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People seek easy-to-use solutions for everything as we move forward in this fast-paced, digital era. From grocery shopping to making transactions worth thousands of dollars, nobody likes to keep cash or write checks – it is so cliché and old-fashioned now.
Imagine losing your cash to theft or traveling to and fro your banks to clear your checks – you would not want to get yourself into a hassle, would you?
People today are smart with their actions, which is why integrated credit card processing has become the new norm. As supported by data from the Federal Reserve 2020, in the United States, more than 80 percent had at least one credit card.
The majority of businesses and professional services have become credit card centric as it not only aligns essential data for them but also enhances the efficiency and functionality of their workplace.
You can be a doctor, a lawyer, an accountant, or a business owner, here are key benefits of credit card processing for professional services.
Credit Cards Ensure Faster & Hassle-Free Payments
It takes up a lot of time and effort for the employees to manually print physical invoices, manually reconcile transactions, send out emails, or wait for clients to clear their payments,
We all, or someone we know, has been there at some point or the other – and it is indeed a hassle.
With integrated credit card processing, employees can greatly benefit businesses with easy access to transaction history. Credit cards ensure electronic payments that empower your business or professional service by seamlessly integrating into your accounting system, eliminating all the manual trouble.
According to research, professional services that accept credit card transactions can receive payments from their clients 40 percent faster. The waiting period that comes with checks or cash payments is significantly reduced, freeing the money to be used by the business.
Moreover, with credit cards as your aid, you can leverage better insights and reporting while optimizing your finances, controlling costs, increasing your revenue, and maximizing the profit – a complete win-win.
Credits Cards Strengthen Payment Data Security
There is always a risk of theft or security breaches regarding payment data. However, this risk can be greatly reduced by forming compliance with the Payment Card Industry data security standards (PCI DSS).
In this way, integrated tools for credit card payments are used that provide a “token” replacing the credit card information with some unique characters. This process is tokenization, and the token encrypts the actual credit card details, which can only be decrypted by authorized individuals (issuing banks) – strengthening the data security.
These tokens can be easily integrated into your ERP systems, making payments safe and easy without saving any credit card details. Securing your client’s data can significantly improve consumer retention and build trust.
Another advantage of CPI compliance is that every time the client makes a transaction, you do not have to bug them for their credit card details. You can quickly run the payments using the token.
Suppose you want to go the extra mile to boost security and your client’s confidence with credit cards. In that case, you can take additional steps by leveraging fraud monitoring tools such as card verification values (CVV) and address verification service (AVS) to prevent fraud and data abuse.
Credit Cards Can Boost Your Revenue & Client Base
Many people today are not comfortable with cash-only payments these days. Subsequently, with only cash and check payments, delays in clearance or waiting periods can hinder operations. Consumers do not like to wait; they will go to another professional or business where they do not have to wait for long.
This way, your business can lose a lot of prospective clients – just because you underestimated the benefits of credit card processing. Primarily if you are serving Gen Z, you need hands-on and speedy solutions for them.
According to some reports by Bankrate, the new generation is more eager to open new credit card accounts to support their income and transactions.
So, if you want to expand your client base and increase sales and revenue, you need an integrated credit card processing system because your potential clients are searching for professional services that accept credit cards.
Credit Cards Are Inexpensive
If you are worried that credit cards can be expensive – you can stop stressing because they are not. The processing fee for credit card rates are minimal, and even the smallest businesses or young start-ups can easily afford to run payments by them.
Although some workplaces do deduct credit card fees when filing tax returns or in the name of “additional processing charges,” – there is a solution to deal with this.
If you use a credit card with the Virtual Terminal, there will be no monthly fee, but on each transaction, a minimal processing fee will be charged at the rate agreed between Clover and your professional service.
Moreover, with Clover, you can easily itemize a specific fee for credit card processing for your clients to pay. As in most states, Clover offers a surcharge, and a 3.5% surcharge fee is levied on each credit card transaction when you opt for this program.
Credit Cards Offer Flexible Options
With credit cards, your business does not have to get into the hassle of repeating transaction processes repeatedly. Electronic payments store the client’s card information safely and securely that can be used for recurring payments without filling in the details every time.
Your business or professional service does not have to get expensive equipment for credit card processing. Credit card payments can be transacted, managed, and trailed using a web browser or even your mobile phone. You can get started with Clover for your professional services to leverage the flexible options.
Credit Card Processing Eliminates the Risk of Bad Checks
It can be exhausting and frustrating when you deal with a bounced or bad check. You can end it by transitioning your payment methods to credit cards. You can reduce and even eliminate the risk of losing your money with bad checks or wasting time tracking down customers to ask them for proper payment. If you receive a bad check and never hear from the customer again, it will not be good.
Save time and operational costs with credit card processing.
Moreover, credit card processing for professional services can dramatically reduce human errors, ensuring a perfect, seamless payment process.
The Bottom Line
Credit card processing with professional services can significantly benefit you.
It can legitimize your business, bring in more sales and profits, reduce human and payment processing errors and save time for your business and clients.