The world of beauty and self-care is continuing to grow and expand. From trending hair treatments to timeless deep tissue massages, salons and spas have the opportunity to greatly diversify their services to meet the needs of every woman and man. However, a salon is only as profitable as their payment process is convenient and accessible.
Today’s society relies heavily on the use of digital payment- debit cards, credit cards, Apple pay, and even personal checks. Whether your client is a stay-at-home mom or professional athlete, rarely will you find cash in their purse or wallet. Therefore, in order for a salon or spa to accept these popular forms of digital payment, they must register for a merchant account. A merchant account is a bank account that allows a business or individual to accept payment via digital payment. The merchant account accepts the customer’s payment and transfers the funds into the business bank account within a couple of days. The process is automated and requires minimal effort from the business owner. It’s important to note that merchant accounts often require an active business license to validate the authenticity of the business. In addition to the benefit of accepting various digital payments, merchant accounts can provide supplementary services, including online account management, PCI compliance services, and payment via mobile, online, and gift certificates.
While a merchant account is the first step to accepting digital payment, it does not stop there. After establishing your merchant account, a credit card processor is necessary to authorize transactions. It may seem complicated, but it does not have to be. Various payment processing services are available to simplify and oversee the operation so that business owners are minimally involved. Through the use of a credit card terminal, processing services perform the transfer of funds. After authorization, payment is transferred from the customer’s issuing bank to the seller’s acquiring bank. The process is entirely automated and electronic.
As previously stated, credit card processing services are made complete with additional benefits. For example, processing services can help ensure that your business is PCI compliant, which is necessary in every business transaction. Also, the possibility of online transactions will help your business meet the increasing demands of online and mobile transactions.
Credit card processors accept payment via debit cards and credit cards. However, the processes slightly differ. When a debit card is used for any transaction, funds are transferred directly from the consumer’s checking account, which does not require a processing fee. In contrast, with the use of a credit card, a processing fee of 3 to 4 percent is charged to the business. Despite this additional charge for credit cards, both processes are seamless.
With the help of credit card processing services, hair and nail salons, day spas, and freelance stylists are provided with endless opportunities to grow their business. Brick and mortar shops have the ability to extend product sales to the online world, providing their clients with convenience and affordability. Freelance hair stylists can accept digital payment via apps on their mobile phones, like Square or PayPal. A whole new world of merchant services is made available, online and in-store.
The continuous expansion of any salon business is crucial to stay afloat in today’s thriving world of self-care. Furthermore, the implementation of simplified in-store transactions can make-or-break a small business. In a world of digitalization and immediate gratification, the addition of in-store credit card processing is unavoidable. Accepting digital payment in-store is effortless and almost instantaneous with the assistance of credit card processing. Retail stores benefit greatly by offering convenient and quick digital payment to its loyal customers. Not only do credit card processors change the game for digital payment, but they also introduce the possibility of gift certificate purchases. Gift certificates provide your customers with a tangible way to refer their loved ones to your services. And, notably, referrals are the best way to grow any business.
Credit card processing services allow any retail or brick-and-mortar salon to expand their sales to include e-commerce. By offering beauty products, gift certificates, and coupons online, your services are no longer limited to your geographical location or current customers. With the ease and convenience of online shopping, anyone can purchase from your online store. Via credit card processing, as with in-store purchases, funds are transferred from the issuing bank to the acquiring bank almost immediately. Utilizing a credit card processing service for online transactions provides safe and secure transmission of funds, protecting the confidential information of your business and your client.
POS stands for Point of Sale. Through POS software, businesses can track inventory, complete transactions in-person or online, and more. While there is a variety of POS software available, it is important to choose one that is compatible with your beauty business. As the software features, pricing, and abilities vary, you can determine the best option for you by considering the unique needs and financial status of your business.
A web-based POS system integrates with a credit card processor to complete transactions online or in-store. The online system quickly and efficiently completes the transaction with the click of a button. Printed and/or emailed receipts are provided for the customer. For in-store services and purchases, it may be wise to invest in an iPad or tablet for POS use. Processing a transaction on an iPad provides the client with a user-friendly and prompt checkout experience. Many software services have apps available for download on iPads or tablets.
As a business owner in the industry of self-care and beauty, investigating the various merchant services available may just be the best thing you do. Investing in the necessary and appropriate services for digital processing will provide your clients and customers with a seamless and straight-forward experience. With the help of merchant services available, the transition into digital payment can be quite painless and a small price to pay for the growth of your business.