Stone Ridge Payments Discusses Upgrading Your Credit Card Payment Processor and Other Ways to Save Money During a Pandemic

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Businesses across the county, and across the globe for that matter, are suffering mightily due to the Covid-19 pandemic. With financial strain comes a need to discover new ways to save money. Stone Ridge Payments have been helping businesses save money by upgrading their credit card payment processor technology or introducing credit card payment processing to businesses making the switch to online. However, Stone Ridge Payments wants to provide guidance on even more ways companies can save money.

A lot of the businesses Stone Ridge Payments have helped during the pandemic are making the switch to ecommerce. Because of this, rent is somewhat of an unnecessary cost. A lot of landlords are offering a rent reduction during the pandemic. It’s possible that a landlord wont’ be able to reduce cost but will be willing to accept payments later. The important thing is that business owners maintain a good relationship with their landlord so they can get the best deal possible.

Brick and mortar stores who were forced to make the switch online will need to do everything in their power to get the word out. Sometimes, the best way to save money is to simply make it easier for sales to occur. Being overstocked on inventory is a great way to lose money fast. Stone Ridge Payments recommends taking advantage of relatively cheap ads on social media to connect with a loyal customer base and ensure all necessary parties know where they can continue to get their favorite products.

Optimizing your credit card processing with Stone Ridge Payments is a good first step, but it is also wise to contact all credit card providers about special promotions and details. Many credit card companies are reacting to the Covid-19 crisis by providing lower interest rates on credit cards. Credit card companies are hurting as well right now and are eager to continue to drum up business. If you can switch from a current card to one that provides a lower rate, it can go a long way in offering you financial relief.

Finally, Stone Ridge Payments recommends looking at your subscription lists. A lot of vendors are locked in for monthly payments and when things are going well, they go unnoticed. However, when times are tough, it is important to do some housecleaning and make sure each payment is absolutely necessary.

Stone Ridge Payments Provides Tips for Cleaning Card Processors

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As the COVID-19 health crisis continues to impact businesses across the nation and how they operate, businesses that have remained open have had to maintain a certain level of cleanliness and health precautions in order to lower the risks of virus transmission. While there are a lot guidelines that have been proposed to keep citizens healthy while they shop for necessary supplies, some of the most effective methods for discouraging spreading COVID-19 such as social distancing measure implementation and routine cleaning and disinfecting are as simple to maintain as they are effective. In this article, Stone Ridge Payments points to credit card payment processors and the ways in which they can be cleaned to combat the virus and keep consumers and business owners healthy during uncertain times.

Handle Initial Cleaning Before Disinfecting

To properly clean a credit card processor, it is important to first remove accumulated dust, grime, and debris. To do this, Stone Ridge Payments recommends using a clean disposable or microfiber cloth that has been dipped in a small amount of water that has been combined with a few drops of detergent. Remember that this will not kill the germs, bacteria, and viruses on the device, but it is a necessary preliminary step. Also be sure to not use harsh detergents as to not cause damage to the processor.

Disinfect Card Terminal and POS Equipment

After making sure that the terminal is free of dirt and grime, the next step that Stone Ridge Payments recommends for cleaning your card terminal is to begin disinfecting. To do this, use an alcohol-based wipe or a microfiber cloth that has been sprayed with a small amount of disinfectant to wipe down the device. If you are utilizing a liquid cleaner, be sure to apply it directly to the cloth and do not spray disinfectants directly onto any part of the processor. Do not use cleaners such as bleach that can negatively impact or break down plastic or rubber parts and be sure to ring out whatever cloth you are using before wiping down the terminal as to prevent excess liquid dripping into the machine.

Keep Customers’ Health in Mind as Well

Stone Ridge Payments acknowledges that, while it is important to make sure that you are doing your part to keep credit card processors and POS equipment as clean as possible, your efforts will not be nearly as effective if you do not make sure that customer health is a priority as well. To do this, consider keeping hand sanitizer near your terminal and POS system to encourage its use by customers before and after transactions. For best results, be sure that the sanitizer is at least 60% alcohol.

