How Can My Business Accept Credit Card Payments?

As each day passes by, accepting credit cards for payments is becoming more and more crucial for your business. With the world converging into a global village, the need for credit card and electronic payment processing systems is unavoidable. 


If you wish to keep your business alive and make things convenient for your customers during these trying times, you have no choice but to opt for an electronic payment service.


Cash is Dying, but Money is Not


The truth is that paying with cash isn’t as common or handy as it was a decade ago. According to a poll conducted by the US Bank, around 76 percent of customers had less than $50 cash in hand. Similarly, about 46% of respondents said they use cash less than eight times each month. 


Statistics like these indicate that you’re missing out on sales if you don’t take credit card payments. Not to add, credit cards are required if you want to open an online business. Are you ready to begin accepting credit card payments right away?

Let’s talk about everything you need to know about accepting credit card payments at your company.


Accepting Credit Card Payments: A Simple Procedure


From the customer’s standpoint, credit card payments are relatively simple to use. The backend procedure, on the other hand, is extremely difficult for a firm. Because of this, company owners rely on payment processing providers to verify these transactions.


The processor will validate that the account has sufficient money for the transaction, whether the credit card is inserted, swiped, or tapped. They’ll also look into the possibility of fraud on the account. This entire procedure takes only a few seconds and permits the transaction to proceed if everything appears to be in order.


Processors charge companies a modest fee for each transaction. There is some legwork to be done when accepting credit card payments for the first time. You should conduct research and establish your company’s particular requirements. Also, establishing and acquiring a merchant account is the first step in taking credit cards.


Obtain a Customized Merchant Account


When you decide to accept credit card payments for your business, you’ll need a merchant service provider. Select a merchant service provider that matches your company’s requirements. For example, if your business is considered high risk, engage with a provider who has experience with high-risk merchants. 

If you need to accept credit card payments online, you’ll need a processor specializing in eCommerce processing.


Questions to Ask 


Here are some of the questions to consider asking a potential merchant service provider:

●       Do they have any instruments for preventing fraud?

●       Are they able to accept payments via retail, mobile, or virtual gateways?

●       Is the pricing schedule reasonable?

●       What is the best way to contact customer service? 


Premium Payments at Your Service


When considering whether or not to accept credit card payments, one factor to consider is payment methods. For a detailed conversation about setting up and running an echeck system, feel free to get in touch with Premium Payments. You can reach out to us at (954)-934-9004 or (305)-747-5855.

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