How has the Internet changed the way business is done?
Earlier this month people observed “World Wide Web Day” to recognize all of the revolutionary changes that have occurred as a result of the Internet. In this blog post we are focusing the profound impact of the Internet on the business community. How has it changed the way businesses operate? What kind of affect has it had on credit card use?
Explosion of the E-Commerce industry
The E-Commerce retail industry has seen consistent growth for the last several years with companies like Amazon leading the way. Other businesses have begun to adapt their business models to include an E-Commerce platform or switch to an exclusively E-Commerce model. With more and more consumers using their computers, phones, or tablets to research and purchase items, having an E-Commerce platform is an excellent way to generate new business.
In order to getintothe E-Commerce market, however, your business requires a means of distribution (retail website, social media, mobile app) and a payment processor that allows for keyed-in transactions. With keyed-in transactions posing potentially higher security risks, they carry a higher processing rate as opposed to in person transactions.
Since the expansion of the Internet, there has been a rise in popularity of the E-Commerce industry, with consistent growth in the industry since the early 2000's.
(Source: US Department of Commerce)
Some businesses will always require brick and mortar locations
There is no denying the rise of E-Commerce retail, but despite the popularity of retail websites like Amazon, there will always be a need for brick and mortar businesses. Whether you own a hardware/home improvement store, a retail boutique, a professional service, or a restaurant, there will continue to be consumer demand and a need for your products/services at a brick and mortar location. Face-to-face transactions also offer the most affordable processing rate. Precision Payment Systems helps and provides support for many kinds of small/medium businesses, including brick and mortar retail/professional services/ecommerce/restaurant.
Credit cards are as important as ever
With the rise of E-Commerce and the advancements in payment technology (paying with a smart phone, improved CC security), it is absolutely essential that your business is able to accept credit cards. Businesses are losing potential revenue every day if they do not accept credit cards. If you are interested in taking credit cards, or need to evaluate your current payment processing solution, visit www.precisionpaymentsystems.com to schedule a complimentary business consultation.