The technology we use today has advanced so rapidly, it’s astounding. In fact, some of the technology we rely on every day is less than 25 years old! For instance:
- Amazon launched in 1995, as an online bookseller only.
- Google was founded in 1998.
- The first e-reader devices were introduced in 2004.
- The first iPhone was released in 2007.
- Netflix first introduced their streaming services in 2007.
- Zoom video conferencing was founded in 2011.
Key Takeaways You Will Get From This Article
1. Taking payments from paper to digital is an excellent way to save money, time, and hassle for your business.
2. A Payment Gateway will allow you to accept credit card payments online, in-person, or over the phone.
3. A Virtual Terminal will empower you to run your Gateway as if it were a credit card terminal on your computer, tablet, or mobile device.
4. If you’re still relying on the mail to complete transactions, it’s time to bring your payment solution up-to-date.
Can you imagine what your day would be like without Google, your iPhone, or video conferencing? This technology and more has become essential to our everyday lives in a very short amount of time. We’ve come to rely on it to help us make our personal lives easier.
Now, let’s talk about your business’ life.
Did you know there is technology specifically designed to increase efficiency and streamline operations for your business? There are so many different options out there, that we could write an entire book series on them – with multiple volumes. For today, we’re just going to focus on one of our favorite subjects – electronic payments.
Keep reading to learn about accepting payments for your business in the digital age!
Bring Payments into the 21st Century
Taking payments from paper to digital is an excellent way to save money, time, and hassle for your business. Before we explain why, let’s think about our personal lives again.
Has technology made your life easier?
Think about banking, for example. Before the Internet took off and smartphones really became smart, all our banking had to be done in person. This meant driving to the bank, standing in line, and waiting for a teller to complete our deposit, transfer, or withdrawal. But now, we have free apps on our phone that allow us to make deposits or internal transfers in a matter of seconds. We also have payment apps like Venmo and Zelle that allow us to send or receive money from friends and family completely electronically. This means there’s no need to remember to get cash or bring your checkbook to help pay for dinner.
Despite these cloud-based banking and payment options we use in our personal lives, many businesses-to-business transactions are still done via paper check. According to the 2019 Association of Financial Professionals Electronic Payments Survey, more than 40% of businesses still made payments by check last year.
There’s nothing inherently wrong with paying by check. It’s a comfortable payment method that has been used since the late 17th century. However, it has been used since the 17th century. In 2020, check payments are outdated, and we simply have better and faster ways to complete transactions.
Payment Gateways & Virtual Terminals
If you’re ready to take your business transactions online, you will need to implement a secure Payment Gateway solution.
A Payment Gateway will allow you to accept credit card payments online, in-person, or over the phone.
However, not all Payment Gateways are the same. Some simply allow you to run transactions and not much else. At Electronic Merchant Systems, we’re all about helping you not only complete transactions, but also improve efficiency and streamline your business operations. That’s why our Payment Gateways are equipped with innovative Virtual Terminal technology.
A Virtual Terminal is an interface built into a Payment Gateway.
Its impressive technology will empower you to run your Gateway as if it were a credit card terminal on your computer, tablet, or mobile device. Plus, the Virtual Terminal is browser-based, which means you can access this essential business tool on any web-enabled device. This complete solution offers:
Customized Email Invoicing
Don’t waste time preparing and mailing invoices or calling customers for payment. Send a convenient invoice via email instead! Email invoicing allows you to increase your business agility by sending personalized invoices for quick and secure online payments.
Secure Vault for Storing Card Info
Safely store customer card information for future use with the Virtual Terminal’s Secure Vault. Simply create a profile for your customer and they’re set for simple future sales or billing. No more requesting credit card information for every sale! Plus, our account updater technology has the power to update customer card information, even without a request.
Recurring Billing Features
Create a recurring billing plan for any customer who is making scheduled payments. All you need to do is set the schedule and let the technology handle the rest.
Business Management Tools
Manage the most important aspects of your business online with the Merchant Console. This cloud-based program serves as the hub for your business and can be accessed on any web-enabled device. Through the Console, you can:
- Review the status of email invoices
- View all transactions and manage inventory
- Access intuitive reports, analyze sales trends, and identify your best customers
- And more!
To read more about this impressive technology, click here.
Once your customer completes their payment through one of these Virtual Terminal methods, a six-step transaction process will follow. If you choose an efficient payment processor, the entire process can be completed in a few business days or less. Click here to read the full details of this process.
If you’re still relying on the mail to complete transactions, it’s time to bring your payment solution into the 21st century. We’d like to help! Don’t worry if everything you’ve seen here sounds complicated. The EMS team will take care of the installation process and everything you need to ensure that each transaction goes smoothly. Plus, we’re here 24/7/365 to answer any questions you may have.
To read more information about payment solutions that may help your business, check out some of our other posts:
5 Merchant Services Struggles and What to Do About Them
How the Right Merchant Services Products Can Help Your Business Right Now
6 Ways You Can Use Technology to Grow Your Small Business
Sources: Business Insider, Google, Netflix, Lifesize, Digital Transactions