The Future Of Credit Card Processing
The adaptation of business is one of the most basic key components for survival in many competitive markets. As technology changes, businesses need to find a way to change with it and integrate it into their strategies. One technology that is changing all the time is payment processing. Currently, companies that offer credit card processing services allow businesses to swiftly accept many types of payments, and in the future, credit card processing services providers will offer many new features. Skybank Financial’s credit card processing services are among the most cutting edge in the industry.
Processing Credit Cards In Bulk
Most companies that offer credit card processing services only allow merchants to process one credit card at a time, but in the future, companies will allow merchants of all sizes to process hundreds of payments at the same time by using one payment terminal.
The merchants will be able to fill out a chart that contains all of the payment information of many customers, such as the credit card numbers, expiration dates, verification codes, the name of the financial institution that issued each card and the amounts of all of the payments, and with the click of a button, a merchant can process all of these transactions simultaneously.
Many companies allow merchants to set up recurring billing, but currently, merchants can only choose the day of the month on which payments are withdrawn from the accounts of customers.
In the future, merchants will be able to choose the time at which payments are withdrawn and split up large payments into several withdrawals that are made on different days of the month.
Processing ACH Transfers
Most merchant services providers process ACH transfers; however, ACH transfers can take one to three business days to be completed.
In the near future, ACH transfers will be processed instantly.
Mobile Payment Terminals
Many companies provide mobile payment terminals, but instead of completely processing transactions, most of these terminals only record a customer’s credit card information.
In the near future, merchants will be able to completely process transactions by using mobile payment terminals and know instantly whether or not a customer’s credit card is approved.
Sending a Picture
Some banks allow customers to deposit checks by sending pictures of the front and the back of a check to the bank, and in the near future, a customer will be able to make a payment by sending pictures of the front and the back of a credit card to a merchant.
Obtaining Cash Advances
As the economy continues to improve and more business owners begin to seek additional funds, the best mobile credit card processing services providers will begin to offer very large cash advances to meet the needs of merchants.
Merchant services providers that provide cash advances usually do not check a business owner’s credit score, and a company will calculate the amount of the cash advance for which a business qualifies based on the monthly income of the business.
Integrating A Merchant Account With Accounting Software
Many business owners pay accountants thousands of dollars per year to ensure that the profits and the losses of the business are accurately reported.
In the future, merchants will no longer need accountants because merchants will be able to effectively integrate their merchant accounts with advanced accounting software programs.
Currently, customers who purchase gift cards have to wait for the cards to be delivered, but, in the next several years, customers will be able to purchase virtual gift cards and reload these gift cards on the websites of merchants.
Payments From Mobile Devices
In the future, the best mobile credit card processing services providers will allow customers to make payments from their mobile devices by using their credit cards, ACH transfers or online payment processors.
In order to help merchants to swiftly process orders, the companies that provide the best mobile credit card processing services will instantly show the merchant the geographical location of the customer, the customer’s phone number and the customer’s shipping information.
In the next several years, merchants will be able to process credit cards in bulk, set up recurring payments that will be withdrawn at a certain time, instantly process ACH transfers, process transactions by using mobile payment terminals, process transactions by receiving pictures of credit cards, obtain much larger cash advances, issue virtual gift cards, integrate merchant accounts with accounting software programs and easily accept payments from mobile devices.
For any questions you may have regarding payment processing services, feel free to contact us at 1-800-617-9980