How to choose the right payment processing system for your salon, spa, or barbershop – no matter how big or small. Plus, details for renters too!
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Today we’re diving deep into a subject that’s fundamental to your business but often doesn’t get the attention it deserves—choosing the right payment processing system. This topic may not be as alluring as the latest balayage techniques or cutting-edge facial treatments, but believe us, it’s crucial for both your bottom line and client satisfaction.
Meet Chris: Your Go-To Expert on Payment Systems
Before we jump in, let’s talk about our recent podcast guest, Chris Browes, the CEO of Kubera Payments. Chris brings a wealth of knowledge, experience, and insights into the intricacies of payment systems. With years in the industry, he has helped countless businesses optimize their payment processing, and he’s a treasure trove of information. If you’re a salon or spa owner looking to get the lowdown on payment systems, Chris is the expert you’d want to consult.
Interested in connecting with Chris and his team in person? Tap here. Be sure to ask about the BeautyCouncil $250 member sign-up bonus.
Why the Right Payment System Matters
Selecting an appropriate payment system is not merely a mechanism for transactions; it’s an integral part of your client experience and overall business operations. According to Chris, a well-chosen payment system accomplishes three main objectives:
- Enhances Customer Experience: Clients appreciate flexibility. Offering various payment options not only makes life easier for them but can also lead to increased spending per visit.
- Streamlines Operations: A system that can seamlessly integrate with your point-of-sale (POS) and inventory management can significantly reduce administrative headaches.
- Positively Impacts Revenue: Providing alternatives to cash payments can boost your revenue, even after accounting for processing fees.
Decoding Pricing Models: Fixed, Tiered, and Interchange Plus
Chris emphasizes the importance of understanding the fee structures associated with different payment systems. Here’s a quick rundown:
- Fixed/Basket Rate: Think Stripe, PayPal, or Square. You pay a fixed fee per transaction.
- Tiered Rates: These have a base rate but may charge more for ‘non-qualified’ cards like high-reward credit cards.
- Interchange Plus: This transparent but variable model charges based on the actual cards being processed.
Even a small percentage difference in fees can add up over time, so choose wisely.
Flexibility for Chair Renters and Part-Timers
If your salon or spa has chair renters or part-time staff, Chris recommends these flexible options:
- Virtual Terminal: This option requires no hardware and runs on an app—ideal for those with limited space or funds.
- Mobile Readers: These devices connect via Bluetooth to your phone and allow card and tap payments.
- Physical Payment Terminal: The traditional countertop device, often with a built-in receipt printer.
When Things Go Awry: The Importance of Customer Service
As Chris points out, technology can sometimes fail us. In those moments, having quick, reliable customer support is a lifesaver. Some businesses even keep a virtual terminal as a backup for such scenarios.
When it comes to payment systems, the choice you make impacts your client experience, operational efficiency, and, ultimately, your revenue. Take your time to make an informed decision, and don’t hesitate to seek out experts like Chris for advice.
Whether you’re a veteran in the industry or just starting your journey, the right payment system can make all the difference. Happy processing!
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