According to latest surveys, the majority of customers choose credit cards over cash and cheques as their primary means of payment [1]. If you are selling any kind of products or services, you must accept credit card payments! If you are asking how you can accept credit card payments, you should first focus on your preferred way of interaction with customers. There are various ways to accept credit cards and we will now highlight the most popular and reliable ways.
POS System
Small business owners and entrepreneurs can use Point of Sale or POS system for their physical store. If you have many transactions on a daily basis, it would be a great idea to use a POS system. In order to use a system like this, you will need equipment and the pieces of equipment you use depend on the type of POS system: an ordinary, conventional system or a mobile POS system. Before you make your final decision, check the fees involved in the process with your acquirer.
Using a merchant account
In most cases, you will need a business bank account to establish a merchant account. You will also need your corporate documents, so make sure you have all your company documents handy before applying. In case you didn’t know, a merchant account is a specific type of bank account that allows business owners to accept and process different types of electronic payments. Besides credit cards, you will also get a chance to accept debit cards, ACH payments, and gift cards. If you want to open a merchant account to accept credit card payments, you would need to contact a payment service provider.
Relying on a mobile device
This is the perfect solution for those who want to get a chance to accept payments regardless of their location. Businesses that are relatively mobile like repair service providers will definitely benefit from a system like this. These mobile devices accept credit card payments making cash transactions obsolete. Of course, even traditional physical stores can take advantage of this form of credit card payment because salespersons can accept payment in any part of the store. All you need to do in cases like this is to buy the necessary equipment and check the fees!
Accept credit card payments over the Internet
The number of people that are using the Internet to buy things is growing every year, so finding a way to accept credit card payments online is a must. The most important thing for online businesses is to select the best payment gateway that suits their requirements. Payment gateways are providing connections to third party providers, they facilitate payment processing and provide security to buyers and businesses. Once again, don’t forget that there are certain fees associated with online credit card payment solutions, but it is worth every cent!
Now that you know how to accept credit card payments, it is time to choose the right option for you. Dont forget that you are free to use more than one option.
