Credit Card Processing Is Not Just For Retail Anymore Since the 1970s, credit cards have been an established form of payment in the United States and abroad. Although cash and checks are still accepted by many, changing markets are dictating a need for more flexibility in the payment methods that larger corporations and smaller entrepreneurial ventures offer to their customers. Once thought to be a tool for just the retail and restaurant trade, credit card payments are making their way into less traditional sectors, expanding from shopping malls and Main Street, USA, and into businesses that have little or no storefront. Credit card processing is not just for retail anymore. Many of the businesses that are embracing card payments are in pharmaceuticals, HVAC, various parts manufacturing and distributing, chemicals companies, and the technology sector. Also, many smaller, non-traditional businesses are looking at processing for their business, including non-profit corporations. But why would these organizations need to accept credit cards? The answer lies in the soft costs of billing and improved cash flow. The cost of processing customer card payments is often significantly lower than the price of not getting paid quickly. The average billing cycle for most businesses is anywhere from 30 to 90 days. Consider the tracking of payments, the paper needed to generate monthly billing, postage, the employee hours that are lost tracking all of the outstanding bills, and the lost interest of not having your money in your bank, and you quickly see the need for a more efficient and economical solution. Credit card processing can get most businesses their money in 48-72 hours, reduce paperwork, and decrease wasted employee hours spent tracking outstanding bills and chasing customers. Simply put, processing customer cards can streamline accounts billable and move cash more quickly. In addition, today’s marketplace demands customer convenience, or the customer may be lured to the competition. Accepting credit cards can offer more flexibility to your customers by providing a fast, easily tracked payment method. The most surprising example of this market trend occurred in 2005 when the Federal Government informed their vendors that credit card acceptance was required, or the government would find a vendor that offered this service. Rewards points and better tracking of purchases were the main motivators for the Fed’s decision. To get processing for their business, small and large companies alike may look to their bank to provide this financial service. However, many banks actually outsource card processing to a third party, and working with a bank does not assure a competitive price, or the right knowledge. Corporate payments are more complex than a regular retail transaction, and some smaller, non-retail businesses need creativity to produce a workable solution. There are many ways to successfully integrate credit card processing into your business. Bottom line – pick a processing professional that is educated and can mold the payment solution to fit your needs.