#ecommercecreditcardprocessing

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Innovate at Point-of-Sale – As the technology is advancing, the methods to make a safe and fast transaction is also flourishing in the market. The old-school cash transaction is always more reliable and preferred method to purchase goods and services. But customers are also being attracted towards the cashless transactions especially in the case of online shopping. The credit card industry has changed the way people shop. And from the merchant’s end, a little innovation at Point-of-Sale can raise a good profit for the business. In this article, we are discussing methods for the merchant to innovate at point-of-sale. If you are facing some issues concerning your merchant account or any other merchant services then feel free to contact Merchant Stronghold at their toll-free number +1(888) 622-6875. You can also try merchantstronghold.com to get informational articles related to your concern.

What is Point-of-Sale or POS?

Point-of-Sale or POS is a system that allows easy and fast transaction at the retail store purchase. It is a combination of software and hardware system that together makes a safe and successful transaction from customers account to the merchant account.

This kind of transaction generally includes a debit card or credit card.

The equipment often comes along with a barcode or QR code reader.

Along with that, you get a receipt printing device.

This system helps the merchant and customer record the transaction at the very time it takes place.

How to Innovate at Point-of-Sale?

With constantly changing and advancing technology, there is a demand for more innovative Point-of-Sale techniques. These points can help a merchant to achieve the same:

Reduce Checkout Time

We all hate the long line at the checkout point. It takes more time and some reports have also shown the inaccuracy due to the rush at the store. One method to fix this issue is by adding more checkout points and hire more staff for the same. But this method still pertains the issue of inaccuracy. The most recently proposed method to fix this issue is by taking the help of artificial intelligence or AI. This means the customer simply go to the store, collect the item and walk out of the store. The sensors and AI will recognize the purchase and charge the customer accordingly. This POS system is still in testing. But once it is widely accepted by merchants it can save a lot of time and increase the profit of the merchants.

Mobile POS App

The idea is basically ordering the good on the way and getting the delivery once you reach the store. It is more like pre-booking the item when you are on-the-way. The method was first used by a UK based coffee shop, which reduced the mealtime by half the usual time. The lunch hour is mostly very busy and hectic for both shop owners and customers. To reduce the time, you can also add such services to your shop. You can also innovate at Point-of-sale by trying some of your in-house methods.

Virtual Shopping at the Retail Store

Many stores in the US itself have also accepted this method. It is as simple as it sounds. The customer can see various product displayed on the tablet or monitor screens. They select and add the products to their virtual cart.

Once the customer is done, he has to choose the payment method and complete the transaction. At the time of the exit, the customer will be handed with the selected item. Furthermore, they can also choose to try the product first. Also, this method will also reduce the space occupied by the big stores, as there is no need to display each item physically. For more such tips, you can contact Merchant Stronghold and get to know various methods to Innovate at Point-of-Sale.

Benefits of having POS System

Having POS system installed at your store saves time for both, the merchant and the customer. Along with that, there are other security-related benefits that help a merchant to run a profitable business.

Accurate sales report of the exact amount that has been charged.

Reduce the chances of mistakes from the merchant’s end.

The merchant can track the employee who took the order.

Helps the merchant to create a list of the loyal customer using various loyalty programs.

Having a good and secure POS System can also help merchant fight against the Chargeback frauds.

In this advanced world, when organizations are observing that e-Commerce platform that is creating sites for selling goods and services. Many existing businesses or start-up get stuck while planning about what sell to on the web? How to build up a site that discusses about their goods or services? What is the necessity to be fulfilled by the business owner so that customers can pay through the website?

In simple terms the answer is, Irrespective to the product or services, smart buyers first observe their satisfaction while accessing the website. The factor that affects the satisfaction of customers is their access to communicate to the customer support, understand the website’s policies and business’ presence on the web. So, what a business needs to take care of while starting an e-Commerce website is the security standards of the website, the visibility of the company’s vision and return policies. To show a satisfactory online presence of the website or business is how much the business is active on social media platforms.

For the customers who frequently buy products online, sometimes go into the deep analysis of the websites before using any electronic payment mode. This requires a solid need of information about specialized terms and aspects that business owners should know for a successful e-Commerce website. The details talked about below are a portion of the crucial points that will choose if the client will remain on the site and will order products or service or not:

The website should have a SSL certificate:The full form of SSL is “Secure Socket Layer”, one of the essential certificates that should be purchased and incorporated in the website. The working of the SSL is to provide a secure connection between web-browser and the website. This enables customer to share the private data that is card details or net banking password with reliability and trust while purchasing the product or services.

