Pub. 1 2019 Issue 6

N O V E M B E R / D E C E M B E R 2 0 1 9 24 nebraska cpas When you hear t he wor ds “business owner,” you do not run from them. You embrace them. No matter how your business came to be, there is one thing you share with 30.2 million 1 other small business owners: you must be able to accept card payments. An innovative payments technology will help support your day-to-day operations, while providing your customers with convenient, efficient card processing. When choosing a card processor for your small business, key factors to consider include technology, security, and branding. Keep Up With Technology Technology is evolving at a pace that we’ve never experienced in the payments space. Whether it’s the newest smartphone technologies or cloud-based systems, it is important for small businesses to stay current. Creating a seamless, consistent experience across channels—in-person, online, or on-the-go—is essential for acquiring new customers and retaining existing ones. If you have office space, your physical location is still a key place to build relationships with customers. But having the ability to take payments on the go can enable you to do business from anywhere. A mobile point-of-sale (mPOS) solution that is portable and integrated with an existing POS system is recommended to give you that flexibility. Protect Customer Data While the ability to pay the way they want is important to your customers, security is perhaps even more critical. Seventy- five percent of U.S. consumers said they will not buy from a business that they don’t trust to protect their data. 2 So, in your search for a trusted small business merchant processing provider, you should consider which solution has the most comprehensive security, with the easiest implementation and maintenance. If you don’t already have point-to-point encryption, tokens, andEMV, your security data is at risk. According to the Ponemon Institute, the odds of being breached are 1:4. 3 If your business experiences a breach, the payment card networks will hold you responsible for your fraud losses and incurred costs. It is better to proactively avoid spending time and money to resolve the aftereffects of a breach with multiple layers of security. Stay True To Your Brand “Consistency is the key to successful branding. . . . The brand promise must be clear with every interaction each stakeholder experiences,” according to Forbes. 4 Consistent branding across all channels will ensure a homogenous customer experience. When you are choosing a payments solution provider, look for one that offers the option to white label, promoting your brand above its own. As a small business owner, being able to focus on your business goals and your passions is important to your success.When you partner with an experienced merchant processor, you can be confident that every aspect of your card payment processing — from technology implementation to data security to branding—is under control. t SMALL BUSINESS CARD PROCESSING CAN BE EASY Elavon is the innovative, secure, and global partner for your payment processing needs, whether you do busi- ness online, by mobile, or in-person. For more than 25 years, Elavon has been a leader in payment processing, leveraging the world’s best technologies for our partners , from large worldwide enterprises to locally owned small businesses. Contact Darek Kozlowski for more informa- tion at (847) 226-7542 or darek.kozlowski@elavon.com . 1 U.S. Small Business Administration Office of Advocacy, “2018 Small Business Profile,” 2018 2 IBM, “IBM Cybersecurity and Privacy Research,” March 2018 3 Ponemon Institute, “2017 Cost of a Data Breach,” June 2017 4 Forbes, “Why Consistency is the Key to Successful Branding,” December 13, 2016