Running a business is not just about marketing and selling, but also keeping a steady cash flow for the business to grow. One way of doing that is to accept different payment options.
Cash transactions are gradually rolling on into the past. People in today’s world mostly prefer cashless transactions (3 in 4 transactions according to the 2019 Federal Reserve Payments study). With the series of lockdowns due to the pandemic, online shopping and transactions using credit card payments have become more popular than ever. cc fullz
Accepting credit card payments will help you boost your sales at the same time providing a better customer experience. But not all have adapted to this virtual payment option. So, here’s your guide on how to accept credit card payments for your business.
Table of Contents
First, you have to decide on how to accept credit card payments.
Online credit card payments are the perfect choice if your transactions are done from your merchant website, email, or over the phone. On the other hand, in-person credit card payments are ideal if you have a physical store while the mobile credit card payments option works best if you are out or working on-site for your clients.
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Second, choose a merchant account service provider that can help you best.
That is when it comes to your chosen mode of credit card payments, the type of credit cards you will accept, and others. Find the best credit card processing provider that offers the most competitive rates and fraud protection. Choose a service provider that can cater to your business’s specific needs.
Third, apply for and open a merchant account.
You may skip this part if your chosen payment processor has an inclusive merchant services account.
How to get a merchant account?
You need to provide the following documents to support your application:
- Business license
- Business bank account details
- Financial statements
- Business physical/actual address
- Employer Identification Number
- Articles of incorporation
- PCI compliance
- Other requirements such as business plans and more
Then, it is time to set up your payment terminals. You need to prepare a card reader and POS. The card readers available are contactless tap, inserted chip, or swipe.
But if you are using an eCommerce solution, their payment portal is already incorporated with their eCommerce platform. But if you are building your own website, you may need to commission the services of a professional web developer to set up the credit card processing or this can be handled by your credit card processing provider.
The ability to accept credit card payments is a must for every business whether it is online, in-person, or through a mobile terminal. The process is very straightforward.
The only challenging part is choosing the best credit card processor that excellent support especially during technical issues. In addition, knowing if you are getting a good rate can be hard.
Whether you are a startup or transitioning from old school payment options to cashless transactions, credit card payments can add value to your business at the same time entice online customers to enjoy hassle-free and convenient shopping experience.