If you sell something, you have to nail down the types of payment you accept and how you accept them. And according to Statista, credit cards and e-commerce are consumers’ favorite ways to pay. More than 42% prefer credit cards, 39% prefer electronic transfer, and 28% prefer debit cards.
Makes sense that you need some way to process all of those card-based payments, right? You might have heard of different credit card processors (think Square or Stripe) and point-of-sale systems, but do you know the difference or how to choose the solution that will work best for your business?
How Does Credit Card Payment Processing Work?
Essentially, your credit card processor is part of your overall point-of-sale setup. That setup also includes payment gateways, inventory management tools, and sales reporting tools. To complete each card-based transaction, a credit card processor connects the payment gateways that a client uses to pay you with your client’s bank and your own bank account.
When you conduct business online, the payment gateway is the page and fields where your clients input their credit card information. Your online card payment system works in the background, doing all of the above in a matter of seconds.
Not knowing the difference between POS systems and credit card processing could set you up for serious headaches down the road. For example, most POS systems don’t come with integrated credit-card processing software and adding that software could cost an extra several thousand dollars.
In addition, most credit card processing systems are stand-alone solutions that don’t directly provide services to merchants. They have reselling agreements with other POS elements, like payment gateways, which means you’ll have to navigate multiple contracts to use them.
If this all sounds a little overwhelming, don’t worry. We have a solution, and it’s called Schedulicity Pay.
What Is A Third-Party Credit Card Processor?
Good news: Schedulicity Pay is much simpler and easier to implement than you might expect. Schedulicity Pay is our own credit card processor that’s free to use when you sign up for our Unlimited Bookings Plus add-on. It works as an extension of your existing scheduling platform.
As a credit card processing solution, Schedulicity Pay isn’t meant to take over your entire POS system. It’s simply an easier way for you to manage the processing of transactions your clients complete via your Schedulicity account.
Because it’s a benefit of your Unlimited Bookings Plus add-on, there’s no contract to worry about. You also don’t have to buy expensive hardware to create additional payment gateways — your scheduling app is the gateway!