Accepting credit cards can be as easy as accepting cash…
You’re trying to open a business. Congratulations! It is not something just anyone can do, so hats off to you. You’re doing it! It’s exciting but a little scary too, especially if it’s a new thing for you. Not to worry, help is here!
Assuming you would like to get paid, because, you actually want to be profitable, you might be wondering how best to do that with your business. It may sound easy, and you’d be right. It can be a simple process to understand. The following is the information you need, so again, congratulations! You came to the right place!
As we all know, especially as a new business owner, there isn’t a whole lot of accessible money flying around when you first start a business, so you have to use the most cost-effective methods to make sure you can conduct your business and still have some extra to take the family to the movies and dinner this weekend!
A few things to consider are what’s the most convenient for you and for your business? No one wants to have to beat their head against their store walls on a daily basis just to get a card approved. (Construction repairs for dents made by heads can be expensive.) Who needs the headache, right?
You simply want to get people in your shop, have them grab everything they see and use their card without any problems.
Are you going to have people coming into a store and doing business with you face to face? Or will you be working from home and interacting with them remotely?
No matter how you’re going to be meeting with your customer, you need a way to take payments. And since almost everybody has a credit and/or debit card today, a merchant account is a necessity Especially if you are operating remotely, since you can’t take cash! You’ll need to accept credit cards somehow.
Likewise, you need some kind of technology to process the card payments in person.
You accept credit cards with a merchant account. That could be through a bank’s merchant service or another reputable third party like PayPal, Square, or RedFynn.
There are plenty of credit card processing services available and if you’ve already decided what it is you need, they aren’t hard to find. Google it! Or look here. They’re pretty easy to find… a dime a dozen, really. Just be sure to review all the terms and services they provide and do some sleuthing of several different processing services to make sure they give you exactly what you need.
If you aren’t sure what method you will need for accepting cards yet, it’s best to know how each one works before deciding. There are a few different ways credit cards can be accepted, but don’t worry, it’s pretty basic stuff.
The 4 different ways you “get paid”:
1. POS systems (or Point of Sale)
These systems have a few basic components. The touch screen, a bar code scanner, an NFC reader (for things like Apple Pay or Android Pay) a cash register, printer, and a few other basics. If you get this system for your business, you will need a merchant account linked to your POS. These systems are best for a business that have a physical location. A POS system can help tremendously with your accounting and inventory systems. It also provides data analytics for your sales and customer data, and even allows you to connect several locations together.
2. Mobile Card Processors
Mobile processing is perfect for businesses that get bored of the scenery in one location and want to do business wherever they choose. These systems use a dongle or an app that lets you accept payments by card anywhere by using your phone or tablet. Great, right? You will need to get a credit card reader that attaches to your device and a merchant account, of course!
3. Credit Card Terminals
This is the little machine your customers use to swipe their cards. You can also use them to enter in card numbers manually if it’s an over the phone/Internet order. If all you need is a basic system that just accepts card payments, this is for you.
4. Internet payments
Companies who use shopping cart software and accept payments on their website, web store or blog fall under this category. If you don’t use third-party marketplaces to sell with their own processing systems and are a stand-alone site, you will need a merchant account. This method is best for businesses with online transactions.
And that’s about it! Knowing how you need to accept payments is the first step in selecting the right merchant account for your business. Your provider will be able to supply you will all the information about their services and how best they can help with your card processing.
Make sure to do your homework, so you have the best setup for your particular business needs! Call us for a free consultation at (888) 510-9871 or visit www.redfynn.com for more information.