Accepting Credit Cards for a Small Business
These days, credit cards are the preferred mode of payment for a typical customer. It’s easier for them because it’s quick and convenient, with fewer visits to the ATM, no dealing with bills or change, and no checks to write. From a business perspective, you might think your company is too small for credit cards. But as long as your customers would like to pay by card, it’s probably a good idea to accept them. Otherwise, you might be losing the sales that would propel your business from being a small business into becoming a bigger one.
You may be worried about the cost of accepting credit cards. While it might seem like it would be expensive, it is not difficulty to find an affordable credit card processor. Every business that accepts credit cards, regardless of its size, has to follow the same steps when they want to accept credit card payments. It’s actually just one step – pick the right payment processor and open a merchant account.
Never too small for cards
Once you have a merchant account, your payment processor should provide you any software or hardware you need in order to accept credit card payments, from online software, to physical terminals, to mobile solutions.
Getting a merchant account
Find out whether there is a charge for applying. Some do, but it is now possible to find merchant processors with free applications. Other payment processors bundle lots of free features, tools, and services with their mothy package. You might receive free equipment, software, SEO services, or even virtual shopping carts for your online store.
When you let your customers pay by card, you’re doing them a service, because aside from convenience, it boosts their credit score. The cash moves from their bank to yours and reconciles within 24 to 72 hours. Reviewing your statement can be a good tool for cash flow. It can also help you access additional services from your bank, because they can make estimates regarding your income and liquidity levels. Credit cards have been proven to reduce what’s known as ‘the pain of paying,’ meaning that, statistically speaking, customers spend more when using a credit card, which can boost your bottom line.
For more information on accepting credit card payments for your small business, or to sign up for a merchant account, please call (888) 924-2743 or go to Charge.com.