- Point of Sale and Payment Processing, Card payments are essential to growing a business., Online and in-person, credit card and debit card transactions outpace other forms of payment year after year. To accept those payments, your business will need to find solutions for payment processing and point of sale (POS). These essential technologies can impact business both in terms of day-to-day processes and long-term scalability., Here are some thoughts to consider when approaching card payments and POS solutions., Industry Compatibility This may sound obvious, but not every POS will be compatible with your industry. Many POS solutions are developed for specific industries, which may make them less ideal for others. Plus, financial regulations can vary by industry, and processing companies and payment vendors sometimes have restrictions or prohibit certain business types from utilizing their products or…, Here's a good place to start, – research a few POS solutions that were specifically developed for your industry and compare them with other POS types that are industry non-specific. That’ll give you an idea of industry tools that are currently on the market, and you’ll discover which service providers offer additional features or unexpected services like: Digital storefronts HR management Payroll processing Analytics and…, For next steps, , reflect on the relevant hardware and software that add value compared to those that may be an unnecessary expense. Some features may help your business establish a customer base to build upon today, while others could be convenient enhancements down the road. You can avoid overspending by considering your wants vs. your needs and how they align with your five-year plan. Processing, Fees, and…, Interchange fees, – The business is charged per transaction while the payments are processing and the rate is based on the type of payment processed. Often, it’s a flat fee per transaction plus a percentage of the transaction amount , Payment processing fees, – The business is charged a monthly service fee or a service fee per transaction, Chargeback fees, – The processor could charge the business for processing disputes and returns …and other fees for monthly statements, minimum requirements, etc. After card payments have processed, the funds require additional time to deposit to the business’ account at their financial institution. To have an idea of this potential delay, business owners should ask payment processors how long their deposits may…, next-day deposits, – making sure you can access those payments as early as possible! Our Merchant Services Our solutions are flexible and customizable to suit many industries. Depending on your business needs, our team can help you with: Customizable point of sale Digital storefront Payment terminals Payment processing Next-day deposits Local service Free setup assistance …and more! We encourage business owners…, Visions Federal Credit Union cannot open accounts for local governments or businesses/organizations that deposit public and/or municipal funds.
- Are you being charged per transaction?, , As a business owner, you have enough to worry about., You work hard for your money and shouldn’t be paying any extra or unnecessary costs. Instead, save yourself the expense and the hassle by finding a financial institution that has little to no fees. Take Abigail for example, a local photographer who owns a small business. When her business started doing very well, she was surprised to see new charges from her financial institution – fees they…, Shop around when you’re choosing a financial partner., Plenty of financial institutions (like Visions) offer checking accounts with: No transaction fees No monthly service fees No minimum balance requirements No minimum transaction requirements When Abigail came to Visions with questions, we were able to assist her by getting her started with our Business Checking and away from those pesky fees – no matter how active her account gets. Are you…, Visions Federal Credit Union cannot open accounts for local governments or businesses/organizations that deposit public and/or municipal funds.
