Payment changes and how they affect your interior design business

interior design payment processing
In the not so recent past paying with check and cash were the most popular and accepted forms of payment for the interior design industry. However,the way we charge for services and how our clients make purchases is changing, and quickly at that. With rapid advancements in technology and improvements in payment processing means that interior design businesses now have access to low cost options for accepting credit card payments. Change can be scary, but staying informed and taking the time to understand how they affect you and your business will make everything less scary.

Perhaps you’re one of those who has yet to switch from check and cash? Or may you’re already accepting credit cards? Either way there are big changes that are happening right now. The good news, all the changes are positive. New technology advancements and changes in regulation are giving your clients a more secure method to pay and will result in less fraud for you and your customer (Phew!)
In a nutshell if you haven’t already heard magnetic stripe cards are now a thing of the past! Think of magnetic strips as the dinosaurs of credit card processing. As of October 1st, 2015, EMV (chip enabled) credit cards are being rolled out across the USA. As a small business owner this means if you’re already accepting credit cards you’ll need to ensure you have the upgraded hardware to accept the new chip cards. Contactless NFC payment (Apple pay and android wallet) are also growing in popularity. If you’re not offering credit cards yet, now is the time to consider it.
Your clients purchasing habits are changing too. With purchasing online so easy now, there is a growing expectation for businesses to offer credit card as a payment option. As a small business owner, offering credit cards may seem quite challenging, but like I said, change is scary only if you don’t understand. Accepting credit cards can be quite simple, if you understand the different options available to you. You shouldn’t be fearful of the changes, but excited. With access to low cost technology and easy setup, the barrier to entry is smaller than ever before. No longer needing to collect checks and make deposits means you can give your clients the white glove service they are expecting all while you get paid faster and safer.
Of course, if you’re an Interior Design professional with a Mydoma Studio account you can safely and securely accept credit card payments from within your studio.
If you’re not already using Mydoma Studio, signup for a free trial today to get started