Owning a business often means that you are going to need to collect, pay and transfer both small and large sums of money. There are many methods of doing this, and some of them are more quick and convenient than others. Some also offer greater forms of protection against fraud or theft, and others aren’t quite as secure but might cost less on the bottom line. By looking at the five cardinal rules for processing business transactions, it is easy to see how these are so important:
The Check 21 Processor
The check 21 processor is a common gateway model that uses a third party company to oversee your transactions via your credit card swiping machines. It is considered quite important to work with one of these companies when handling b2c transactions on a face to face store level.
Having an ACH Merchant Account
An ACH account is somewhat different than your standard business account. ACH stands for Automated Clearing House, a system used to process all forms of collections from paper checks, debit, e-commerce and credit. They are also well known for quickly processing payments such as direct deposit for your employees. Having an ACH account is also very important if you have much money cross hands in different forms.
Having the Right Equipment for the Job
When you are processing collections from your consumers, it is imperative to know that you have the right equipment for the job. For instance, the last thing you want is to have a bad credit card machine mucking up all of your transactions. So, before you start taking swipes for goods, make sure that the equipment you are using is of good quality, is secure and can handle what you need perfectly, each and every time.
Make Sure Your Employees Follow Procedures
Personal errors can cost a lot of money if they aren’t kept in check. Your employees need to be well trained in how to use the devices in your store. The last thing any business owner wants is to deal with clerical errors that could have been prevented with a little training.
Know That You Are Taking the Risks
The bottom line is while merchants have a whole host of protection to aid them in performing day to day business transactions, it is the consumer who often has even more protection. This helps them avoid fraud or other unscrupulous practices. You may find yourself footing bills because of errors that you had nothing to do with. Just know that any time you are taking money electronically, once the transaction occurs, the onus is on you as far as the risks go. Be aware and smart about all of your company’s financial transactions.