Payment Processor: Expense or Revenue Generator?
When it comes to a payment processor, business owners should ask: is it an expense or revenue generator?
Some businesses see little value in a payment processor and view it as an expense.
On the other hand, a lot of businesses see their payment processor as the indispensable backbone of their revenue.
In this blog, we'll explore the benefits of using a payment processor and compare the fees of a processor to its benefits.
Ultimately, we'll argue that payment processors are the ultimate revenue generator, and that every business needs one!
Let's dive in.
Payment Processors: Expense vs. Revenue
Many businesses see payment processors as an expense. They view it as a necessary evil needed to accept payments from customers. Many businesses see payment processors as an expense.
They view them as a necessary evil needed to accept payments from customers. And while it's true that payment processors do charge fees, the revenue payment processors generate (and the expertise they provide) usually outweighs the expense.
Consider this – Without a payment processor, businesses would have to rely on cash or check! This would limit the number of customers they could serve and require businesses to invest in expensive point-of-sale (POS) systems to process payments.
Even then, there's no guarantee that customers will actually use credit card alternatives!
As you compare payment processors on the basis of expense vs. revenue, revenue should win. After all, without a payment processor, businesses would miss out on many revenue and growth opportunities.
A Revenue Generator With Fees
Yes, payment processors do charge fees for their services. But these fees are often outweighed by the benefits they provide. For example, many processors offer fraud protection, ACH processing, and eCommerce solutions. And in the end, these features save businesses a lot of money by preventing fraud and increasing efficiency.
In addition, the fees charged by payment processors are often lower than the alternatives. For example, many processors charge around two percent per transaction. But if a business were to process payments with a POS system, they would likely be set around three to four percent per transaction.
When it comes down to it, payment processors are an expense worth the revenue they generate. Businesses that invest in a payment processor will see more customers, increased efficiency, and improved security. A reliable processor is a revenue generator with reasonable fees.
Where to go for your Revenue Generator?
Now that we've established that payment processors are revenue generators, it's time to find the right one for your business. Seamless Chex is an excellent option for businesses of all sizes.
We offer POS systems, fraud protection, ACH payments verification, ACH processing, eCommerce solutions, merchant accounts, eCheck verification/processing, and more.
Our fees are lower than the alternatives. Seamless Chex exemplifies a payment processing solution whose fees are undeniably outweighed by its value-add. Hundreds of companies have experienced the benefits of working with a reliable payment processor like Seamless Chex. It does not matter what industry you are in or how big or small your business is - we have you covered.
Contact a Seamless Chex representative today to get your tailored payment solution.