Accepting Credit Cards in Your Business

August 24, 2009 by  Filed under: Sales 

Every business knows that accepting cash is the cheapest way and that credit card processing will cost them some of their hard earned revenue. However, most businesses eventually realize that they are missing out on sales because they don’t accept the cards that many of their customers prefer to use.

Here is the choice using the example of a $20 product: Do you sell the $20 item and pay 5% to a credit card processor, or miss out on the $20 sale entirely? It’s actually not complicated to accept card payments. You will need to get an account with a merchant services provider. This may take a few days since they will want to check your credit and verify your ownership of the business. You will also need a credit card processing machine. Your merchant services company will be happy to sell you one, or you can save a few dollars by buying your own new or used on a site like eBay or Craigslist: almost any terminal can be reprogrammed to work for your business.

It’s also worth investigating the rates and shopping around for the cheapest ones. Keep in mind that this is not a straightforward comparison where you pick the lesser of two percentages. Typically there is a different price for debit cards and credit cards. Often there is a flat fee in addition to a percentage fee. Usually there is a different rate for transactions for when you have the customer’s card in your hand versus when you just get the information from the card over the phone or internet. Carefully shop around to get the best possible deal whenever you can.

Jim Tonkins writes about metal core scooter wheels and other scooter wheels.

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