Accepting credit card for business
No business these days can survive without accepting credit cards. Credit cards not only are a convenient means of paying but also for the business owner to maintain records and keep the finance clean.
Accepting credit cards can help a business in increasing the sales and processing the payment easily. When your business accepts credit cards then you can protect your business from the unnecessary charge back fees and policies. Accepting credit card payments becomes important for all the businesses that function online. Let us see how can you accept credit cards for your business and what are the advantages.
How do you accept credit cards for your business ?
When you opt for accepting credit card for business then you can have two options. You can either have a merchant account of your own or you can opt to process the payments through a third party merchant account.
When you opt for a merchant account of your own then you would have to apply for an account through a bank. The qualifications for applying for a merchant account differ from one bank to another. However the banks usually consider the credit rating of your business and the monetary sales that you transact in a day. When you take this option of a merchant account service then you would have to pay 1.5-5% commission to the bank for every transaction that you business has through a credit card.
Apart from the commission you are also required to pay a set up fee on an annual basis and buy or rent a credit card machine that would carry out the transactions. If you take up the option of accepting credit cards for your business through a third party then you can opt for different companies that would help you in doing the same. These companies charge some commission in exchange of the service that they provide.
Choosing your option
When it comes to choosing your option out of a third party merchant account or a merchant account of your own then it can be difficult. Both of them have their own advantages and disadvantages. However, before you decide you should realize the needs of your business and how much sales do you have in a day.
Opening a merchant account of your own costs you more as compared to having a third party merchant account. However, the transaction fee of the merchant account is less as compared to that with the third party. There is no set up fee required for a third party merchant account and using these accounts is a simpler task. On the other hand having a merchant account of your own would give your business a professional outlook.
Advantages of accepting credit card for business
The number of people possessing credit cards is increasing every day. Most of the people when they shop prefer to use their credit cards for various reasons. If you do not have an option of accepting credit card payments then you would be losing your customers.
Accepting credit cards not only increases your sales but also your profit. You can keep away from customers who pay by check and later you would realize that the check bounces.
With credit card payments even if the customer is short on cash can make the full payments and you can receive your money on time and you would be at a profit. You have a constant flow of cash.
Accepting credit cards is very important if you have an online business. This is because of the fact that online businesses would have international customers who would be paying by credit cards. If your business fails to provide them with this facility then you would be losing your international customers and also prospective customers that you could have made through them.
Merchant account providers
There are a number of companies and banks that can provide you with merchant account facilities. Some of these are mentioned below.
Charge:
With the help of their versatile software you can handle a number of credit card transactions in a day. They help a number of customers in accepting credit card online and can help you also by providing the service at low rates. You can contact them at P.O. Box 1101; Alpharetta, GA 30009; 1-800-70-MERCHANT (1-800-706-3724); email: accounts@charge.com; fax: 1-800-662-3527.
International Merchant Account Services:
They are one of the most dependable Electronic Merchant Bankcard Processors in the United States. They provide services in all 50 states and are a member of the Better Business Bureau. You can contact them International Merchant Services, 55 East 63rd St., Westmont, IL 60559, Phone (630) 571-4400 or toll free (800) 689-0543.
Authorize Net:
This is a service from Lightbridge, Inc., and manages the submission of payment transactions to the processing networks on behalf of its merchant customers. They have been functioning since 1996 and are leading providers of Internet Protocol (IP) based payment gateway services, enabling merchants to authorize, settle and manage credit card and electronic check transactions. You can contact them at 915 South 500 East Suite 200 American Fork, UT 84003; Tel: 801-492-6450; Fax: 801-492-6489.
Merchant Express:
They provide merchant accounts that provide services with the autorize.net gateway set up. They do not charge any set up fees and charge you just 1.77% &.19 per transaction. You would be bale to accept all the major credit cards with their help and also ATM bank debit cards. You can contact them at 20 Trafalgar Square Suite 466; Nashua, NH 03063; Phone: 603-262-1210; Toll Free: 888-845-9457.
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