Simple Payment Processing Options for Small Businesses

Discussions Include:

• Payments made easy
• Simple solutions for payment processing
• Payment app/solution: Stripe
• Solutions for storing and accessing sensitive data/information
• Square: Zef's favorite features of the app
• How to use the Venmo social app to get paid for anything!
• Inspiration: The importance of solutions integration

The Hangout:

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The Conversation:

ZEF: The days of having to pay a monthly fee just to enable a small business to accept credit card payments or even to process payments online are almost in the past! Yes, cash is always better but in this modern day and age, sometimes people have issues carrying cash. Two of the biggest fears include having the money get lost or the fear of getting robbed. If they lose the money, they cannot track when and where they lost it - often it just becomes a lost cause. If your wallet or purse gets snatched, the money is gone and untraceable. So the battle between cash vs. plastic begins. At least with plastic you can call the company that issued your card and report the problem. There are so many payment processing options these days to help you get paid - whether you are paid online or paid in person - from the simplest to the most complex. Small businesses are looking to save money so the modern day solutions that are often app based are very appealing to us all. We even have apps that we can use on our phones to pay for purchases! Did you know that PayPal also has an app that allows you to pay for your purchases at a variety of retail stores! WOW! Talk about convenience!

We are here today to discuss how these simple payment processing tools - mostly online solutions - can help the small business owner. Sondra, do you use a tool that allows you to accept mobile payments? What one feature do you like about it that helps you decide to use it?

SONDRA: All payments for my services are made online. I had a long list of items that needed to be satisfied, so I needed a service that was simple yet diverse in functionality so I landed on Stripe. The most important feature necessary which really limited my options was automatic recurring payments.

ZEF: What are options for storing and accessing credit card information or other sensitive data to be used in the future?

SONDRA: These mobile options store information, but if you look, you'll only see the last four digits of the number, the expiration date, and the CVV code. For my business, I make purchases on behalf of my clients and need to store their information in a secure location so I can access it for future use to make a purchase on airfare or something. I don't want to have to get it from them each time, so I get their permission to store it securely on SpiderOak. 

Edward Snowden recommended the use of SpiderOak as opposed to Box, Dropbox, iCloud, etc. because only the password knowers have access to the information. At SpideOak, they have zero access to the information that is stored, but Dropbox and the other company's employees can access the information stored. There are a couple of SMA solutions, like SalesForce, that allow you to store and access this kind of data on their higher-level plans. I didn't explore those options as they were too expensive for my purpose. Of course, do your due diligence to make sure you're within your legal rights to retain certain information.

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Meet Zef Here!

SONDRA FIRESTEIN
Pursuit of Seattle

"Sondra is the founder of PursuitofSeattle.com, which offers concierge, lifestyle management, and personal assistance services. 'I work hard so I can play harder. When I'm not helping others find balance in their lives, you can find me eating delicious food, paddleboarding, or dancing like nobody is watching.'"

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Payment Processing Tools & Solutions:

ZEF'S TIPS FOR RECEIVING AND MAKING MOBILE PAYMENTS:

I would like to share two apps that I currently use for payments processing and I will share the top features that every small business can use.

Square:

• Register - Fast set up with no commitments. Free for iPhone and Android. Receive a FREE Square reader. Card information is encrypted the moment you swipe the card - serious on security. 2.75% for VISA, MC, and AMEX. Money gets into your account within 1-2 business days.
• Market - Open an online store. No fussy online store websites if you want "basic that does the job!"
• Invoices - Invoices are emailed daily, all online. Square helps simplify that and you can do it wherever you are.

Venmo:

• Mobile - Available on iPhone and Android.
• Send payments to friends and people you know - for whatever!
• Send money securely -  People don't want to carry cash for many personal reasons and are willing to pay for convenience.
• Connect with people - social element. e.g. pay for dinner, send a birthday gift, or just say hello.
• Cash out overnight

SONDRA'S TIPS FOR IMPORTANT FEATURES OF STRIPE:

Stripe is a simple tools used to make and receive payments. My favorite features include the fact that it is/has:

• Simple to use
• Automatic recurring payments
• One-time payments
• Integrates with other tools

Inspiration:

If anyone of you are wondering how I got started using these payment processing tools, here is a scenario that you may be able to relate to.

Square:

• Tried it out the first time it was out
• I had a Skin Fitness & Spa Consulting business and was often mobile
• Had to look for solutions to credit card processing without paying a monthly fee and big processing fees

Venmo:

• Started using it with friends who do not use other tools, such as PayPal or Square, to get paid for my Sambal (hot sauce)
• They use a very simple and socially driven Venmo app to pay each other
• Simplest set up - just like starting a Facebook account (or any other social networking sites)