The website design should be user-friendly: Now the term “User-friendly”, carries a lot of aspects about the website design. The website should not contain the flashy elements on the front page that affects the vision of the buyer on the first place and also affects the performance of the website. The website should be easy to access, that means the website should clearly show the products and services on the screen. The website should easily load on all the browsing platforms without delay.

The business vision and the policies should be in visibility:According to the observations and researches, shoppers have developed the tendency of looking to the all types of pages that defines the working of the organization. These pages include “About Us”,” Refund and return policies”, “Contact Us”, “Disclaimer”, “Sponsors and collaborations”,  and any other page that specifies the working of the company. The visibility of these pages will help business to develop the satisfaction of the customers and grow effectively.

Electronic payment acceptance rules to be followed:The e-Commerce website should display all the electronic payment acceptance collaboration symbols in the visibility of the user. The website should be well-developed that it should collect the authority from the buyer before deducting amount from the buyers account that is an electronic invoice that should be displayed on the website page at the time of collecting payment details, an e-mail should be sent to the buyer when the buyer places the order. These are the evidence that proves that the merchant collected the payment with buyers consent. If the product is a subscription, the amount of recurring should be mentioned specifically at each point of sale.

Payment Checkout page essentials: The websites many times don’t mention the terms and conditions related to website or product. This can lead to some kind of trouble to the business as many times customer starts to presume the things that are not mentioned. So, while collecting the payment information, the website should have the policies and tentative disclaimers regarding the product that help buyers to know what they have to take care before placing order.

The above factors are the essentials that should be taken care of before attaching payment gateway and enabling your customers to pay online. After taking care of all the above mentioned things, the business needs a merchant account, service that enables merchant to collect and process payment through any electronic mode.

The Internet has not only changed the way of shopping but also brought revolution in the payment methods. It is very important for small-sized as well as medium-sized businesses to choose the mode of payment wisely. One of the fastest growing methods of payment is via Credit Card or ACH. Being a more secure method of payment, merchants prefer ACH over paper check payments. Established business availing ACH benefits tend to be more successful.

The Working of E-Checks ACH (Automated Clearing House) is an electronic network through which a merchant uses E-checks instead of paper checks to process a financial transaction. Electronic checks or E-Checks are digitally equivalent to normal checks/paper checks. To set up an echeck payment processing service and accept checks, information provided on merchant’s paper check is required and is necessary.

E-Check Payment Processing Service To be able to accept e-check, a merchant has to first set up the ACH direct deposit. For this process, the merchant needs to request the customer’s bank to provide the routing number and the checking account number.

It is important to note that the sequential number that is on the paper check is not in need of ACH setup.

Routing number: It works as a physical address of the customer’s bank. Checking account number: Unlike routing number, it correlates to the particular customer’s account. These two pieces of information help in communicating with the customer’s bank. Once this setup is complete, funds are transferred from the customer’s bank account to a high-risk merchant account with the help of payment processor.

Benefits of E-Checks Let’s take a look at some amazing benefits of E-checks.

COST-EFFECTIVE Pricey credit card networks can be avoided with the use of ACH as transaction fee is comparatively low. There is no limit on the transaction amount. If any merchant, looking for a cost-effective processor to accept large payments, ACH is where your search ends.

FUNDS In the traditional paper check method, it might take days to process a check whereas it is not the same with e-checks. Via E-checks funds get transferred faster and more conveniently.

RECURRING PAYMENTS If a business is working on memberships or subscriptions, it is wise to choose ACH electronic network rather than the traditional method.

IDEAL FOR SUBSCRIPTION-BASED BUSINESSES There are many benefits of choosing E-checks for subscription-based businesses. Some of them go as follows:

AUTOPAY Irrespective of a cancelled credit card, ACH payment processing makes sure that the customer does not miss payments. Credit card numbers may change rapidly but it is very rare that the account details of the customer will change. With the use of ACH payment processor, it becomes easy to avoid payment gaps.

SAVE MONEY Business can save a huge amount of money by long-term subscriptions. With electronic payments, network exchange fee is not applicable, which in turn helps the merchant to save a lot.

EASY & SECURE In addition, it is easy to initialize online e-check payments. A merchant can create a simple and secure form as per the customer’s convenience. Autopay feature can be set within minutes that avoid extra work of writing checks every month.

REWARDS With the use of ACH, savings are amazing, which can be available to attract new customers while retaining old ones. Schemes like an incentive for customers, rewards, discount offers or cash offers help businesses attract more customers.

WHO GETS BENEFIT As a result, there are 8 types of businesses that enjoy benefits the most from E-check payments.