MOTO Payment Processing: Benefits and Risks

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Have you ever shared credit card information over the phone and wondered how the information is handled?  For many companies who rely on payment processing over the phone when a credit card is absent, MOTO, or Mail Order/Telephone processing is essential.  Many consumers are hesitant to share their information over the phone because of fears of fraud.  Companies like Stone Ridge Payments supply retailers with secure and efficient technology for MOTO processing.  Here is some information on what exactly is MOTO processing and security measures that should be followed.

When a customer shares credit card information over the phone, he or she is able to either speak the numbers or enter them on the phone’s keypad.  Often, the recorded prompts or employee will ask for the card number, expiration date and security code.  One of the most common methods of MOTO processing that Stone Ridge Payments offers is with the use of a virtual terminal or gateway.  A terminal allows the credit card information received from the customer to be transmitted into software in order to process payments.  An advantage for this type of service provided by Stone Ridge Payments is because MOTO payments with a gateway are digital, data regarding payments immediately comes up following a payment.  The retailer is able to see transaction history and patterns, sort transactions, produce reports and locate specific data easily.

It is imperative that a retailer using MOTO processing abides by the PCI standards to prevent fraud.  When sharing information over the phone, the consumer may be vulnerable to revealing his or her credit card information to an unintended recipient.  A company should regularly train and monitor staff in order to prevent insider fraud, in which an employee retains credit card information for personal use.  Background checks are recommended by the PCI when hiring personnel that handles sensitive information like that transferred through MOTO payments.  Technology and software involved in transactions, such as computers, should also be monitored for viruses and malware and should operate on a secure network.  As much information should be restricted as possible.  The PCI recommends that the sharing of cardholder information be encrypted, and only individuals who assist in the MOTO process should have access to the information.  If a retailer providing MOTO payment processing is dedicated to maintaining the PCI standards and regulations, MOTO processing can be the cornerstone of a company’s success.

Trends in Payment Processing for Businesses to Follow

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The latest trends in payment processing follow advancements in technology, and many businesses providing merchant services, like Stone Ridge Payments, are jumping on board to keep companies relevant and convenient.  Consumers used to carry checkbooks and cash, taking time to write out their payments or flip through bills.  Buyers stood in line behind a shopper at the register counting coins for exact change.  These methods of paying for goods have gone more to the sidelines while technology has taken the stage.

One trend in society overall that has also seeped into the payment processing world is an increased value on the use of cell phones and their capabilities.  Companies like Google and Apple have created digital wallets on cell phones and smart watches which allow individuals to pay simply by holding up their devices.  A shopper is able to flip through cards and select the exact one he or she would like to use for the purchase.  A notification follows the purchase notifying the user of the transaction, amount,  location and bank account attached.  Stone Ridge Payments and other merchant services companies partner with retailers to deliver top notch software and products capable of accepting digital transactions.  This convenient method of payment processing saves time and may allow shoppers to keep better track of their transactions.  Rather than digging around in a wallet, shoppers can purchase with the click of a button.

Along with the higher demand for more convenient payment processing is the need for more advanced security features to protect identities and wallets.  A payment processing company like Stone Ridge Payments should maintain the safety standards delineated by the Payment Card Industry.  Some of these standards include PIN security, maintaining secure software and networks, and encryption.  The rise in technology has coupled with a rise in vulnerability to identity theft and other cyber attacks, so it is essential that a retailer focus on consumer security and privacy.

Using products and services like those provided by Stone Ridge Payments can be a huge advantage for a business that wants to maximize convenience, customer service and cash flow.  One potential drawback to offering the latest trends in payment processing is a lack of customers who utilize the technology.  Many individuals are not yet aware of the digital wallets, prefer not to use the application or do not understand it.  However, with more attention given to the application and more users, it can be a successful form of accepting payments for businesses.

