Today, most businesses in Miami, Florida, regardless of their size or nature of operations, must accept credit/debit card payments to stay relevant and competitive in the marketplace. A recent survey conducted by Intuit, the business and financial software company, shows that more than 80% of businesses that started using these payment methods reported a jump in sales.
Once your business model includes credit/debit card payment, you need to select the right card processing company. Whether in Miami, Florida or elsewhere, small businesses use the same technology features as multi-million dollar corporations, but their scale of operations may be much smaller. Frequent, sweeping changes in security protocol requirements make it difficult for small business-owners to stay up to date. While you don’t need to be a tech geek or have a deep understanding of how card processing systems work, it’s wise to keep yourself informed and updated.
Let’s look at some of the key areas in this sector:
1. Main players:
- Cardholder who uses credit/debit cards
- Merchant or business who accepts such payments and maintains a merchant account
- Merchant bank that contracts with merchants enabling them to use the facilities
- Issuing bank that issues cards
- Card associations or custodians of the brand (like MasterCard/Visa)
2. Identify the right card processor
- Analyze the nature of your business and potential upscaling requirements
- Decide how you will accept payments
- Select the right point of sale (POS) system
- Select a processor that offers quick, easy on-boarding
- Shop for the best deal regarding fees, interchange-plus rates
- Avoid processors that charge application fees, “club membership”, hidden service charges, audit fees
- Check “free offers” and deals thoroughly before signing up for these
- Get clarity on set-up time, customer support, termination process,
3. Manage your end:
- If there is a charge for equipment, consider purchasing your own basic equipment rather than get into complicated leasing agreements
- Opt for month-to-month contracts rather than long-term options
- Read online reviews and industry reports on card processing companies before signing up with them
- Be informed on fees
- Invest in the future and keep scaling up as your business grows
- if you plan to expand internationally, get a payment partner who has the capability and experience
With the advent of the Internet, payment for your goods or services has become so much easier. Successful business owners typically focus on maintaining their cash flow, because this is the oxygen that keeps the enterprise alive and growing.
For more information on Credit Card Processing for Businesses in Miami, Florida, or to sign up for a merchant account, please call (888) 924-2743 or go to Charge.com.