Every business plans to make 2017 their most successful yet, and there are simple yet effective ways to do just that by reducing overhead costs and increasing overall efficiency.
Here are 11 actionable items that you can implement to make your 2017 goals a reality:
1. Streamline Your Payment Processing
Choosing an experienced merchant service provider ensures that your business is paying the lowest rates, and is set up in an optimized manner to avoid unnecessary hassles and fees.
2. Choose Your Point of Sale System Wisely
The right point of sale system can automate the vast majority of administrative tasks. It can keep track of clients’ orders and even remember their particular preferences, as well as manage inventory, customer database, and employee timecards. Choosing a system optimized for your particular industry and business size is key, and once you’ve purchased one, it may be worth doing some research on the available features to make sure that you are taking advantage of the various customization options and features.
3. Integrate Your Invoices
Utilizing a payments system that integrates with your invoicing, and possibly even your accounting software ensures efficient invoicing and payments.
4. Streamline Your Recurring Billing
For businesses that charge on a monthly basis, obtaining new information for an expired or updated credit card can not only eat up administrative hours but cause pauses or cancellations of customer accounts. Our Account Updater feature allows for a seamless transaction flow by automatically updating card information that is out of date or has been changed.
5. Keep Reconciliation Simple
Reconciliation is a time-consuming process, but it can be kept simple by ensuring that your payments are integrated with your point of sale system and even your accounting software.
6. Reduce Payments Fraud
For in-store merchants, fraud can be significantly reduced by implementing EMV acceptance. EMV keeps cardholder information secure, especially in the event of a data breach.
7. Manage Chargebacks
Even a merchant that uses EMV will still need to respond to chargebacks. Merchants should have a system in place to view and manage chargebacks, as well as a payment processor that can offer support and advice for mitigating the claims.
8. Get E-Fraud Under Control
Online fraud has grown tremendously over the last couple of years and is expected to continue rising. By employing an effective fraud prevention tool, transactions can be scanned in-cart for various fraudster footprints and prevent fraudulent orders from being fulfilled.
9. Become PCI Compliant
PCI non-compliance fees add up! But the process of becoming compliant can seem daunting to some businesses. Your merchant services provider should have the experience to be able to walk you through the steps of PCI compliance, making it a simple and quick process.
10. Save Trips to the Bank
Heading to the bank to deposit checks is time-consuming and an inefficient allocation of resources when checks can easily be deposited using check services. Inexpensive and simple to implement, it goes a long way in streamlining deposit procedures.
11. Troubleshoot Effectively
Save time on the phone when you need assistance on your business payments. A good merchant service provider should have an in-house customer service team. Fidelity ensures that one call should fix most issues that you will never have to navigate through numerous voice prompts and automated machines. With Fidelity, every merchant can expect to speak to a live person every time.
In our 21 years in the business, we have worked with many thousands of merchants across all industries and company sizes to optimize their business efficiency. We realize that payments are a key factor in improving business systems and that even slight improvements and modifications can affect the business as a whole.
Contact us today to see what we can do to help you achieve your 2017 business goals.