Nevada Small Business logo
Search
  • Start

    Random

    • Starting a Business Why and How to Find a Attorney

      Starting a Business? Why and How to Find an Attorney

    Recent

    • s

      SBA Resources for Your Small Business

    • b

      Online Business Courses That Will Make You a Better Business Owner

    • Money coin stack growing graph with tree top

      Three Ways Your Money Can Work for You

    • Legal
    • Manage
    • Money
    • People
    • Promote
    • Technology
  • Grow

    Random

    • b

      Eight Tips for Building Business Credit

    Recent

    • b

      Six Tips for Creating a Long-Term Strategic Plan

    • Does Your Business Have a Rainy Day Fund

      Does Your Business Have a Rainy Day Fund?

    • i

      Why Your Business Should Consider an Image Lockbox

    • Legal
    • Manage
    • Money
    • People
    • Promote
    • Technology
  • Manage

    Random

    • Engaged Employees or Happy Employees? Yes!

      Engaged Employees or Happy Employees? Yes!

    Recent

    • b

      Risk Exposure: Is Your Company Covered?

    • t

      Six Tips for Keeping Your Team Focused

    • e

      Beware of Business Email Wire Scams

    • Legal
    • Manage
    • Money
    • People
    • Promote
    • Technology
  • Economic Briefing

    Recent

    • February 2021 Economic Briefing

      Economic Briefing - February 2021

    • January 2021 Economic Briefing

      Economic Briefing - January 2021

    • Elko Economic Briefing

      Elko Economic Briefing - 4th Quarter 2020

    • Economic Briefing - December 2020

      Economic Briefing - December 2020

    • Economic Briefing - November 2020

      Economic Briefing - November 2020

    • Economic Briefing - Oct 2020

      Economic Briefing - October 2020

    • Elko Economic Briefing

      Elko Economic Briefing - 3rd Quarter 2020

    • Economic Briefing - Sept 2020

      Economic Briefing - September 2020

    • e

      Economic Briefing - August 2020

    • Economic Briefing

      Economic Briefing - July 2020

    • Economic Briefing - June 2020

      Economic Briefing - June 2020

    • Elko Briefing - Q2 2020

      Elko Economic Briefing - 2nd Quarter 2020

  • 2021 Small Business Survey
  • Newsletter Signup
  • Resources
  • About
  • Visit NSBank.com
  • Start
    • Legal
    • Manage
    • Money
    • People
    • Promote
    • Technology
  • Grow
    • Legal
    • Manage
    • Money
    • People
    • Promote
    • Technology
  • Manage
    • Legal
    • Manage
    • Money
    • People
    • Promote
    • Technology
  • Economic Briefing
HomeGrowMoney

Payment Gateways Can Help You Increase Sales

It doesn't matter if you run a local, small-town business, a Fortune 500 company, or a global enterprise, getting paid quickly for products and services is a key component of business success. Quick payment can speed cash flow through any business, enabling owners and managers to expand operations, hire new employees and grow profitable faster. It’s just common sense that the more ways clients and customers can pay you, the more likely it is that payments will be made quickly.

If cash is your only payment method, you may lose credit card sales simply because many people today, especially younger people, don’t carry cash. Instead, they carry credit cards, debit cards, smart phones, tablets and other payment gateways.

Credit cards are a “must-have.”  Many consumers pay with plastic. For a business, accepting credit cards may mean not only more sales, but also an increase in the revenue per sale, because credit cards can enable consumers to make large purchases and pay them off over time.

Establishing a merchant account through your bank enables your business to accept payment with credit cards. The costs of opening a merchant account are generally low, and so are per-transaction fees. That increase in sales may offset the cost of a merchant account many times over. Talk to your bank representative about opening a merchant account to add this critical payment gateway to your online or offline business.

Debit cards are a popular payment method. Carrying a debit card eliminates the need for buyers to carry a lot of cash. Payments are made at the point of sale (POS), and monies move from the buyer’s account to the seller’s account instantly.

Electronic Funds Transfers (EFT) move money smoothly from one bank account to another. The buyer authorizes the electronic funds transfer, provides your routing and account number, and the money is electronically transferred into your account – often within minutes.

Don’t forget smart phones. Smart phones often contain apps that enable consumers to pay right there in the store, or half-way around the globe.

