Years ago, the only way you could take a credit card was with a merchant account and a clunky processing machine. Today, there are countless lightweight and simple ways for a small business owner to accept credit cards from a customer.
There are mobile apps that link to swiping apparatuses. There are online merchant accounts like PayPal, Square and Amazon Payments that allow you to process cards from a website or in person.
In short, there really isn’t any reason not to accept credit cards from customers in this day and age.
You can increase your sales by as much as 70% by taking credit cards. Ask any current business owner and they will probably attest to this fact. This applies to both online and offline sales. Many people feel most comfortable paying through a trusted provider like PayPal or Amazon.
Transaction Fees – Just a Cost of Doing Business
Credit card transaction fees are a cost of doing business. You can expect to pay around 3% of each sale in fees. Compared to the additional sales you’ll receive, the fees are inconsequential.
Merchants who have to work with many different purchasers sometimes have to deal with credit card disputes. It is important to keep accurate records regarding each transaction to properly handle and respond to these disputes.
Plenty of Ways to Accept Card Payments for Your Small Business
There are so many different ways to accept credit cards. You can use your smartphone to swipe a card at an event or flea market. You can type in the customer’s card information into a laptop to process the payment. You can send someone to PayPal to complete the order. Or you can purchase full credit card equipment and set it up in your store. Some merchant accounts also allow you to call a payment system from your cellphone and get an approval on the spot.
Having a reliable merchant account or service is an important part of running your company. There are a few important details that you need to be aware of when deciding on how to accept credit cards for your small business, choosing a service and managing your account.