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20 Myths about Credit Card and Mobile Payment Processing Part 2

Whether you are unhappy with your current POS system or are a cash-only business considering the switch to accepting plastic, there are a number of misconceptions surrounding credit card processing. Whether the issue is cost, safety or efficiency concerns, it is understandable that businesses aim to be extra cautious with the way they receive and process money.

In Part One of these 20 Myths About Credit Card Processing, misconceptions regarding fees and transitioning to a new system were addressed. Continue below to bust more myths about payment processing for your business.

11.) Only retail and for-profit companies need integrated credit card processing

Fact: If you are a non-profit, accepting credit card payment can open up huge possibilities for your organization. Donors can easily make donations with their credit cards, and mobile processing apps can be used at fundraisers or auctions to make check-out efficient and enjoyable.

12.) Credit card processing is not cost efficient for non-profit organizations

Fact: It is understandable that a non-profit should aim to save money wherever possible- but the cost and time spent handling a check can actually be greater than the minimal transaction fees of a processing service.

13.) I need additional technology to make mobile payment possible

Fact: While some services require additional technology to actually swipe credit cards into the app, Pensmore’s mobile processing allows both swipe and manual entry for credit cards, meaning that you can make sales on-the-go without needing to constantly remember to bring along extra equipment.

14.) Charge backs are unavoidable

Fact: If you are switching over from a cash only business, you may worry about the extra cost you will incur from inevitable charge backs when there are issues with a charge. While it can occur, taking extra measures to check that cards are signed or the consumer has ID can minimize extra money spent for this issue.

15.) Always choose the processor with the lowest rate

Fact: Don’t be fooled- just because a processing company has a low rate may mean that you will miss out on other great services like support or security. A service you think is cheap may cost you more money in the long run by not offering everything you need.

16.) Payment processing companies have hidden rates and fees

Fact: The law stipulates that all rates and fees must be fully disclosed to you by your provider. Of course this doesn’t always mean they will be easy to find- rather than passing over a great service because you are skeptical of their motives, just be diligent and thorough when you read over any terms and services.

17.) Internet based systems are unreliable

Fact: It’s bothersome enough when you have to reboot your home router- but what happens if there is internet or connectivity troubles with your payment processing? While different services offer different levels of protection, Pensmore allows you to stay protected with IntuitivePay mobile, which can continue to accept payments even if your internet goes down.

18.) Payment processing services will make my bookkeeping more complicated

Fact: Pensmore’s IntuitivePay links directly with QB to be an efficient part of your workflow, minimizing human error by having your processing software provide all the necessary information and not requiring it to be entered multiple times.

19.) Processing time makes it inefficient

Fact: Forget scrambling to the bank before it closes for that cash deposit, processing services like Pensmore have any funds charged before 7pm deposited on the very next business day.

20.) I don’t need the extra security concern- that’s for my bank to handle.

Fact: Security is everyone’s concern. With advanced software that keeps your transactions encrypted and protected, you can feel more confident knowing that you’ve done everything you can as a business manager to keep your clients and your company safe.

It’s clear that your business can benefit from credit card and mobile payment processing, and that seamless integration, protection from internet and security concerns, and mobile capabilities can make Pensmore a great fit for your business needs. For more information, please contact us.

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