New year, new you, new business and you need to know how to accept credit cards easily. Businesses that accept credit card payments see an increase in order size from their customers and see repeat customers thanks to the efficiency and convenience of being able to use a credit card to pay over cash or check. Here are the steps you need to follow to accept credit cards easily at your business today.
1. First, consider your business model. Are you a retail business with a brick-and-mortar location? Or do you operate your business remotely or on-the-go? Maybe you run your business from an office space and your customers are solely online. Regardless of how you do business, you will need a solution (or several solutions) that fall in line with business type.
2. Each method of accepting credit cards is unique and requires solutions designed for your business type. Another variable to look for is cost; for example, card-not-present transactions may carry fees associated with the higher risk for fraud.
3. So, what will you need to get up and running? If you are a business with a brick-and-mortar location, you will need a POS system and a merchant account. A card reader will connect with your business’s POS system and submit the customer’s card information to the credit card company. From there, you receive a confirmation if the transaction is approved or declined and money is processed by your credit card processing provider and sent to your bank.
If you have a business that operates online, you will need a payment gateway, an online merchant account, and a shopping cart integration. Discuss with your processor the possible fees associated with running an online business. You might think of a gateway as the online version of a card reader – similar to brick-and-mortar businesses, money is processed by your merchant account provider once a transaction is approved and processed.
If you have a business that is always on-the-go, you will need a mobile reader and your existing smartphone or tablet to take payments. Again, payments are processed similarly to the above, but you are using a mobile reader to swipe or dip a card.
There are a growing number of credit card processing companies vying for your business, and they all charge different fees and provide an array of products and services. Opening up a merchant account is something most new businesses will have to do, so when you’re ready to accept credit cards easily, check out Payline for your business needs.