When researching a bank for your business, choose a bank that not only offers a roster of payment gateways, but also offers multiple layers of security. For example, smart phone sales transmissions should be protected with encryption software. Client information should be protected by firewalls, security software, and human oversight to detect suspicious activity.

Ask about the bank’s fraud protection programs. These programs should be customized to your business’ needs and include complex, detailed analysis of automated clearing house (ACH) activity, credit card purchases and other features that minimize the risk of your business becoming a victim of fraud.1

Discuss integration of payment gateways into your business’ daily operations. If your business generates 10 transactions a day, chances are you can track daily activity yourself. However, if you process hundreds, or thousands, of transactions daily, look for a payment gateway service that offers detailed records-keeping of sales and payment activity.

This can be a cost cutter and a time saver. Merchant accounts can sort your sales and payments quickly so you can track inventory, cash flow, client and customer activity, as well as seeing what’s moving out of the warehouse and what’s collecting dust.

Ease of payment, features, flexibility and multiple payment gateways – these are the things to look for when researching the right merchant account for your company, and the best place to start is at your bank, where the managers already know you and your business.

Talk to a bank representative today about ways to simplify the payment process for clients and customers.

1. Click here for information about fraud prevention services from Nevada State Bank.

 

The information provided is presented for general informational purposes only and does not constitute tax, legal or business advice. Any views expressed in this article may not necessarily be those of Nevada State Bank, a division of Zions Bancorporation, N.A. Member FDIC

Popular Posts

  • Back-Orders-or-Back-on-Track-The-Challenges-of-Fast-Track-Business-Growth

    Back Orders or Back on Track: The Challenges of Fast-Track Business Growth

  • t

    Ten Ways to Empower Your Employees

  • b

    Watch Out for These Six Business Loan Scams

  • B

    Taking On a Business Partner: Six Questions You Should Ask

  • Your Business Crystal Ball_99335390

    Your Business Crystal Ball: Forecasting Company Growth

accounts receivablebookkeepingcash flowcredit cardsdebit cardselectronic funds transferfraud protectionMasterCardmerchant accountNevadapayment gatewayrevenue per salesmall businessVisa

Business Mentors: Why, How and Where to Find Them
From Employee to Entrepreneur: Success Tips for New Business Owners

Related Posts

  • Estate agent congratulating couple after a property deal

    Buying or Selling a Nevada Business? Ten Questions to Ask a Business Broker

  • Person touching shield with lock, concept about security, cybersecurity, protection

    Protect Your Company's Invisible Assets

  • f

    Favorable Terms From Suppliers Can Help Cash Flow

  • Meeting of partners

    The Art of Listening to Your Employees

We help Nevada’s small businesses succeed.

Hosted by Nevada State Bank, we're a one-stop digital resource center for business owners, executives and entrepreneurs. Looking for advice from nationally known financial experts? You’ll find what you need here.

Nevada Small Business

  • Start
  • Grow
  • Manage
  • Survey Report
  • Economic Briefing
  • About Us
  • Contact Us

Newsletter Signup



Follow Us

Follow Us on FacebookFollow Us on TwitterFollow Us on LinkedInFollow Us on YouTube

The information contained herein may not represent the views and opinions of Nevada State Bank or its affiliates. It is presented for general informational purposes only and does not constitute tax, legal, or business advice. Clicking any of the links to 3rd party sites will direct you to a website that is not affiliated with Nevada State Bank or Zions Bancorporation and may have a different privacy policy and level of security. Nevada State Bank and Zions Bancorporation are not responsible for, and do not endorse or guarantee the privacy policy, security, accuracy or performance of that site or the information, products or services that are expressed or offered on the site.

 Nevada State Bank, a division of Zions Bancorporation, N.A. Member FDIC | Equal Housing Lender
© 2021 Zions Bancorporation, N.A. All rights reserved.

Online Privacy Statement

Warning: You're about to leave the website!

You are about to leave Nevada State Bank's website and be directed to a website that is not affiliated with Zions Bancorporation, N.A. dba Nevada State Bank or Zions Bancorporation and may have a different privacy policy and level of security.

Zions Bancorporation, N.A. and Zions Bancorporation are not responsible for, and do not endorse or guarantee, the privacy policy, security, accuracy, or performance of the third party's website or the information, products, or services that are expressed or offered on that website.