Accepting Credit Cards The Ultimate Guide For Small Business

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There are many services available that will allow you to accept credit card payments, and choosing the right one will depend on where you do business. Some businesses will need to accept credit cards …

There are many services available that will allow you to accept credit card payments, and choosing the right one will depend on where you do business. Some businesses will need to accept credit cards in a brick and mortar location, on the go, and online. Others may only need to sell online.

There are comprehensive services that will allow you to accept credit cards everywhere, and piecemeal services that let you avoid paying for services that you don’t need.

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  • 1. Invoice Software what is the best option for you? by FitSmallBusiness.com
  • 2. This guide is organized in two parts 1. The first part covers the “Comprehensive Solutions,” which will let your business accept credit cards anywhere and everywhere. 2. The second section outlines “Piecemeal Solutions,” which are designed for businesses that only need to accept credit cards in one or two locations.
  • 3. Part 1: Comprehensive Solutions
  • 4. Merchant Account Service Providers The most conventional and widely used method of accepting credit cards, but it can be the most expensive. They are banks or financial institutions that provide the services and equipment necessary to connect your business bank account with your customer’s credit card company.
  • 5. “Merchant Account” as part of their service, which acts as a temporary holding account for payments waiting for approval from the credit card company. Once the payment is approved, the merchant will transfer the payment, minus their commission.
  • 6. PROS Great user experience for both brick and mortar and Internet stores. Most providers will sell or rent all the equipment you will need, and an online shopping cart that integrates with your website. Also, the name of your business will show up on your customer’s credit card statements. CONS The cost. Make sure to identify and compare the monthly statement fee, monthly minimum fee, monthly gateway payment, transaction fee, and transaction commission. Also pay attention to the contract duration and rate hikes.
  • 7. Consider a Merchant Account Service if: ● You sell a lot of products in a brick and mortar location. ● You sell a lot of products online. ● You want a single, integrated user experience across all platforms. Top Merchant Account Service Providers Intuit Merchant Services Flagship Merchant Services Merchant Warehouse
  • 8. Hybrid Online/Mobile Payment Services Some services, such as PayPal and Square, offer payment services that allow you to accept credit card payments both online and in person using a mobile device. These don’t require a merchant account, and can be more affordable than a full Merchant Account Service.
  • 9. PROS CONS It may be less expensive than a full Merchant Account Service Provider, while giving you the ability to accept credit cards in all the same locations. The online nature of these services also makes it easy to monitor your account, transfer funds, and track analytics. The cost. Make sure to identify and compare the monthly statement fee, monthly minimum fee, monthly gateway payment, transaction fee, and transaction commission. Also pay attention to the contract duration and rate hikes.
  • 10. Consider an Online Payment Service if: ● You sell a lot of products in a brick and mortar shop, online, and on the go. ● You want a cheaper solution than a full Merchant Account Service Provider ● Cost is more important to you than a seamlessly integrated user experience. Top Hybrid Payment Services: PayPal - Square - Intuit
  • 11. Part 2: Piecemeal solutions
  • 12. Not everyone needs to accept credit cards in person and online. If you do all your sales in a brick and mortar location, you may find that a Mobile Payment Service is perfectly adequate. Likewise, if you run an online business, an Online Payment Service can provide an inexpensive and quick solution.
  • 13. Mobile Payment Services A relatively new way to start accepting credit card payments through a smartphone or tablet. They will provide you with a card reader that connects to your smartphone/tablet, and an app that allows you to process the payment, take a signature, email or text a receipt, and track analytics.
  • 14. How it works: The only major difference is that you will use a smartphone/tablet to process the order instead of a conventional card swipe or point of sale terminal.
  • 15. PROS The flexibility they offer in terms of payment location. It can give your business the ability to accept payments on the go, at places like markets and fairs, or allow your brick and mortar sales associates to individually process credit cards away from a cash register. CONS They require smartphones or tablets to operate, so if you do not already have this technology, you may be facing high startup costs. Fee structures for mobile payment systems can vary widely, so they can end up being quite expensive. Many mobile payment systems do not include online shopping cart integration.
  • 16. Consider a Mobile Payment Service if: ● You sell a lot of products on the go. ● You want all your sales associates to be able to independently process credit cards. ● You do not sell anything online. Find a Mobile Payment Service Here: Intuit Gopayment - Square - Paypal
  • 17. Creating your Invoices
  • 18. Online Payment Services Some services, such as PayPal and Square, offer payment services that allow you to accept credit card payments both online and in person using a mobile device. These don’t require a merchant account, and can be more affordable than a full Merchant Account Service.
  • 19. PROS CONS The major benefit of an online payment service is that they allow you to accept credit cards online with minimal cost or setup time. The user experience may be branded by whatever services you use. This means that the customer is rerouted to the service’s website, which can bother some customers.
  • 20. Consider a Online Payment Service if: ● You only need to accept credit cards online. ● You want to avoid paying for services that you don’t need. Find an Online Payment Service Here: PayPal - Checkout by Amazon - Google Wallet
  • 21. And Finally...
  • 22. To learn how to be a more successful entrepreneur visit us at....
  • 23. (Click The Link Below) www.FitsmallBusiness.com
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