There are many costs and variables involved when starting a business, which can make budgeting challenging. One of the largest fixed costs for any small business is how you will accept payments from customers. The type of business you have, the volume of sales, and the industry you operate in will impact which merchant services are best for your business. In this article, we’ll break down what payment processing options are available to merchants and help you decide which one is right for you.
ADCB ‘Klip’ Merchant Wallet
The ADCB Klip wallet is a digital payment solution that allows you to accept card payments from a smartphone. Klip is a solution for merchants that don’t have a fully-functioning POS system in place. It can come in handy for merchants that only have a single register, accept card payments at a kiosk, or for those who don’t have a proper setup for card payments. ADCB also offers a range of other merchant payment services that can help your business grow.
Point Of Sales Machines
POS machines are fully integrated computer systems that connect to your cash register and allow you to accept card payments. POS machines are typically higher in price, but the investment can be worthwhile for small and medium businesses that accept a lot of card payments. On the plus side, POS machines allow you to do everything you would with a regular register, but with the added benefit of accepting chip cards.
Mobile Point Of Sales Machines
Mobile POS machines are typically linked to their larger counterparts and allow you to accept payments on the move, which is ideal for businesses like cafes and restaurants. While they are expensive, they are also portable and easy to use.
Pace Pay is a payment gateway that allows you to accept payments directly from customers’ mobile phones on your own device. This system is primarily used by businesses that engage in peer-to-peer or person-to-business transactions. Pace Pay has several components that all come together to make accepting payments directly from customers’ phones possible. These include a customer app, a business app, and a payment gateway.
E-Commerce Payment Gateway
An e-commerce payment gateway allows you to accept payments online. Each payment gateway has its own unique set of features, but they generally provide merchants with the ability to accept credit cards, debit cards, and gift cards, keep track of the inventory, and generate accurate invoices. When choosing a payment gateway, it’s important for you to consider what type of payment plan you need, what features are required for your business, and how much you can afford to pay for the service.
Unattended terminals are fully automated computer systems that are typically used in larger businesses where numerous customers have to be served each day; however, they typically only accept card payments. Unattended terminals are usually integrated with other systems, such as your POS or accounting software so that you can easily manage your transactions.