If you just recently started a business and have been looking for ways to accept credit card payments along with how to accept other types of payments such as debit cards, cash, ACH, gift card, and loyalty cards, you may be getting a little confused and overwhelmed with your search.
One of the obvious places business owners go to when looking for payment processing is their bank. But, their bank is not always their best choice. Did you know that many banks actually outsource their payment processing to a payment processing company? It’s true!
When it comes to how you process payments, you want a merchant account provider that has a team of payment processing experts.
In reference to a company that helps merchants accept and deliver payments these titles are used:
“Credit card processor” and “payment processor” are used interchangeably. It would be unheard of for a company that provides businesses with the solutions to accept credit card payments to not provide them with the ability to accept any other type of payments.
Fintech companies may or may not offer payment processing services.
The payment processing technology that accepts credit cards also accepts debit cards. Depending on the gift card program, some payment terminals can accept gift and loyalty cards.
ACH and cash payments are not processed through payment terminal machines but these payment acceptance types are also offered by payment processors.
ACH payment acceptance works with check readers and some online gateways such as MX Merchant.
Now, a fintech company can be different from a credit card processor / payment processing company.
Priority Payment Systems Local for example doubles as a fintech company and a payment processing company. But, not all fintech companies offer payment processing services.
The term fintech alone is best defined as “new tech that seeks to improve and automate the delivery and use of financial services. At its core, fintech is utilized to help companies, business owners, and consumers better manage their financial operations, processes, and lives by utilizing specialized software and algorithms that are used on computers and, increasingly, smartphones.” (Investopedia)
Companies that specialize in fintech are known as financial technology institutions. They can be one of two innovators:
Aside from creating fintech, fintech companies:
Fintech companies sell their products directly to businesses or sell it to payment processors and banks that then resell it to merchants who utilize their payment processing services.
The type of payment technology a fintech company offers depends on the company. Some companies specialize in one type of fintech such as just payment terminal machines. Others fintech companies offer integrated options.
Clover for example, one of the most well-known names in payment tech, is one of those companies that offers integrated options such as:
When it comes to choosing a company to process payments, which is best? This really comes down to what you are looking for. Consider these questions.
Some of these types of payments companies have been around for decades while others are startups. UNION POS for example is one of the newer payment technology companies. POSitouch on the other hand, has been around since 1985.
We are proud to provide payment processing and fintech to businesses across the United States, with a heavy focus in NJ, NYC, and FL.
Fintech is changing economies around the world by continuously offering new and innovative ways to deliver payments.
Who would have thought 15 years ago that today we would be able to hold up our phone up to a payment terminal to pay for goods and services without having to swipe a card? This innovation is thanks to the innovative world of NFC payments (near field communication) such as Apple Pay and Google Pay and each payments company that makes it work. I mean, who also could have guessed that we would be able to make payments with our phones in general?
Pictured: Pay online with Apple Pay from Apple Wallet. [Image Source: Apple]
In highschool, I remember carrying around my old Nokia phone to let my parents know what time to pick me up from Friday nights at the mall. But, I mostly used that phone to play arguably one of the most popular games of all time – Snake! With $10 cash in my pocket to spend on some food at the food court and maybe a new set of earrings from Claire’s, life was good.
Fast forward to today: we can make purchases in seconds from the mini computers we carry around in our pocket or purse that we call “smartphone.” In addition to being able to easily make purchases in stores with our smartphones, we can make them online. Apple for example stores credit card information in its Wallet so there’s no need to have your credit card handy when buying items online that accept Apple Pay.
For better or for worse (mostly for the better unless you are a shopaholic), fintech is evolving for the best.
As a business, you accept credit card payments faster, more secure, and easier than ever before. And with Net Zero Processing Fees, you pay $0 on credit card processing fees.
When our payments company first launched this program in 2018, there was only one type of payment processing equipment that could accommodate cash discounting and surcharging per compliance protocols. Due to the demand, we have since been able to offer Net Zero on various systems.
Pictured: this receipt was printed from the POS system RPOWER – a restaurant POS system that processes Net Zero payments. As shown, the POS system automatically calculates the cash and credit prices.
Let’s chat about your business goals and get to know you better so we can provide you with the best credit card processing rates and fintech, be it a POS system, payment terminal machine, or online gateway.