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Top 5 things you need to know about accepting payments

December 27, 2017

The design of your store, the look and feel of your product, hiring and firing staff–there are tons of important decisions you have to make as a small business owner. But if you can’t take payments, or you can’t take the types of payments your customers prefer, nothing else will matter. Here are the top 5 things you need to know about taking payments:

1. Customers increasingly prefer credit cards.

80% of consumers say credit or debit cards are their preferred payment method and only 14% prefer cash. Credit cards are particularly favored for more expensive or discretionary purchases. But if you’re running a coffee shop or a fast food restaurant, keep in mind that a lot of your customers will still prefer to use cash.

2. Your business must be EMV compliant.

If you’re accepting credit cards, you’re now required to be EMV compliant, which means you must be able to accept chip cards. If you don’t have this required technology, you’re liable for all disputed transactions. Clover terminals, including the Clover Go that attaches to a smartphone for offsite transactions, are EMV compliant.

3. Mobile payments continue to grow.

Only 13% of consumers have used their mobile phone to pay for something at a retail store in the past year, but that’s up from 7% in 2015. And consumers are interested in making mobile payments–44% say they’ve either already linked a credit card to their phone, or they are likely to do so in the future

4. Security matters.

Consumers value security very highly. It’s top of mind when they’re choosing a credit card, and it’s one of the main reasons they prefer paying with credit cards in stores. Unfortunately, small businesses are increasingly at risk of cyber-attack, as they’re perceived by hackers to be easy targets.

5. Plan ahead for flexibility.

A traditional POS system with state-of-the-art security is a great start, but what happens when the line gets long, or you start selling product at festivals or in another location outside your store? A Clover Mobile can help you take and process orders while customers are waiting in line, to keep things moving faster, and a Clover Go will let you securely process payments anywhere you are.

There are tons of important decisions you have to make as a small business owner. But if you can’t take the types of payments your customers prefer, nothing else matters. These are the top 5 things you need to know about taking payments.


Clover is sold by leading U.S. banks including Bank of AmericaBBVACitiPNCSun Trust  and Wells Fargo. You’ll also find Clover at our trusted partners including Ignite PaymentsRestaurant Depot, and Sam’s Club. For more information, visit us at clover.com.