Setting Up Your Small Business for Accepting Credit Card Payments

StrategyDriven Managing Your Finances Article |Credit Card Payments|Setting Up Your Small Business for Accepting Credit Card PaymentsIf you own a small business, then you should be aware of how important it is to offer your customers the option to pay via credit card. Without this option, you may find yourself actually losing money. This is because, many times, people will walk into a business already expecting there to be a credit card payment option.

If your business doesn’t offer this, then the customer might not have any other choice than to cancel the sale. With today’s technology, not many people still carry cash on them, or at least not a large amount of it. Paying with a card is quick and convenient.
So, how can your small business start accepting credit card payments? Read on to learn more.

Choose a Payment Service Provider

With merchant accounts becoming a thing of the past thanks to their contracts, many hidden fees, and their inability to provide multiple services, payment service providers are on the rise. Payment service providers are an all-in-one payment and processing system. These providers allow for small businesses to accept both credit and debit card payments without the need to open a merchant account.

Any associated fees using a payment service provider are more clear than when opting for a merchant account. And your merchant account is part of the payment service provider system. With a payment service provider like Dynamics GP Credit Card Processing, you can track inventory, manage accounts, deposit funds, and much more!

Choose a Payment Gateway

The payment gateway secures and encrypts customer information when they make a purchase through your website. It then sends the information for approval. It’s then either approved or denied instantly.

If approved, the payment is complete and the funds are deposited into your account. Many payment service providers include a gateway with their system, but others require you to purchase one separately.

Purchase the Needed Equipment

You’ll also need to be sure that you purchase all of the necessary equipment for accepting credit card payments. This differs depending on where you’d like these payments to be made.

Online

For online purchases, you’ll need a merchant account with a payment gateway, or you’ll need a payment service provider that includes both of these. You can also buy a virtual terminal, which is software that’ll turn your computer into a credit card terminal perfect for accepting purchases over the phone.

In the Store

For purchases made in the store, you’ll need a merchant account and a traditional credit card terminal or a point of sale system. Either option allows the customer to swipe, tap, or place their card into the terminal for payment.

Smartphone or Tablet

Mobile card readers attach to your smartphone or tablet and allow purchases made from swipe cards or chip cards. This is a great idea for food trucks, massage therapist, and other on-the-go businesses. Most point of sale providers offer this service.

Accepting Credit Card Payments Is Good for Business

Accepting credit card payments is the best way to ensure that your customers can make a purchase whenever and wherever they may be. Without credit card acceptance, you may find yourself losing business. For more information on the business world, be sure to check out our Insights section today!

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