Stone Ridge Payments Explains Why Small Businesses Need Mobile POS Systems

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A lot of small businesses have been part of families for generations. When this is the case, a lot of them struggle with change. Afterall, if something has been working for years, why change it? However, in a world where technology evolves daily, it’s imperative that businesses keep up. Otherwise, it’s only a matter of time until they fall behind. One of the biggest mistakes older small businesses make is sticking to a cash only system, especially when Stone Ridge Payments can provide a mobile POS system.

Every small business point of sale system is an integrated system that can make life a lot easier on a small business. Stone Ridge Payments explains that not only can mobile POS systems take credit cards, they can also join bookkeeping, purchasing and inventory. Finally, a small business will have all their relevant sales data in one convenient location. Of course, there are more benefits, which is what Stone Ridge Payments will go over below.

The biggest thing that gets eliminated with the introduction of a mobile POS system is human error. While an employee may never intentionally screw up the change in the cash register, it’s still bound to happen time and again. New hires of unexperienced workers on the cash register could lead to multiple mistakes that lead to significant financial losses. Not only can humans make mistakes, they can steal. Numbers show that percentages of revenue lost by employee theft is a lot higher than many people realize. A POS system will track every step in a product’s life cycle, which greatly reduces the risk of theft. Also, the data provided will make it clear where losses occur, which makes it a lot easier to make decisions to remedy issues.

The biggest benefit for a small business POS system is it vastly increases efficiency. Technology allows sales information to be updated automatically and updates to inventory can be made in real-time. This allows a business to always have the proper number of products to meet the demands of their client base. Smart business owners can also use all this sales information to draw up new sales and promotions.

Ultimately, every decision a business makes should center around improving the customer experience. Any business still not offering credit card purchases is throwing away money. Cash only businesses often force customers to look for other options. A strong POS system will maximize efficiency and keep customers happy trip after trip.

Solutions From Stone Ridge Payments Can Give Modern Merchants The Competitive Edge

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There once was a time when the saying “cash is king” actually held some value. Today’s consumers will likely beg to differ, as that plastic debit or credit card in their wallet or purse is the new reigning champ. Ask any bartender, restaurant operator or salon hairdresser and you’ll get the same overarching opinion: People pay with card far more frequently than cash. How much more frequently? According to a recent survey of 1,000 respondents on CreditCards.com, 44 percent of people preferred using their debit cards for regular payments. Credit cards pulled in a healthy 33 percent of spenders while only 12 percent of customers said they “preferred” using cash to complete transactions.

It’s this new fact of life that spurred Stone Ridge Payments to develop devices that makes life easier for merchants of all backgrounds. The sheer variety of innovative products and services from this company – such as wireless credit card terminals, mail order/telephone order processing and management of retail merchant accounts – means there’s no reason not to make an investment. Think about it: It’s easier for patrons to split a dinner bill three ways on debit cards than it is for them to divide up the total, plunk down the cash they have on-hand and factor in for tip. It’s also easier for the employees of the eatery to run those same debit cards than it is for them to add up the pile of bills they’ve been given and hope that it’s enough to cover the tab – and tip.

For businesses that have updated their offerings to keep up with current preference, Stone Ridge Payments offers modern solutions. All of the action happens at the point of sale (POS) and this company has developed a wireless POS system that’s still fast and secure. If you’re an on-the-go entrepreneur – think freelance photographer or farmer’s market booth – this small device can be your ticket to more sales and new customers. Even if you have a traditional brick-and-mortar store where the majority of income is earned, side jobs or weekend events can easily become additional profit. For owners and operators of businesses that have an e-commerce outlet, Stone Ridge Payments has again developed a secure solution to modern problems. People love to shop online. According to FitSmallBusiness.com, 217.1 million Americans are considered “online shoppers” and this figure has ballooned since a similar survey was done in 2000. If your website doesn’t have an e-commerce widget, you’re leaving money on the table.

While Stone Ridge Payments is happy to work with companies that typically do business inside a store, it’s still possible for these operations to take advantage of e-commerce options. If a customer comes in, but is hesitant to commit to a purchase at that moment, simply point them to the website where they can close on the same exact deal. Without having the infrastructure and devices from Stone Ridge Payments to complete such sales, however, it’s once again money left on the table.