Accepting First Credit Card Payment at Your New Business and Legal Structure
The following post is from Jake Cho ’17, a Butler Venture Accelerator team member.
On November 9, Max Miller ’16, president of Intelligent Payment Networks, shared his lesson learned from his experience in the transaction industry at a peer-to-peer session held by the Butler Venture Accelerator.
Intelligent Payment Network consults and provides businesses with transaction payment system. It solves issues that businesses run into with payment processing and finds ways to improve the payment process such as implementing electronic payment acceptance, processing and managing payment processes across diverse market segment. The goal of Intelligent Payment Networks is for businesses to have better understanding of how money flows through their business.
Max shared his recommendations concerning payment processes for start-ups:
- Start-ups, as a smaller business in the beginning, should provide a variety of payment methods to make itself available to its customers and allowing customers to use payment methods more freely.
- Transaction data can be significantly beneficial to businesses that can increase revenue, retention rate, etc.
- Design payment system that best suits your business and your customers such as mobile ordering platform for a e-commerce business.
For example, if you are starting a new local pizza restaurant, you should accept payment methods that customers are willing to use. If the restaurant only accepts cash, it may lose possible customers that do not have cash available at the time. On the other hand, Domino’s, a major player in the market, accepts payment system of cash, credit cards, debit cards, online payment system, and even Babson bucks.
If you are looking at different payment options for your customers, Max recommends that a new business should have payment processing system to accept variety of payment types quickly and safely.