Accepting credit cards is a necessity for small businesses because it allows them to remain competitive, offer convenient payment methods to buyers and not forego a sale in the event customers come up short of cash. Understanding the world of credit card processing can seem daunting at first, but these 3 key principles help address how credit transactions explicitly relate to small businesses and how merchant accounts enable small businesses to accept these types of payments seamlessly.
Embrace credit card processing
Building your small business one day at a time involves a dynamic, strategic process. In order to respond to demand for products and services, business owners must be savvy and willing to do whatever it takes to stay in business, including embracing credit card processing. Small businesses are able to accept credit cards upon determining how they conduct business. For example, in person, online or over the phone. Next, setting up a merchant account will provide brick-and-mortar businesses to accept credit cards directly.
Use merchant accounts
A merchant account is essentially a bank account that accepts payments by both debit and credit cards. The bank, processes and settles credit card transactions and allows small businesses to accept electronic forms of payment through credit card terminals and through online payment gateways. Mail or telephone merchant accounts may also be set up for businesses that solicit business via these channels.
Consider mobile app payment methods
Finally, with the number of shoppers using smart phones, it makes diligent business sense to consider using mobile app technology for accepting credit cards. Both trade-shows and fairs are are excellent examples of situations where business owners may require such merchant services in order to effectively operate. Payments in this approach can be accepted directly to a cell phone or by using wireless credit card swiping machines through a Wi-Fi connection.
Business is built upon reputation, so making transactions convenient and seamless for customers creates good rapport and allows them to shop frequently without hesitation and concern for payment challenges. Incorporating credit transactions into daily business is change, but when embraced, creates several opportunities and advantages for small businesses. While there are fees associated with accepting credit cards, business owners will typically find they are outweighed through greater selling opportunities. Day by day, such transactions will become routine and business owners can enjoy increased revenues and shopper satisfaction.