How to accept credit cards for your small business
We haven't reached the point where cash is extinct, but more and more transactions depend on credit cards than at any other time in our nation's history. The benefits of credit cards aren't just for consumers, but businesses themselves. After all, customers will spend more money in any given purchase when they use a credit card, while also focusing more on a product's benefits than its drawbacks. No small business can afford to go without credit card payment processing. Here's how to accept credit cards in your small business.
Create Points of Sale
A generation or two ago, the only point of sale solution any business required was a single cash register. Credit cards require a different approach for payment solutions, however. One of the most popular credit card point of sale solutions are card readers that can register not only the magnetic stripe on the side of traditional credit cards, but also the chip embedded in EMV cards, so-called chip cards. Card readers will require a merchant account in order to process customer payments and information. Point of sale solutions should help your small business develop point of sale checkout solutions that minimize lost time and increase customer satisfaction.
A company that relies on online merchandising, whether for a small portion of your business or for almost all of yours sales, requires a layer of digital security in order to ensure that customer data remains safe. eCommerce payment solutions that include card acceptance should make online payments secure for customers, providing the processing power, as well as the firewalls and features like tokenization needed to keep card numbers out of the hands of hackers. Due to the higher risk of using a credit card number online, some customers may refuse to buy a product on the Internet unless they're confident that the checkout experience is protected, along with their card data.
No longer do you need a number of computers or terminals to accept credit card payments from your customers. Sometimes a single iPad will do. Mobile payment processing can turn a single tablet or smart phone or laptop into a sales mechanism that can be taken wherever wireless Internet service can be located. To do so, you need a card reader as well as a tablet to run credit cards. Your mobile payments and mobile payment processing require the same kind of care, as well as security and support, that your eCommerce and in-store payments require. There are enormous benefits to mobile payment processing. Mobile payment services allow you to do business anywhere, ranging from an outdoor event to the sales floor of a major conference.
Any small business will need to take credit cards in order to survive. Here's how a company should set up card payments.