Why Every Business Needs a Backup Payment Plan

Imagine the scene: Your business is busy, customers are lining up to pay you, and just as you're processing payments, the card machine stops working. Now what are you going to do?

This might sound like a nightmare scenario, but it's something that every business, big or small, might have to deal with. That's why you need a backup payment plan to ensure you can keep your business running and keep your customers happy. With that in mind, read on to find out why having a plan B might be the best thing you can do.

Technology Isn't Always Reliable

Most of us couldn't get through the day without using technology in one form or another, and that's just as true when it comes to business as anything else - perhaps more so. After all, you've probably experienced some frustrating moments when tech decides not to work for some reason, whether it's a power problem, WiFi issues, or even a system update that's taking longer than you thought it would.

That's why you need something like a mobile credit card reader. They are handy devices that don't rely on complex setups or even constant connectivity, and they're easy to use, portable, and perfect for keeping things going if there's an issue with your primary payment processing tools.

Customers Expect Options

Today's shoppers are used to having plenty of choices - since you're a shopper yourself, you'll know exactly what this means and what choices you want. Some people prefer to pay cash, others like using cards, others opt for payment systems like ApplePay, and so on. If you only offer one payment method, that's not great for your customers. If you only offer one payment method and it fails, that's not great for anyone.

A backup plan means you've got flexibility. If your main system goes down, you can easily switch to another one without any - or hardly any - time lost. Ideally, your customers might not even notice there's a problem.

Emergencies Can Happen at Any Time

From natural disasters to glitches in the system, the unexpected can strike when you least expect it (and when it's least convenient). Not only is that a problem at the time, it also takes time and effort to put things back as they were afterwards and get things running smoothly again.

A backup payment method is your safety net, so no matter what happens, you really don't have to panic. You can keep running your business while things get fixed behind the scenes and you won't have to miss out on any sales. Moreover, your customers won't get frustrated and decide to buy from someone else, which could mean you lose them forever.

It's Easier Than You Think

Setting up a backup payment plan doesn't have to be complicated or expensive - you just have to start by thinking where the potential weak spots are in your current system and then work out ways to plug those gaps where possible.

That could take a little time. But look at it this way: Investing some time now to ensure you have the security of a backup plan in place is smarter than ignoring a potential problem and then having to deal with it when it actually happens. It's better for you, your customers and your business.

Connect with an Old National Small Business Bankerfor more insights to help your business grow.

This article was written by SmallBizViewpoints from Small Biz Viewpoints and was legally licensed through the DiveMarketplaceby Industry Dive. Please direct all licensing questions to [email protected].

Public link

Please use the above public link if you want to share this noodl on another website.