Five tips to help you get set up for credit card payments right away
You know you want to accept credit cards, so how do you make that happen as fast and pain free as possible? Here are some things you can do to speed up the process.
1. Ask around for recommendations
It’s helpful if you have some general ideas about what type of services you need to get you going in the right direction. Ask some other business owners how they use payments, do some google research, and/or talk to your point of sale provider or other business connections you have. You may end up going in a different direction in the end, but this research can help you narrow things down to a handful of leads.
2. Make some calls to compare providers
Once you have some providers to investigate, check out their websites to get a feel for their service offerings and contact info. Then make the call. Unsure about how to compare providers? Check out this comprehensive payment processor comparison chart for guidance.
3. Have your credit card processing statement and other business information ready
If you’ve accepted credit cards at your business before, getting a rate quote is easy since you already have a good idea about the type and volume of payments you’ll likely be accepting. A credit card processing professional can look at your statement and give you an informed quote.
If you haven’t accepted credit cards before, take some time to think about your expectations regarding payments.
- How many customers do you expect to serve per day?
- What will your average ticket be, meaning how much money will an average shopper/diner spend per visit at your business?
- Will you offer online sales as well as in-person transactions? What might that mix look like?
The answers to these questions will help a provider give you a quote for their services.
4. Think about what types of value added services will be useful to you
Payment processors offer additional products and services to help merchants operate their businesses and get the most out of their payment processing technology. Some might be more appealing to you than others, and costs for similar services vary by provider. That’s why it’s helpful to have an idea about your top priorities. Some popular value added services include:
- Free 24/7 customer support
- Fast funding
- Data reporting
- Internet and network outage protection
- Gift and loyalty programs
- Marketing programs
- Security solutions to protect sensitive cardholder data
- Multi-location and franchise services
- ATM ownership
- Financial lending
5. Return your fully completed application quickly
If you’re in a hurry, keep in mind that completing your part of the application quickly can greatly speed up the process and get you accepting payments more quickly. Make sure you have all of your information handy.
- DBA name
- Business bank account info or a voided check
- Contact information for you and any other account managers
- Social security number
Be sure to fax or email all the requested information, and don’t forget to sign it.