4 Steps to Getting Started with Credit Card Processing

Business is all about paying and receiving cash. As a business person, one of the few things you need to consider thoroughly is payment options. What kind of payment options will you make available for your customers? Will that payment benefit you? Such questions are frequent and need to be answered.

Among others, one option that you must include is payment by credit cards. Credit card payments are always popular among consumers, and thus you should focus on them. If you don’t know where to get started, we will help you out. Read on to know everything that you need to know about Credit Card Processing.

Where to start?

We will go through an easy 4-step guide that will help you get started with credit card and ach payment processing. Let’s get started:

Setting up a merchant account

The foremost thing that needs to be done is to set up your merchant account. A merchant account is an account you open with a credit card processor. It helps you with underwriting and settling all your transactions.

Understanding the costs

The next thing you would have to think about is how much you would need to pay. There are various types of transactions, based on which you may have to pay different amounts. You might start with one amount, but you might not be able to make the kind of transaction you are hoping for within that amount.

Know the different types of transactions

This leads us to the third step— knowing about the different types of transactions. For credit card processing, there are two types of transactions available:

  • Card Present

These are the transactions where the credit card is physically swiped through a terminal (credit card).

  • Card Not Present

These transactions are the ones where the card is not physically present. Therefore, phone transactions and online payments fall under this category.

The rates for each transaction will vary from merchant to merchant. You have to determine which type of transaction will be used the most in your business. Once you have concluded that, look for providers offering the best price for that type of transaction.

Get the right tools.

Lastly, all that will be left is management. Setting up an account is merely the start. What comes next is the most significant part. You need to decide on the right tools to get started with the credit card processing system. Also, the kind of business you have will determine a lot about these tools.

For example, would you need a user-friendly online payment processing system or software to manage recurring payments efficiently, or would a secured, easy-to-operate terminal be sufficient?

All these things should be considered before you get started with credit card processing. If you require a reliable  service provider to help you with everything related to credit card processing systems, you can consult Premiumpymts by reaching out at (954)-934-9004 or (305)-747-5855. We will ardently walk you through the entire process, step-by-step, and leave you no space for complaints

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