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What Type of Payment Solution Does Your Business Need?

Charles Bayani

November 9, 2023

What Type of Payment Solution Does Your Business Need?

Implementing the right payment solution for your business is paramount, as it can improve customer experience, enhance efficiency, and maximize revenue. But with so many available options, each with a slew of impressive features, have you wondered, "How do I choose the right payment solution for my business?" We have you covered. Here are five popular options you can start exploring today.

Mobile Card Readers

The highlight of this device is in its name: mobile. These portable, compact devices can accept card payments no matter where you are. Popular options for:

  • Service-based businesses, like food trucks and pop-up shops
  • Those looking for the ability to accept payments anytime, anywhere
  • Companies wanting a contactless payment option

Mobile card readers are easy to set up and even more straightforward to use. If you run a service-based business and want convenience, it's worth considering them!

Simple Terminals

Straightforward and stand-alone, simple terminal devices are primarily used for processing card payments. If you:

  • Are just starting and have a business on the smaller side
  • Currently have a low volume of transactions
  • Prefer simplicity

A simple terminal payment solution may be the right choice for your business. Its to-the-point functionality helps you quickly and securely accept credit card payments without navigating through complex integrations or features.

Smart Terminals

Smart terminal payment devices combine a simple terminal's traditional card processing capabilities and add advanced features like touchscreens, app integrations, and wireless connectivity. They're great payment solutions for businesses ready to:

  • Enhance their checkout experience
  • Streamline operations
  • Make data-driven decisions

As smart terminals offer analytics reporting, the ability to assist with inventory management, and are capable of customer relationship management integration, they're an excellent option for growing companies ready to deliver personalized customer experiences.

Point-of-Sale (POS) Systems

Point-of-sale systems are versatile, customizable, and comprehensive. Built to help manage multiple aspects of a business, they're great for those looking for:

  • Assistance with inventory management
  • A way to facilitate sales transactions
  • A streamlined way to manage customer interactions

Industries in retail, hospitality, and even healthcare have implemented POS systems to optimize operations and drive growth. From barcode scanning and loyalty programs to employee management, point-of-sale systems can help!

Virtual Terminals/Software

Virtual terminals or software-based solutions process card payments remotely, typically via a mobile app or web browser. Have you ever done any online shopping? Then you've used a virtual terminal or software solution, as that's how you pay for your order. Ideal for:

  • E-commerce businesses
  • Card-not-present transactions, like a telephone order
  • Those interested in recurring billing and invoicing features
  • Companies wanting customizable payment forms

Virtual terminals and software-based solutions are incredibly flexible and convenient. They're great options for mail or telephone order businesses or companies that operate solely online that are ready to streamline their payment processes and improve cash flow.

Still Unsure Which to Choose? Three Tips to Help You Decide

If you're still unsure which payment solution is best for your business, here are three quick tips to help you narrow down your options.

1. Make a choice based on your long-term, not immediate, needs

Do you plan on adding a subscription service to your business in the next few months that will require customers to make recurring payments? If so, options like mobile card readers or simple terminals may not be the best long-term solution.

2. Explore integration features

If your business has many moving parts, you'll want a payment solution that can easily integrate with the programs and tools you're already utilizing.

3. Review the support the payment solution offers

What if you run into problems after hours? Does the payment solution provider offer support when you need it most? Be sure you find the best payment processing partner for your business.

Find a Payment Processing Solution With Help From The Payment HQ

Whether you're interested in one of the options above, need more guidance on selecting the best option for your business, or want to explore a custom payment solution, The Payment HQ is here to help. Get started today!

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