Choosing the best payment solutions from credit card processors may seem like an overwhelming task with so many options to choose from. However, it doesn’t need to be. Familiarizing yourself with the basics of different payment channels and their benefits is a great place to start. Here’s what you need to know to find the best payment solutions for your company’s credit card processing needs.
What is a payment channel?
A payment channel is any way that a customer can make a payment or anywhere that the merchant might accept a payment. The four primary sales channels are:
- In-person (card present)
- Ecommerce (card not present)
- Mobile (in-app or web)
- Mail/Telephone Order (MOTO)
Payment channels & best payment processing solutions for your business
Having multiple payment channels may not be necessary early on, but you’ll want to pick the best payment solutions as your business grows. Depending on your business, you may need to start with card-present channels, such as a physical POS (point-of-sale) system, while someone in the digital space may need to focus on card-not-present channels, such as mobile payments.
This guide will help you find the best payment solutions and channels that will best fit your business.
Card-present channels
If you’re handling all or most of your business in person, you’ll want to explore card-present channels.
In-person payment processing
In-person payments can utilize a physical or virtual POS system to take customers’ payments inside your business. Some physical POS systems are integrated terminals that are the central hub for the entire transaction—from inventory tracking to payment processing—allowing customers to dip, tap, or use digital wallets.Others allow you greater flexibility, enabling you to easily connect terminals via a Bluetooth device. The right terminal expands payment options for customers, allowing them to dip, tap, or use Apple Pay and Google Pay to make payments.
The physical POS is a traditional payment channel, supported on a cash register, where customers pay right inside your store.
Stax offers two forms of POS retail solutions for business owners. The first are standard EMV smart terminals, a simple countertop terminal solution, the second is a mobile checkout POS system.
Mobile payment processing
Many businesses find using mobile payments works better and faster for them in comparison to physical POS systems. Mobile Checkout POS systems are an all-in-one point of sale system right at your fingertips. When collecting customer payments, you are even able to use a tablet, or phone device to securely process sales from any location.This can be a great solution for service professionals that operate in the field and need to accept payments on location.
Stax offers mobile readers for businesses looking to accept payments in any environment. Additionally, being able to turn your phone or tablet into a mobile POS system is a benefit powered by the integrated payment platform (often using the PayFac model), allowing you to take payments, send invoices, and view reports from anywhere. You can also monitor and manage business in real-time, with the ability to quickly view daily, weekly, and monthly sales reports.
Contactless payments
Contactless payments are a feature of card-present transactions. Contactless payment devices allow businesses to accept in-person payments without physical contact. This method is inherently more secure than swiping because it uses tokenization to protect card data. You can quickly and safely process payments on the go. Text2Pay is a separate card-not-present solution that enables customers to pay for their purchase in just a few taps from wherever they are.
Contactless by Stax gives you immediate access to tools that can pair perfectly with your online shopping cart. All of these payment channels and more are available for businesses to easily collect payments from customers and maximize their revenue.
Card-not-present channels
The following channels are for card-not-present transactions and include features like gateways, apps, and invoicing. Learn more below.
Virtual terminals
A virtual terminal gives you the power to process and manage over-the-phone and invoiced transactions in real-time. Because there’s no need for a physical terminal, a virtual terminal uses software to process transactions. This solution is generally for merchants who don’t have a brick-and-mortar business and take customer information over the phone or email. Because there’s no need for a physical or traditional credit card terminal, a virtual terminal uses software to process transactions. This solution is generally for merchants who don’t have a brick-and-mortar business and often take customer information over the phone or online.
The Stax platform offers companies the ability to process and manage telephone and face-to-face transactions giving you the best payment solutions. It is great for service-based companies, B2B companies, or anyone who does recurring billing. As long as you have an internet connection, you can process payments directly through Stax. All transactions are securely tokenized and are compliant for your best payment solutions.
Businesses can also continue using their existing POS systems, as the Stax platform seamlessly integrates with most terminals.
Ecommerce payment processing
For businesses looking to process payments through their website or create an online shopping store, ecommerce payment solutions allow you to expand purchasing capabilities online. This requires a secure, integrated payment gateway and a merchant account.
Stax’s digital payment solutions and ecommerce tools, such as an online shopping cart or webhooks, allow businesses to engage digitally with even more customers. Stax also supports the ability for businesses to build their own tools or integrate with a provider for an ecommerce shopping cart.
Conclusion
To find the best payment solutions for your business, you need a provider that specializes in unified commerce. Stax provides an integrated platform that seamlessly powers every channel—from the in-store terminal to the ecommerce gateway and the virtual terminal. By consolidating all your transactions onto one system, Stax delivers single-source reporting, simplifies reconciliation, and ensures cost transparency, regardless of where you take payments.
To learn more about how the Stax all-in-one platform can help your business, fill out the form below to request a savings estimate today.
Quick FAQs about payment solution
Q: What are the key factors to consider when choosing a payment solution for my business?
When selecting a payment solution, consider the types of transactions you’ll process (in-person, online, mobile), the fees involved, integration capabilities with your existing systems, security features, and customer support. Additionally, think about scalability to ensure the solution can grow with your business.
Q: What is the difference between a physical POS system and a virtual terminal?
A physical POS system involves hardware that allows customers to swipe, dip, or tap their payment method in a physical location. A virtual terminal, on the other hand, processes payments online or over the phone without needing physical hardware, making it ideal for businesses without a physical storefront.
Q: How can ecommerce payment solutions benefit my online store?
Ecommerce payment solutions enable businesses to accept payments online, expanding their customer base beyond geographical limitations. They offer tools like shopping carts and integrations with existing ecommerce platforms, simplifying the transaction process for both the business and customers.
Q: What are the advantages of using mobile payment processing for my business?
Mobile payment processing is beneficial for businesses that operate on the go, such as service professionals. It allows businesses to accept payments anywhere, reducing the need for bulky hardware and providing flexibility to manage transactions through mobile devices.
Q: Why are contactless payments becoming popular among businesses?
Contactless payments offer a fast, secure, and convenient way for customers to pay without physical contact, improving the overall customer experience. They reduce transaction times and can be integrated with other digital payment methods like Apple Pay and Google Pay.
Q: How can multiple payment channels impact my business growth?
Offering multiple payment channels can enhance customer satisfaction by providing various options that suit different preferences. This flexibility can lead to increased sales and customer loyalty, supporting business growth.
Q: What role does security play in choosing a payment solution?
Security is crucial in payment processing to protect sensitive customer data and prevent fraud. Look for solutions that offer tokenization, encryption, and compliance with industry standards like PCI DSS to ensure safe transactions.
Q: Can I integrate a new payment solution with my existing business systems?
Many modern payment solutions offer integration capabilities with existing business systems, such as accounting software or CRM platforms. Ensure the payment solution you choose can seamlessly connect with your current infrastructure to streamline operations.
