Published On: December 21, 2021

Entrepreneurs and small business owners across Canada are faced with many challenging decisions that will help determine how successful they will be. One critical decision is how to handle small business payment processing, and which system should be implemented out of many different small business payment options.

When a great business idea starts to take shape, there are many steps that must be taken to bring the vision to fruition, and many questions that must be answered. Small business owners need to fully understand a multitude of important factors such as what their value proposition will be, how they will manage their supply chain, who is in their target market, what their marketing plan will look like, and so many more. These are all essential considerations, and along with them will also be the need to give careful thought and evaluation to what small business payment processing solution will be used to handle transactions.

The world of payment processing has changed dramatically in recent years, driven by a combination of consumer behavior trends, market demands, and technological advances. What does this mean for your small business? The effects of selecting the right small business payment processing system will be far-reaching on the success of your business, so choosing wisely is of paramount importance. Let’s quickly examine how the landscape of payment solutions looks today and what new developments in technology are driving changes in the payment processing industry.

How Is Payment Processing Different Today?

There’s an old adage that you may have heard which states that ‘Cash is King’. Well, while this certainly may have been true in the past, the world is rapidly advancing towards a nearly cashless economy. Businesses need to pay special heed to this, and equip themselves with the tools and systems needed to stay competitive and deliver on customer expectations. As much as we’d all love to have a crystal ball that can tell us what the future will bring, the reality is that it’s far better to be forward-thinking and to prepare for the unexpected than it is to be caught without the tools you need and rushing to catch up to the competition.

The most notable characteristics of modern payment processing solutions that small businesses must be aware of are speed, flexibility and security. Old POS systems were much slower than what we use today in pretty much every way. Speed improvements in point-of-sale systems have come from a combination of intuitive user-friendly design, which allows quick navigation through the system and faster access to the most common functions, and more powerful hardware, which processes and transmits data in fractions of seconds to further accelerate the entire transaction process.

Flexibility in a payment processing solution covers several factors, including the ability to accept a more diverse array of payment methods, enhanced functionality to perform a greater range of business tasks, and enhanced convenience that is often associated with remote payment terminals or portable handheld POS devices. Having a more flexible payment system means that a small business can do more with a single system, complete essential tasks in less time, and offer greater convenience for customers than ever before.

It should come as no surprise that security is a top priority in the world of payment processing, as data theft and transaction fraud can have a major negative impact on both businesses and customers alike. Modern POS systems utilize multiple layers of security and encryption technologies to provide enhanced protection against malicious hackers and data thieves. These strong security measures give extra peace of mind and confidence to small businesses that their business data and customer information remains safe and protected.

Types of Small Business Payment Processing Solutions

Choosing the right small business payment processing solution depends on the type of business in question and the nature of the customer base. Considering various factors such as location, payment methods, product types, and other criteria, a small business will be able to determine which payment system (or combination of payment systems) is ideal for their specific situation.

Some of the most popular small business payment options include stationary in-store point-of-sale systems, compact remote payment terminals, and mobile handheld credit & debit card processing terminals, as well as online solutions such as e-commerce payment systems and virtual payment terminals. Let’s take a closer look at some of the many unique features and notable benefits of each type of payment processing solution as they relate to small businesses.

Small Business In-Store POS Payment Terminals

For small businesses that need a complete all-in-one payment processing and business management solution, a system such as the Clover Station Duo is the perfect option. These powerful systems are capable of accepting payments of all types, including physical cash, credit and debit cards, digital wallets, e-commerce payments, and more. In addition, the Clover Station Duo can also handle many other valuable business tasks such as inventory control, scheduling, customer database management, and rewards system tracking. It’s a robust and scalable payment processing solution that provides all the features and functionality that a small business could need and keeps you prepared for what the future may hold.

Compact Point-of-Sale Payment Processing Stations

If counter space is limited in your small business operation, but you don’t want to reduce the capabilities of your POS system, then perhaps the Clover Mini is what you’ll need. With all the essential functionality your small business needs in a point-of-sale system in a compact space-saving design, the Clover Mini is a great option for small businesses who value flexibility and simplicity, but will not compromise on security, speed, or reliability. In addition, the Clover Mini can act as a remote extension of your main POS system such as the Clover Station Duo, providing greater convenience for customers and increasing efficiency for your staff.


Portable & Mobile Small Business POS Devices

Many small businesses rely on the ability to be mobile and reach customers remotely. So they require a solution that can move with them and still provide the comprehensive suite of features needed to accept a variety of payment types and access critical business information from anywhere, at any time. The Clover Flex portable payment processing system is a powerful and compact terminal that is can accept debit cards, credit cards, mobile wallets, and a host of other payment methods no matter where you or your customers are located. It can even be equipped with a SIM card to connect to mobile LTE networks when WiFi is unavailable.

Online Payment Processing for Small Business

Selling goods and services online and getting paid remotely helps to remove physical barriers in the payment process and makes location a non-issue for both customers and businesses. To facilitate this, a business needs an online payment gateway to securely encrypt and process transactions just like a physical payment terminal. For small businesses in need of a complete e-commerce solution, this functionality is usually built directly into the checkout process. However, for other types of small businesses that need a standalone online payment portal, a virtual terminal could be the way to go. Both options are fully compatible with all types of computers, connected tablets, and smartphones, and will make sure that your business is able to process transactions using a variety of different payment methods remotely with speed and security.

The Importance of Customer Service & Support for Small Business Payment Processing

In addition to the payment system technology itself, small business owners and entrepreneurs should certainly consider the importance of choosing a payment processing partner that can provide the customer service they need to make the setup and integration of their payment solution fast, trouble-free, and successful. In addition, the availability of knowledgeable technical support can help your business avoid costly downtime due to unforeseen problems. The last thing your business needs is a power outage or software error holding things up and causing lost revenue, so having rapid access to the help when you need it is obviously of the utmost importance.

It’s essential to look for a merchant services provider with a reputation for great service, technical expertise, and a comprehensive selection of payment systems. For the absolute best online payment processing for small businesses and a diverse range of in-store and mobile POS solutions to choose from, MONEXgroup offers the best rates, unparalleled customer service, and expert 24/7/365 technical support. Contact us today and we’ll help you find the perfect small business payment system, and answer any and all questions you may have. We look forward to being a part of your success!

Author: Layal Scheirich, Head of Sales at MONEXgroup
Bio: With 18 years of experience in payment processing and merchant services, Layal has seen in-store POS technology evolve from its humble beginnings to contactless, unattended, mobile and online alternatives. Today, Layal is an inspiration to the MONEXgroup’s team and a go-to source of information related to payment processing. She is enthusiastic to share her knowledge with audiences interested in cutting-edge technologies available today, such as unattended payment for self-serve kiosks, e-commerce online payment gateways, virtual terminals, and contactless and mobile payment solutions.
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