When you start your business, it is fine that you don’t accept credit cards. Small businesses do fine on cash-only transactions. But if you really want to get big, you need to start accepting credit or debit cards. It is not going to be easy though so here are some tips that should help you deal with that issue.
Make a Choice of What Platform to Use
In the past, when you needed to accept credit cards, you called up a bank for their merchant services. For example, if you had a store near Salt Lake City, then you’d look up a bank that offered merchant services for Salt Lake City and nearby areas. The bank would then handle much of the heavy lifting. You can still do that, but this system means that you will have to face some added fees and a few delays when getting things set up. But it is the safest option out there. Plus, larger businesses can set off their losses from fees thanks to the large volume of payments.
There are all-in-one systems that are available nowadays. These are Point-of-Sale systems that have integrated card payment. This means that they have payment processing and card acceptance in one package. This is great for small businesses who don’t have a PoS system yet and do everything by hand. You can also opt to go with a payment processor. This is best for those who already have a PoS system installed in their business.
Learn the Basics
Like any technical thing, you will want to know a bit about the jargon and how payment processing works. This allows you to better respond to emergencies with the system when something goes wrong. Plus, initial research will give you an idea of which processor to choose. Knowing what options are available and what they can do for you can save you from many headaches in the future.
Look at the Fees
You are a business, and you should be looking at your bottom line. While you do your initial research, you should look at the fees that the processors are charging. Most of the from four to one percent but that is still a cut from your profits. This can add up. Make sure that you will get your money’s worth when you are selecting a processor.
Have the Needed Equipment
Merchant service providers will make this easy for you since they will deliver much of the needed equipment. Card readers are the main piece of equipment you need. There are several card readers on the market though so you’ll want to look over each of them and see which meets your needs.
Ensure Good Security
Credit card fraud is one of the biggest crimes nowadays. To secure yourself, you will want to take steps that you are Payment Card Industry (PCI) Compliant. These are industry standards that lower the chances of data breaches and fraud. Only deal with processors that are PCI compliant for maximum safety.
Accepting credit cards is a big boost to your business. But it can easily cause you problems. The tips above should help much in making sure that the transition is easy and painless. If you do it right, you can now respond with a smile and a nod when they ask if you accept cards.