How to Accept Credit Cards in Your Business: Here's What You Need to Know Before You Get Started
Understanding how to accept credit cards is important if you have customers who just don’t want to pay with cash or a check. For the most part, this is just about every business in the world. No matter if you have a product or offer a service, odds are that at some point someone will need to pay with their credit card. Since you don’t want to turn them away, the best thing to do is learn how to accept credit cards.
With the popularity of the internet these days just about every business has a website that details their products and services. In many cases, these products are for sale right on the web page. In order to sell your products you must be able to accept payments via a credit card. If you do not accept credit cards then you will have a hard time selling your products as the consumer wants to instantly review what you are selling and purchase it on the spot. If you do not have the ability to sell credit cards then they will simply move on to the next vendor and purchase it from their site.
In order to capitalize on the impulse buyers you will want to learn how to accept credit cards or you will be losing business. The typical impulse buyer will like what they see regarding your product and make a purchase decision immediately. If you direct them to make a call to place an order odds are they will put it off until later and never come back to it. Also, by accepting credit card payments you are expanding your scope of customers. By being able to accept credit cards online you can offer your products and services to potential customers all across the country as opposed to just your local area.
There are a couple of different options that you can use regarding how to accept credit cards. First off, you can open your own merchant account with the bank. If you are familiar with a local bank then it may be a good idea to approach them regarding opening this type of account. It is important to note, however, that most banks have their own unique requirement for opening a merchant account. Also, there may be some fees involved upfront if you want to open a merchant account with them. The other, more popular, option is to open up a third party merchant account. These accounts are easy to open and will just need to be linked to your businesses bank account. The drawback of a third party merchant account is that they will take a fee for each transaction that is completed. In short, if you make a sale for $100 dollars the third party may take a 3% fee which will leave you with $97.
Knowing how to accept credit cards is a must in this day and age. Having this ability will allow you to expand your business or even make sales through an online means. Selling your services online will allow you to create revenue while having minimal interaction with the paying customer.