Accepting Credit Cards The Ultimate Guide For Small Business

Invoice Softwarewhat is the best option for you?

by FitSmallBusiness.com

1. The first part covers the “Comprehensive Solutions,” which will let your business accept credit cards anywhere and everywhere.

2. The second section outlines “Piecemeal Solutions,” which are designed for businesses that only need to accept credit cards in one or two locations.

This guide is organized in two parts

Part 1: Comprehensive Solutions

Merchant Account Service ProvidersThe most conventional and widely used method of accepting credit cards, but it can be the most expensive. They are banks or financial institutions that provide the services and equipment necessary to connect your business bank account with your customer’s credit card company.

“Merchant Account” as part of their service, which acts as a temporary holding account for payments waiting for approval from the credit card company. Once the payment is approved, the merchant will transfer the payment, minus their commission.

PROSGreat user experience for both brick and mortar and Internet stores. Most providers will sell or rent all the equipment you will need, and an online shopping cart that integrates with your website. Also, the name of your business will show up on your customer’s credit card statements.

CONSThe cost. Make sure to identify and compare the monthly statement fee, monthly minimum fee, monthly gateway payment, transaction fee, and transaction commission. Also pay attention to the contract duration and rate hikes.

● You sell a lot of products in a brick and mortar location.● You sell a lot of products online.● You want a single, integrated user experience across all platforms.

Top Merchant Account Service ProvidersIntuit Merchant ServicesFlagship Merchant ServicesMerchant Warehouse

Consider a Merchant Account Service if:

Hybrid Online/Mobile Payment ServicesSome services, such as PayPal and Square, offer payment services that allow you to accept credit card payments both online and in person using a mobile device. These don’t require a merchant account, and can be more affordable than a full Merchant Account Service.

CONSThe cost. Make sure to identify and compare the monthly statement fee, monthly minimum fee, monthly gateway payment, transaction fee, and transaction commission. Also pay attention to the contract duration and rate hikes.

PROSIt may be less expensive than a full Merchant Account Service Provider, while giving you the ability to accept credit cards in all the same locations. The online nature of these services also makes it easy to monitor your account, transfer funds, and track analytics.

● You sell a lot of products in a brick and mortar shop, online, and on the go. ● You want a cheaper solution than a full Merchant Account Service Provider● Cost is more important to you than a seamlessly integrated user experience.

Top Hybrid Payment Services:

PayPal - Square - Intuit

Consider an Online Payment Service if:

Part 2: Piecemeal solutions

Not everyone needs to accept credit cards in person and online. If you do all your sales in a brick and mortar location, you may find that a Mobile Payment Service is perfectly adequate. Likewise, if you run an online business, an Online Payment Service can provide an inexpensive and quick solution.

Mobile Payment ServicesA relatively new way to start accepting credit card payments through a smartphone or tablet. They will provide you with a card reader that connects to your smartphone/tablet, and an app that allows you to process the payment, take a signature, email or text a receipt, and track analytics.

How it works:The only major difference is that you will use a smartphone/tablet to process the order instead of a conventional card swipe or point of sale terminal.

CONSThey require smartphones or tablets to operate, so if you do not already have this technology, you may be facing high startup costs. Fee structures for mobile payment systems can vary widely, so they can end up being quite expensive. Many mobile payment systems do not include online shopping cart integration.

PROSThe flexibility they offer in terms of payment location. It can give your business the ability to accept payments on the go, at places like markets and fairs, or allow your brick and mortar sales associates to individually process credit cards away from a cash register.

● You sell a lot of products on the go. ● You want all your sales associates to be able to independently process credit

cards.● You do not sell anything online.

Find a Mobile Payment Service Here:

Intuit Gopayment - Square - Paypal

Consider a Mobile Payment Service if:

Creating your Invoices

Online Payment ServicesSome services, such as PayPal and Square, offer payment services that allow you to accept credit card payments both online and in person using a mobile device. These don’t require a merchant account, and can be more affordable than a full Merchant Account Service.

CONSThe user experience may be branded by whatever services you use. This means that the customer is rerouted to the service’s website, which can bother some customers.

PROSThe major benefit of an online payment service is that they allow you to accept credit cards online with minimal cost or setup time.

● You only need to accept credit cards online. ● You want to avoid paying for services that you don’t need.

Find an Online Payment Service Here:

PayPal - Checkout by Amazon - Google Wallet

Consider a Online Payment Service if:

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