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What Merchant Service Tools Do You Need for Your Business?
May 23, 2016
By: Stacy Yu
Businesses come in all shapes and sizes with many different needs. However, the need to securely manage monetary transactions in a way that is efficient and cost effective remains consistent regardless of business type. There are many tools available to help businesses manage their financial transactions. But which ones are right for you?
Here are just a few recommendations that may help you manage your business more efficiently.
Financial Accounting Software
Long gone are the days of handwritten general business ledgers. Today, there are several small business accounting software programs available to help owners record and manage financial transactions. With easy reporting capabilities built into many of these programs, these all-in-one financial accounting systems provide a quick and easy way to record and monitor the financial state of your business.
Credit Card and Electronic Payment Capability
For individual contractors and service oriented sole proprietorships, having a means of accepting credit card payments may or may not be necessary. However for all businesses, having the ability to accept some form of electronic payment is extremely helpful. As your business grows, allowing customers to pay by credit cards or make digital transactions will be considered the norm. Therefore, electronic payment systems, such as MAFCU's Merchant Services, will further add to the professionalism of your company. When setting up credit card and electronic payment, consider adding a tool that will easily integrate these transactions into your financial accounting software. Doing so will significantly reduce the time spent on administrative work, as well as increase the accuracy of your financial records.
According to PriceWaterhouseCooper's Global Total Retail Survey, in 2015, 20% of consumers made mobile purchases. That is up from 12% in 2014. Also based on this study, when asked, more than 1/3 of millennials – the largest population segment, overtaking Baby Boomers - say smartphones will be their main purchasing tool in the future. Key driving forces behind this growing trend away from stores - convenience and ease of check-out. For businesses that sell products or itemized service packages, including the ability for customers to order online or via mail and telephone is a must have for the growth for your business.
Smartphone and Tablet Processing
For businesses that do require on-the-spot payment processing, smartphones and tablet processing are the wave of the future. Mobile processing systems, such as Intuit's GoPayment, Square, PayAnywhere, and PayPal Here, are easy to transport, fast, and can link directly to your financial management software. These systems can enhance the in-house experience for your customers, while business owners will gain the luxury of conducting immediate payment processing anytime, anywhere.
For businesses with multiple employees, payroll services are worth looking into. Services, such as MAFCU's Free Automated Clearing House (ACH) helps business owners to easily and securely deliver funds electronically. By setting payroll up as an automated process, owners also enjoy the benefit of reducing the time spent on administrative work.
MAFCU offers a number of Business Tools to help area businesses be more efficient and productive. To learn more, go to https://www.mafcu.org/accounts.cfm/build-your-business/business-tools.