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How to Take Payments Over the Phone and How to Choose the Best Provider for You

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Take payments over the phone
Yes, you can take payments over the phone.

If you own a company that needs to take payments over the phone, then a solution like a virtual terminal will be paramount to ensuring that you are successful. Some good examples of this are when you need to take a deposit for a hotel booking, accepting orders that need to be picked up and when products have to be shipped overseas. The question is, how do you make a payment when the customer isn’t there to give you cash or swipe their card in your chip and pin machine?

There are a few steps that you need to take to give your company this service, primarily a virtual terminal and PCI compliance. In order to do this, the first thing to do is to choose a virtual terminal partner.

Picking a provider

The first decision you need to make is choosing your virtual terminal partner. There are many on the market, and all have different features and price points, so doing the research to ensure that you are picking the best fit for you is essential. You may find that when doing your research, you will see ‘card not present’ transactions referenced as a service, which is just another term used interchangeably with a virtual terminal. You will often have to get in touch with the providers before you get any information on costs, so take some time to contact at least three to get a good idea of the market.

It may be tempting to choose only the largest providers like Worldpay or Sage Pay as they are very well established and often have lots of other services that may be useful to you. Ensure that you contact some of the smaller providers as well though, as if you are a smaller business, these might be a better fit for you. Also, do not be pulled into features that aren’t needed in your situation. While being able to access many different services from one provider may seem like a good idea, if you only really need a select few of them, you could be saving a lot of money by avoiding them. In general, providers will charge a monthly fee that isn’t too expensive, but doing your research will make sure that you get the best offer and service for your individual needs. The type of business that you have may impact your choice, as a more high-risk business may want more security. If you aren’t sure, then this PaymentCloud blog article

PCI compliance

Once you have chosen your virtual terminal, you’ll also need to make sure that you comply with the Payment Card Industry Data Security Standard to ensure that all of your payments are secure. This is due to card payments being more vulnerable to in-person payments, and fraud is a serious issue that you need to avoid. Most providers are PCI compliant, and this is something that you should check before signing up.

For more of our excellent savingadvice articles, read these:

Twenty-three advantages of self employment

Twenty-three disadvantages of self-employment

Sorry- you can’t actually start a business for free

Photo Credit: Celeste Lindell, via Flickr.

Predictions For The Evolution of HR Software

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The rapid evolution of technology in recent years has disrupted how the world does business. Perhaps no other department has been impacted as thoroughly as human resources.

Developments made in HR software are causing a paradigm shift in human capital management. The controversy is running rampant about computers replacing humans, when, in fact, this technology allows HR professionals to have more focus on the people they manage.

Here are five predictions for the evolution of HR software and what it means for businesses.

Automation Will Take Center Stage

Automation is a scary word for many employees, who fear that the removal of simple tasks will result in the elimination of job security. However, automation is meant to reduce monotonous tasks so that human capital can focus on high-value responsibilities.

Not only will HR professionals have to manage the transition and employee concern as automation is integrated throughout a business, but they’ll have to incorporate it into their own processes. Software that automates the employee onboarding process or candidate screening will result in a shift in daily tasks and responsibilities within HR.

Applicant Tracking Systems Will Become the Norm

Gone are the days of sifting through piles of resumes and creating lists and schedules to keep track of everyone. Applicant tracking systems are streamlining the hiring process to cut back on costs and ensure the right person is put in the right role.

Wondering how Applicant Tracking Systems work? This software is used to create a job posting and simultaneously post it across numerous channels. Job seekers apply through those channels, and the applications are submitted to the tracking system. Applicants are screened and sorted– sometimes without human intervention– so that hiring managers can schedule interviews. Results from the interview and references can be recorded within the system to determine the best fit.

This technology will revolutionize the hiring process for businesses with an incredible return on investment.

Centralization Will Be a Priority

Many companies are still working in departmental silos. However, HR is unique in the sense that it integrates with every aspect of the business. In 2020 and beyond, centralization will become a top priority in the HR world.

One of the main shifts businesses will see is the centralization of accounting and HR management software. This will be made possible by workflow collaboration software that allows a single project manager to oversee and coordinate many different people at once across departments. Tasks like payroll, benefits management, and even employee onboarding will be captured in a single, unified software. This interconnectivity between HR and accounting will create a more efficient workflow and a productive environment.

Development of Real-Time Performance Management

The modern world is growing accustomed to instant gratification. Thus, the traditional annual performance review is no longer sufficient. Instead, companies are investing in HR software that allows managers and employees to see real-time performance updates.

This technology helps employees and managers clearly identify expectations and have an open conversation about challenges and barriers. Many of these programs offer incentives like “kudos” that can be sent easily to show appreciation for a job well done. This HR software will improve productivity and employee morale.

Cybersecurity Becomes More Important

With newsworthy data breaches in recent years (Facebook, for example), everyone is more aware of the risks associated with cloud computing and sensitive information. As a result, the future of HR software won’t just be about efficiency and performance, but also about cybersecurity.

As HR holds a lot of sensitive, personal data about employees and the business as a whole, software providers need to prove that they have checks and balances in place. Education about safe computing and internal cybersecurity will also play an essential role in HR.

These upcoming trends in HR software will transform how businesses interact with their employees. By getting ahead of the curve, organizations can improve their productivity and profitability for an edge on the competition.