, and so on. This article is designed to offer you a better insight into the things that are related to the success of one’s business when it comes to terminals, payments, and so on.

Portable Terminals and Mobile Payments

A lot of people use these terms interchangeably even though they aren’t the same thing at all. In fact, when it comes to payment processing terminals, these two things are quite different from each other.
Mobile payments refer to the ability of the customer to pay for goods via a cyber-wallet. In simpler words, one doesn’t have to pay for anything physically but instead, do it with a single push of a button. Due to the enormous amount of convenience, mobile payments are extremely widespread and used by millions of people on a daily basis.
Portable terminals are a completely different thing. As the name suggests, these terminals can be moved around physically. In other words, it’s a great way of processing payments if you do a certain amount of work off-site. On top of that, you can also hire people to walk around the facility with these terminals if you’re struggling with long lines.

Other Modern Payment Types

Although many people think there’s only a couple of way you can pay for something, it’s not completely true. In fact, there are dozens of other payment methods that are fighting for their spot under the corporative sky.
For example, Apple Pay is a great way of paying for goods via NFC (Near-Field-Communication). Even though it’s a fairly new concept on the market, it’s definitely making its way through. Another thing you should focus on is how to accommodate to tech-savvy clients, especially the younger generations.
In order to make everyone around you happy, you have to stay in the loop with new technologies. Once you start neglecting the new stuff on the market, you’ll see a drastic change in your revenue; it’s almost guaranteed.
Cryptocurrency is the new kid in town when it comes to safe transactions. More and more businesses upgrade their terminals in order to accept cryptocurrencies. While it’s not a mandatory step, implementing this particular method of payment is definitely a giant leap forward.

Be Careful With Fees

Certain fees cannot be avoided and are mandatory. However, that doesn’t mean you have to accept the terms and conditions as soon as you stumble upon a new provider. Instead, make sure you can fulfill the expectations money-wise before you decide to sign the contract.

One of the most important things you should think about is the so-called “Monthly minimum fee.” The concept is fairly simple – a minimum amount is set by the provider that your processing company must collect per month. If you fail to meet the set amount, the provider will charge you the difference. Therefore, before you accept any minimum monthly fees, make sure your business is capable of generating the set amounts of money.

Apart from the standard fees, make sure you look for the additional ones. Many providers usually hide those in the fine print, so keep an eye on that. Things like monthly gateway access fees can cause an imbalance in your budget quite quickly.

The Conclusion

One thing you should keep in mind is that there isn’t a “generally accepted” solution for these things. It varies greatly on what you are selling, how big is your company, what are the requirements, and so on.

The painless way of solving these issues is to consult an expert. One can draw a conclusion by themselves, but it’s not recommended, especially if you’re not experienced with the matter. Processing accounts and payment terminals are a very sensitive subject and making an error in either of these categories can bring a business down in a matter of months. If you want to avoid all the hassle, don’t hesitate to contact us and we will construct a viable plan together.