One key factor which could determine whether your business is going to be a success is whether you accept card payments or not. It might not seem that important, but it is. Even if your business is traditional or small, accepting card payments is necessary for today’s customer.
Long before you open your business you should seek ways to be convenient to your customers. Think about your customer’s preferred choice of payment. Cheque books are obsolete and nowadays wallets don’t hold cash anymore. Plastic is the present, and until it is completely replaced by NFC, it will also be the future. You need to accept this.
The bad news is that traditional banks have created many unnecessary hurdles for you to start accepting card payments. They sometimes charge exorbitant transaction fees or don’t provide much flexibility in their operations. Here are 3 great alternatives for you to try today.
myPOS is our favorite option because it combines the physical terminal and e-commerce solutions into one seamless package. They currently offer two physical terminals; one which prints receipts and one which sends them via email or SMS. The terminals are fully mobile with an inbuilt data card. Soon they will also be launching a new breed of terminals which will have Android system capabilities.
Through myPOS you can accept all major debit/credit cards, except AMEX. However, they might start offering this in the future. Apart from card-present transactions, you can also accept card not present, payment requests and preauthorizations. The funds are immediately settled into your linked bank account, which is opened when you apply for myPOS.
Once your account is opened you will be given access to your web portal. From there you can also accept payments without the need of a physical terminal. You can also integrate pay buttons and other e-commerce functions on your website or app.
We must mention that the system integration does require some technical knowledge so not everyone might succeed at the first try. However, they do have very friendly customer care assistants who know their stuff and can help you out.
Truevo is an all-Maltese solution to accepting card payments. Their physical terminals do not print receipts and must connect to a mobile phone with an Internet connection. That shouldn’t matter to many retailers. What should matter is the inbuilt stock tracking functionalities which Truevo offers.
If your business involves paying a lot of affiliates or freelancers there is an extra reason to choose Truevo. Once you get paid by your customers you can use their OCT (original credit transaction) function to carry out bank transfers to pay your outsourced workers. The advantage is that through OCT, payments are completed in under 30 minutes.
Unlike myPOS, Truevo does not settle funds immediately. However, it can accept a wide variety of currencies and you can instruct the payments to settle in a bank account of your choice. At the moment, you will only be able to accept payments by VISA, Mastercard, and Maestro, but we are sure that as the business grows more options would become available.
It will not surprise anyone that Paypal made the list, and why should it? Paypal is, after all, a great way of accepting card payments. It is great because you can start accepting payments almost instantly, and the web integration could not be easier.
It does have one big flaw; you cannot accept in store payments. If your business requires you to accept card payments in person then choose myPOS or Truevo. If your business is predominantly online, then Paypal is certainly a way to go, especially until you build a transaction history.
The truth is that Paypal has another big flaw; its high transaction rates. Whilst at the beginning of your business a higher transaction rate might not be felt so much, once your turnover grows the value becomes significant. But there is a solution. Both myPOS and Truevo offer better rates than Paypal, and you can get them to lower them even further if you can show them a history or significant turnover.