Quick and easy payment processing is necessary for merchants working to grow their businesses. When online payments increase, the need for payment processing increases. It is a logical extension that the service provider who prints and mails the bills also provides payment processing. Customers must pay their bills somehow. Payment processing by the printer/mailer is a revenue-producing step in the customer communication progression. It is profitable and eliminates an administrative task for the client. The best part is you can add payment processing to your existing print/mail workflow software. Adding payment processing to your list of services is fairly straightforward. However, a basic explanation of how payment processing works and how it benefits both the printer/mailer and the client is in order.
What is Payment Processing?
Credit card transactions are ubiquitous. To the user, they just “happen.” Shoppers do not realize that the seconds it takes to approve a purchase involves dozens of electronic transactions with many processing organizations. It is a tightly wired and efficient procedure. Payment processing is how businesses complete credit and debit card transactions. Processing services advance card transactions, while payment gateways transmit data to transfer funds from a customer’s bank to a merchant’s account. The result is a sale without using cash or a check. The merchant completes a sale and funds flow into their bank account.
How Payment Processing Works
When using a credit card to pay a bill, a series of actions occur electronically to complete the transaction. Payment processing involves a customer, a merchant, a payment processor, payment gateway, bank or credit card company, and the merchant’s bank. A credit card transaction seems simple. But a lot happens behind the scenes. In a single card transaction, a payment is processed, verified, accepted, or declined, and the funds transferred. A transaction starts with the cardholder (your client’s customer), the cardholder’s bank, the merchant (your customer), and the merchant’s bank. The part you get involved in is next.
► The Payment Processor
Payment processors transmit the payment data to your client and their bank and your client’s customer and their bank.
► Online Payment Gateway
A payment gateway is like a point-of-sale terminal at your favorite retail store. The little gray box next to the cash register is for in-person transactions. Online payment gateways allow for transactions where the credit card is not present. Information keyed into an online checkout form is like the point-of-sale terminal. It is the payment processing service that printer/mailers provide for their clients.
Opportunities for Printer/Mailers in Payment Processing
Reliable payment processing is on the shortlist of essentials necessary for most companies to function efficiently. Worldpay’s 2018 Global Payments Report found that credit and debit cards account for half of eCommerce and three-quarters of in-store consumer payments. Online payment acceptance is a vital daily operation.
Why Payment Processing Makes Sense for Printers-Mailers
A transactional printer’s job is to eliminate print and mail tasks from an organization’s billing routine. Take more work off your client’s plate by eliminating inbound paper payments. Funds deposited electronically are usually credited the next business day instead of waiting for a check to clear. Electronic deposit keeps financial information safe. It is good customer service and reduces the chance of errors or delays.
The most persuasive reason for printer/mailers to offer payment services is that it is a revenue-producing step in the billing-receiving process. Payment processing brings new business and strengthens existing customer relationships. Companies are eager to farm out non-core activities to a single vendor. They can work with one source that provides commercial printing and a complete financial billing and payment product.
The Take-Away
If you are a printer-mailer that has yet to offer online payment processing to your transactional clients, you may wonder how payment processing fits into your workflow.
To offer this valuable service to your customers, simply add payment processing to your workflow software dashboard. If your workflow software does not have the option for payment processing, visit www.racami.com to learn about Alchem-e™. Alchem-e™ is a comprehensive print-mail workflow application that manages labor, equipment, throughput, and more from a single dashboard. Payment processing is just another step in the workflow.
Racami Pay+ is a turnkey way to grow your business by driving paperless invoicing and payment. You print and mail a client’s bills. Send the print files to Racami Pay+ and let the technology take over. Send email notifications and store documents securely. Racami Pay+ furnishes a website branded for your print-mail service bureau. Alchem-e™ is not required to use Pay+.
Racami Pay+ is an intuitive platform that customers will use. Your clients will increase customer satisfaction, boost revenue, and optimize the customer experience.
