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A Card Payment System That Also Helps You Manage Your Business

May 17, 2023
Jeanne Bullock
Jeanne Bullock

When selecting a system for accepting card payments, the choice comes down to this: Are you primarily interested in purchasing an easy-to-implement, out-of-the-box solution? Or are you willing to clear a few initial hurdles to gain a full-scale business management tool, one that will support growth? 

Many out-of-the-box solutions enable merchants to start accepting card payments by purchasing a device for a mobile phone from a store like Sam’s Club and filling out a simple form online.
Your other option is Clover®, the full-scale business management tool. With Clover, you’ll establish a merchant services relationship with Hancock Whitney and meet with a specialist who will help you tailor your purchase to your business.

A Card Payment System That Helps You Manage Your Business


Key Considerations

Here are some considerations when making your choice:

Broad business management capabilities. While Clover is a point-of-sale system, it is much more, offering time cards, inventory, and promotional and marketing tools. With Clover’s comprehensive dashboard, merchants can send invoices, send offers and discounts, change prices, add and delete employees and customers, and seamlessly link to QuickBooks™ — and do it anytime or anywhere there’s an internet connection. Clover also gives you access to powerful analytical tools to help track and manage key metrics like revenue and sales, and it captures enhanced data so you can enjoy a reduced rate for commercial or corporate cards.

The value of a cloud-based system. Because Clover is a cloud-based system, a server at a restaurant could forget his handheld device in the kitchen and pick up any other similar device to take a payment. Many other competitor devices, in contrast, do not communicate with one another and are not interchangeable.

The trust factor. Many providers are payment facilitators (PayFacs), which means all merchants use the same platform and only have a processing relationship with that PayFac. Clover, on the other hand, is offered by your trusted relationship bank.
Pricing comparison. Clover processing fees are highly competitive with those of the out-of-the-box solutions. In addition, many of the more than 150 apps businesses can use with Clover are free. With other solutions, a user’s fee structure grows as its business grows.
Funding holds and chargebacks. With the out-of-the-box solutions, you may experience holds on payments that exceed average-ticket-size parameters established during the sign-up process. These solutions offer no service option for effectively challenging the holds, which can last for as long as 90 days. With such solutions, it can also be difficult to fight chargebacks. With Hancock Whitney, on the other hand, you’ll have 5-star customer support to tackle holds or chargeback questions.
Surcharging capability. Most businesses have the legal right to assess a surcharge for accepting a card payment. Many providers do not support surcharging but Clover does. One current Hancock Whitney client, a trucking service and parts provider, uses this Clover capability to save about $180,000 annually on card processing fees.
Online shopping carts. Brick-and-mortar business users of Clover can expand their revenue opportunities by linking to online shopping carts to engage in e-commerce. While other providers allow users to participate in limited offerings, Clover supports multiple shopping carts, including Magento, BigCommerce and others.

Time to Re-Evaluate?

Many new businesses have opted for out-of-the-box solutions as a quick-and-easy way to get started accepting card payments. However, as your business grows, you may wish you had a more robust system. In that case, consider the many advantages of migrating to Clover through your banking relationship with Hancock Whitney. If you are looking for a way to manage your business 24x7 without always being at the store, Clover may be the answer.
Not all banks offer Clover, but Hancock Whitney has specialists trained to make recommendations for leveraging Clover to address your unique circumstances. We have a solution to fit any merchant’s needs, from virtual terminal and Web Dashboard to equipment that solves needs on the go, in store, online or via mail/phone.
Contact your banker to learn more about what Clover can do for your business. Migrating is easy and there is no associated downtime.