"Do you take cards?". It's a familiar refrain at your local food truck or pop-up market, but this phrase is evolving beyond just card versus cash. These days customers want to pay with an array of options both physical and digital, so what payment methods do you accept?
Offering a range of payment options is great for your customers - and for your business too. When you offer credit card and debit card payments, PayPal, Apple Pay and others it means that no customer is shut out from buying from you. Figure Pay gives you access to secure digital payments.
Below, we cover some of the best reasons why you should include Figure Pay in your range of payment options for customers.
How Figure Pay Works for Merchants
Figure Pay is a simple and convenient payment method that benefits both merchants and their customers. You can set up an individual account to help manage your own finances or you can set up a special merchant account for your business.
Setting up an account is simple to do online. All you need to have ready is your business type, your entity’s legal name and address, your employer identification number (EIN), your driver’s license or government-issued identification, and your social security number or individual taxpayer identification.
Once you have set up your Figure Pay account, you can simply move funds from one bank to another by adding bank accounts. You can also view transactions, add employee profiles, accept returns on products with a QR code, and create point of sale transactions.
Using Figure Pay has plenty of benefits to enjoy once you’re all set up, including:
You save on transaction fees
One of the biggest benefits of using Figure Pay as a merchant is that you can save up to 80% on transaction fees. With merchant fees of 0.5%, this is a huge saving from the typical rate of 3% you see on credit cards, for example. With minimal processing fees, Figure Pay is a fraction of the cost of traditional platforms. For those processing a lot of transactions for their business, it makes sense to choose Figure Pay for this reason alone.
As a business, keeping your cash flow in check is vital. The key to this is being able to accept payments from customers quickly and with minimal delay. The good news is that with Figure Pay, there’s no waiting around for sales to clear once they’re processed. Everything is processed instantly and in real-time so you can get the funds in your account as soon as possible.
Create customer returns with a QR code
Sometimes merchants need to process returns for various reasons. With some systems, this can be unnecessarily tricky but Figure Pay offers a refreshingly simple solution. All you need to do is load up your merchant account and select returns from the main menu. The merchant then needs to type in the amount to be refunded and confirm it. Next, the merchant must scan the customer’s Figure Pay return QR code which confirms the transaction. It’s as simple as that.
Offer contactless payments
Being able to pay for things with contactless options is more popular than ever these days. Figure Pay offers contactless payment options to protect both you and your customers.
Protect transactions with secure technology
One of the standout benefits of Figure Pay’s payment system is its security, powered by blockchain technology. You transact directly with customers, reducing costs and friction in the process while also maintaining privacy.
Plaid technology enables Figure Pay to connect to your external bank accounts safely and easily, and deposits processed by Figure Pay are protected by FDIC insurance as well.
No need for additional hardware
Another great thing about using Figure Pay is that you don’t need to get additional hardware or equipment to offer this payment option.
In fact, your Figure Pay account can all be managed through a smartphone, laptop, or tablet. This makes it one of the simplest and fastest ways to set up a payment option for your business.
What payment methods are available with Figure Pay?
Offering Figure Pay as a payment option means that customers have a more flexible way to make payments. With Figure Pay, you can offer regular point of sale transactions, a prepaid card option, or even buy now, pay later for extra convenience and flexibility.
Point of sale transactions
Figure Pay mostly offers point of sale transactions which is the simplest and most convenient way to take payments from customers. With Figure Pay’s instant payments feature, you won’t have to wait too long to receive the payment. It’s all processed instantly and in real-time which is good news for both merchants and customers.
Any Figure Pay account holders can request a Prepaid Visa debit card which can be used just like a regular Visa card. This allows customers to use funds from their prepaid debit account to make purchases to help them stay on budget.
Buy now, pay later
Figure Pay also offers installment loan products that allow customers to use the buy now, pay later method of making a payment. Many customers can get an instant approval to finance a product between $10 to $2,500 from any participating merchants. This is great for merchants as it means that it makes your products more affordable and accessible for customers.
Why Figure Pay is a safe, easy alternative to banking
Figure Pay is a financial services solution that uses modern blockchain technology. By utilizing blockchain, Figure Pay is transforming a trillion-dollar financial services industry.
Blockchain allows Figure Pay to automate manual, paper-based processes associated with maintaining financial accounts and processing payments. Blockchain technology can connect global finance systems to make them much more efficient and accessible for customers and merchants alike.
One of the benefits of this increasingly popular method of payment processing is that it makes transactions safer.
How does Blockchain technology make payments safer?
Blockchain works with a secure digital ledger and allows each ‘block’ within a transaction to be tracked and approved by everyone involved in that transaction. This creates a digital paper trail that’s easy to track and monitor. The benefit of this level of transparency is that it reduces the risk of any fraudulent activity.
Fraudsters find it much harder to manipulate data that’s transparent to all involved in the transaction. It works as an excellent deterrent which helps to make blockchain technology one of the safest options. Figure Pay was designed with blockchain technology in mind because we place so much importance on the safety and security of our customers.
While some banks, especially challenger and neobanks (online-only digital banks), are starting to see the value of blockchain, Figure Pay is ahead of the curve. Figure Pay has not had to adapt to blockchain technology but has instead built it into its core technology.
Sign up today for a safe, secure, and easy mobile payment and credit system from Figure Pay. For more information on how it all works, check out our series of helpful tutorial videos to learn how to create point of sale transactions, returns, manage employees and more.