Businesses that pay attention to customers’ payment preferences should note trends and consider incorporating new technologies into their payment processes. For example, PIN-debit transactions grew 11.8% this January compared with January 2009, according to First Data’s January 2010 SpendTrend Report. Small businesses that don’t offer PIN-debit could upgrade their point-of-sale systems or add a peripheral device to offer this payment option.
Below are several other examples of commonly overlooked items that small business owners looking for ways to improve the bottom line should consider:
1. Point of Sale. Finding the right point-of-sale systems can mean greater flexibility in accepting payments and being ready for innovations in payments—potentially lowering infrastructure costs, decreasing customer wait times, and making transaction processing more reliable and secure.
2. Payroll. Direct deposit is a convenient way for employees to receive their pay, but millions of Americans still receive paper checks. Switching to electronic payroll distribution can significantly reduce payroll costs while giving employees easier access to their wages though a payroll card or self-issued check.
3. Paper Checks. Businesses can accept checks through their Web sites or convert them to electronic transactions at the point of sale or in a back office, allowing for quicker deposits and improved cash flow with faster funding. Additional benefits include quick insufficient-fund notices and enhanced security with electronic check processing.
General Manager, Retail Solutions
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