Your top myths about credit card processing debunked
When it comes to selecting the right payment processor for your business, there can be quite a bit of confusion. With a myriad of options available to choose from, the process can seem daunting, at best. There can also be a general lack of transparency within the industry, which breeds distrust among consumers. That said, it’s understandable why there would be uncertainty and misconceptions associated with credit card processing.
In this blog, we demystify payment processing and debunk the myths to help you make a more informed decision when selecting the right credit card processor for your business.
It’s just too expensive
Today’s consumers require convenience and speed when paying for services. With over 70% of the population using credit cards, the cost of not accepting this payment method could be more than detrimental to your business.
The key is to find a transparent provider who is upfront about costs. Often the “expense” associated with credit card processing comes from the hidden fees. Platforms will offer what appear to be attractive rates but will have fees tucked within difficult-to-understand statements. Make sure your payments provider is honest:
- Has easy to understand and clear pricing
- Doesn’t have unusual nomenclature in processing statements. Some processors are notorious for having lavish names for items to nickel and dime you with hidden fees.
For example, JB Payments offers a 2.65% flat-rate pricing with no transaction fees and just 1% for ACH payments.
Not enough security
This is simply not the case. In order to accept credit cards, businesses have to adhere to stringent guidelines set by major credit card brands. These guidelines, known as the Payment Card Industry (PCI) standards, are intended to protect your clients and business.
PCI compliance is the gold standard for security. It’s important to find a payments provider that offers the highest level of security so you can protect your business against third-party interception and fraud.
For example, Level 1 is the highest level of compliance available, and JB Payments adheres to industry-leading PCI standards.
As a result of the PCI standards, payment processing solutions offer an additional layer of protection that other payment forms such as paper checks simply cannot. If your business accepts checks, for example, you’re more likely to be a victim of check fraud. In fact, about 75% of businesses have been victims of check fraud, and check fraud is the second most common type of bank fraud.
Time-consuming to train staff
Again, this comes back to choosing the right payments partner. Always opt for an easy-to-use interface that lends itself to even novice users and values simplicity. As with anything else, there is a minimal time investment when changing the way things are done - but the benefits outweigh the initial setup and training.
A simple, easy-to-use payments platform frees up your team to do more high-level tasks. For example, manually reconciling and processing invoice statements takes 4 to 5 minutes with no payments solution. For perspective, at 100 invoices per month, that can easily be anywhere from 8 to 10 hours of added work.
It’s important to find a payments platform that integrates invoicing, payments, and accounting to optimize operational efficiency and eliminate data entry errors. So the minimal effort it takes to train your staff early on will bear fruit in the long run.
For example, JB Payments streamlines your payment processing with billing and invoicing solutions that make it easy for your customers to pay you; and easily syncs with accounting tools such as QuickBooks Online.
The right payments platform will make your business operations as simple as possible and empower you to make processing decisions independently. The key is to look for features that add simplicity to your business operations, and your staff will thank you later.
I won’t get paid immediately
The right payments partner won’t have you waiting long to get funds in your account. Instead, get funds in your account within 2 business days.
An all-in-one payments solution not only allows you to get paid but also enables you to get paid faster. You don’t have to chase clients weeks or months after service but rather get paid in the field at the time of service.
For example, JB Payments allows you to email invoices at the time of service. Delivering invoices at the time of service has been proven to get you paid, on average, two days earlier. Sending invoices via email and including a Pay Now button has been shown to increase your chances of getting paid on the same day.
By choosing a suitable payments solution for your field service business, you can avoid chasing customers for timely payments and give your organization more time to focus on the things that matter most: your customers.
In closing - it is no surprise that partnering with the right payments solution is essential to running a successful field services business. By addressing the myths associated with credit card processing, we hope you can feel more confident in your decision to select a processor and watch your business grow.
If you are interested in learning more about our payment processing solution, JB Payments, please contact us at email@example.com.
Vice President of Sales at JB Warranties