Adding Credit Card Processing to Your Small Business

If you are trying to build a new company, you know how important it is to make access to your goods and services easy for prospective customers. That access can be viewed in a variety of ways—accessible pricing, payment formats, or even just being located efficiently and willing to work with people to get them what they need. If it seems like that’s a bit of a vague goal, that’s because it is complex, and making sure that your company is accessible for customers is a process, not a simple checklist. One of the most important steps you can take, though, is to make sure you are able to accept credit card payments.

How Credit Card Processing Increases Your Volume of Business

Cash is king, even in this digital age, and having the cash on hand to take care of everything one wants or needs is a worthwhile goal. Still, the fact is that very few people simply carry cash on hand, even when they can afford to “pay cash” for items. That is just solid thinking—and there are alternatives, like checks and credit cards. Unfortunately, not every company can afford to accept checks, because they pose their own security concerns. Luckily, it is easy for companies to accept credit cards, and there are some extra benefits above and beyond giving your customers options other than cash. Those benefits include:

  • Providing customers with a payment option that allows them to defer payment and to make payments, without your involvement in the repayment process
  • Streamlines sales calculations and minimizes money handling errors
  • Provides security for your business—credit card receipts have less security issues than cash
  • Attract new customers by accepting their preferred payment methods

Adding Your Own Credit Card Processing

If you want to add processing to your business, there are a few steps to go through. That’s because there are several moving parts that have to come together for your business to process credit transactions.

  1. You need equipment that can communicate with all the banks involved, yours and the customers’.
  2. You need a merchant processing account that can receive the payments from banks that issue and back your customers’ cards.
  3. After you have set up both those things, you also need a credit processing service that can communicate with the banks involved and handle your transactions.

This might seem like a lot to handle, but keep in mind that credit card processing companies are built to help you access these resources. That means you should be able to find a service provider who is able to connect you to a merchant account and the right equipment. In fact, many of them will work with you to set up your merchant account at the bank where you already do your business.

The key when considering credit card processors is to consider the costs of the transaction and the levels of service you get—cost-effectiveness is all about finding those providers who can offer you the best range of card types and support while still offering you a cost-effective service.

Ryan

I decided against the 9 - 5 grind so I can travel around the world and share my journey. Love people, music, writing and enjoying life. Share your thoughts.