Accept Credit Cards

No matter how long you’ve been in business, you may not be sure about how to accept credit card sales from your clients. Perhaps you long to start processing credit payments so you can increase the amount of your sales revenue or offer your clients more payment transactions. Maybe you’re just tired of chasing bad checks or waiting for monthly payments on client accounts. If you’re ready to add credit card processing to your line of customer services, a merchant services account may be just what you need.

A merchant account associate can show you how to accept credit card sales by using the right type of processing equipment. By signing up for a merchant account, you will soon find out if you’re approved, and upon approval, you can start using your account to implement a credit processing system for just about any type of business you’re in. A simple credit card terminal equipped with a printer can be plugged into an outlet at your store or shop to let your customers quickly swipe credit cards for easy payments on the purchases they make. Your merchant account underwriter will charge a certain amount for each transaction, or you might be able to opt for a low percentage rate on your monthly credit payment volume. If you’re in a window washing or another service business, or if you deliver items like baked goodies, you can lease or buy a wireless credit card processor to take with you in your travels for point-of-sale credit card payments.

How soon can a merchant account let you know how to accept credit card sales? The first thing to do is find a bank or another financial backer who will provide this type of account for your business. Then apply for your company account by filling out an online application or by completing and mailing a printed form. Some banks may charge an application fee of $100 or more, so find out ahead of time if you will need to pay this fee, and if so, you might want to consider shopping for another account provider. Also check into the costs associated with a particular merchant account so you can find the best deal, as these can carry several types of fees, some of which may at first appear to be hidden. When your account is approved, you can immediately get set up with the right equipment to handle credit card payments, e-checks, and debit payments as well. You may even want to consider setting up a digital processing system so your customers can dial a toll-free number, browse products online or from a print catalogue they have already received, and punch in their orders as well as a credit card number and expiration date for payment. You don’t even have to hire someone to staff the phone line, although it is probably a good idea to have someone available for a few hours during a typical business day.

Ask your bank or another financial lender to tell you more about the ways in which a merchant account can show you how to accept credit card sales.

 

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Accept Credit Cards

Accept Credit Cards – It’s a given that running an internet business means that you need to accept credit cards. If you don’t then you are losing as much as 70% of your sales to competitors who do accept credit cards according to an article published by Forbes Magazine. But it’s not just internet businesses that suffer lost sales by not accepting credit cards. That same 70% figure, and higher in some cases, is applicable for off-line businesses as well.

Most People Do Not Carry Much Cash

Thanks to direct payroll deposit and debit cards, 50% of Americans carry  “a few singles and may a five or ten” and 40% carry “around $5 or less including coins” according to an opinion poll conducted by one company recently.

This means that even if you are selling low-priced items you will be chasing away as much as 90% of your potential customers if your product or service costs more than they are carrying with them at the moment and you don’t accept credit and debit cards.

Even Starbucks, which has an average sales transaction amount of $4, does the bulk of their business with credit card and debit card transactions.

Statistics indicate that the average American carries at least four credit cards and nearly all Americans carry a debit card. You’re missing a lot of purchase opportunities if those cards aren’t welcome at your business.

Most Consumers Prefer Paying By Credit Card

Not only do consumers avoid the inconvenience of carry cash, which includes the threat of loss or theft, but they also enjoy the security of knowing that their bank is willing to back them up should they end up in a dispute with your business over the quality of your products or services.

Then There Are The Rewards Programs

A lot of credit card programs offer cash-back or other incentives for every dollar that a consumer charges to their card. People who are enrolled in rewards programs will go out of their way to pay by credit card and avoid using cash at all costs. If your business doesn’t want to help them earn their rewards, they’ll simply find another business that does.

Credit Cards Are More Convenient For Big-Ticket Purchases

Customers who are spending hundreds or even thousands of dollars on a product simply expect to be able to pay by credit card. This is especially true for those customers who cannot afford to pay for their purchase all at once and who are planning to pay the balance off over a period of time.

Some Customers Are Forced To Use Credit Cards

Employees who are making purchases on the behalf of their employers, or employees who travel on company business, are often issued company credit cards which they are expected to use for all purchases. Accounting for cash expenditures, and the subsequent process of reimbursing the employee for their out-of-pocket expenses, is a nightmare for businesses. If you don’t accept credit cards, these employees are shopping elsewhere.

You’re Losing Out On B2B Purchases

Many companies that are making purchases of products or services for their own internal use or for resale prefer to pay with a credit card for accounting reasons. Not accepting credit cards means that you are losing out on the opportunity to serve repeat customers who are being forced to take their business elsewhere.

Hopefully you’ve found one or more good reasons to start accepting debit and credit cards at your business. And if the reason you’re not accepting them is because you think you can’t afford to, think again. The truth is: You can’t afford not to!