There’s a misconception in the business space about credit cards. Being consumers ourselves, we know customers would rather pay with a card than with cash. And from the business side, we know that checks are unreliable. Not that there’s anything wrong with the check itself. Just that dishonored and post-dated checks can negatively affect cash-flow–not to mention the endless refrain of customers claiming that the check is “in the mail.”
At one end, smaller business may think their size and revenue doesn’t justify credit cards, while larger ones may mistakenly assume credit cards are just for small purchases. They may not realize you can pay for, say, a thousand-dollar shipment via credit card. Here’s the thing: size-wise, any company will have a hard time growing to its full potential (or even staying in business, in some cases) without accepting credit cards.
Find the right tier
Credit card networks (Visa, MasterCard, Amex etc.) don’t categorize your business based on shop size, location, or number of employees. They base classification on the type of business, and number or annual card transactions. So, for example, Level 1 merchants have over 6 million annual card transactions, while Level 4 merchants have fewer than 20,000. And based on your level, you may have different compliance requirements.
Buy the right equipment
As for the payment tools, a small business could get away with a single electronic keypad at the register. Larger businesses may need many card readers. An easier option for businesses of any size may be to download a payment app for your smartphone or tablet. So find a payment processor that provides the solution that is right for you.
On the issue of business category, some sectors are considered ‘high risk’ (like gaming and overseas shipping), so double-check whether your payment processor is okay with these business segments.
For more information on credit card processing for any size business, or to sign up for a merchant account, please call (888) 924-2743 or go to Charge.com.