Accepting credit cards isn’t as complicated as it may seem. All you need is just finding the right route between your customer’s credit card and your bank account. The right route is the most convenient and least expensive option you should choose.
In fact, you’ll need to take the following steps:
- Determine on the way you want to do business with your customer, meaning:
- In person — via a POS system, a traditional credit card swiper or a mobile device
- Remotely — via the Internet or phone
- Figure out whether you will need a merchant account or you can use your method of accepting credit cards to directly connect with your bank account instead of opening a merchant account. The latter can be described as a financial middleman that approves transactions and deposits the money in your bank account.
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Below you can find the 4 basic ways to accept credit cards:
- Point-of-Sale (POS) System
This is a complete checkout terminal that can include a credit card swiper, NFC reader, touch screen, barcode scanner, cash register, printer and other equipment. You’ll usually need a merchant account for this. It’s ideal for businesses with a physical location that need to connect multiple locations or cash registers to each other and/or to other business systems like accounting or inventory.
- Mobile Credit Card Processor
Thanks to this dongle and/or app, you can accept credit cards anywhere using a smartphone or tablet. You’ll typically need a credit card reader that attaches to your phone. Usually, you won’t need to open a merchant account. This is ideal for businesses that sell in a variety of places, need to process transactions anywhere in the store or complete only a few transactions per day at its physical locations.
- Credit Card Terminal
Thanks to this piece of hardware, you can swipe credit cards in person. Also, it allows for entering credit card numbers from phone or Internet orders manually. You’ll need to open a merchant account. Usually, you get it from merchant account providers as part of their service. It is ideal for businesses that need their credit card processing system accept payments only.
- Online Payment
This is an e-commerce solution, shopping cart software or third-party marketplace like eBay, Amazon or Etsy that enables Web-based businesses to accept payments on their website, blog or online store. The majority of e-commerce sites hosted by a third party do not require a merchant account. A merchant account may be required for stand-alone e-commerce sites that use shopping cart software. This is ideal for businesses that complete a variety of business transactions online.
Businesses need accepting credit cards as a form of payment from their customers. As a result, small businesses make it more convenient and easier for customers to make larger purchases.