If you want to attract more customers, you have to rethink about your stand on credit or debit card payments. Many customers these days prefer using card payments because it is convenient. Aside from that, card payments offer rewards points and no-fraud guarantee.
Accepting card payments is necessary especially if you have an online business. Many avoid fixing card payments because they think it is a complicated process that entails high upfront costs. It is easy to get lost in the process but if you know where to start, things will look more promising.
The good news is you do not need any special permit or license to start accepting money. To help you get started, here’s how to fix your small business to receive card payments:
Table of Contents
Pick a POS (Point of Sale) system
POS serves as the main hub of any business because it manages transactions, tracks inventory and gives insights about the business through analytics. Before you fix your business to accept card payments, you have to choose a POS system first.
If you are selling online, you should find an eCommerce POS platform that will allow shoppers to buy from your site. You have two options here – all-in-one solution and third-party payment processing. If you are starting or if you have a small business, it is recommended that you choose an all-in-one solution.
In this all-in-one solution, you should expect built-in things like POS, payment processing as well as merchant services. This system is preferred by most because it is easier to accept and create gift cards as well as it offers inclusive customer support.
Choose a Merchant Account
If you are not using an all-in-one system, the next thing you should do is choose a merchant. This is preferred if you are expecting higher-volume orders because the card processing fees tend to be lower. If you go down this road, you should carefully look into the fees.
Elect a Payment Gateway
Payment Gateway is important because it can encrypt or secure the information before sending it over the Internet for approval through the processor. With Payment Gateway, the customer will know immediately if the purchase is approved or declined.
If the purchase is approved, your store can complete the sale immediately. Since your merchant deposits the funds into your account within one to two days, it can have a positive effect on your cash flow.
Secure equipment – if needed
If you have a brick and mortar store, you need to buy card payment machine for small business. This will allow you to swipe the card physically. For online shops, card payments simply utilize Payment Gateway so there is no need to secure any equipment.
Final words
Keep in mind that accepting card payments can increase online and in-store sales up to 40%. While the process may sound complicated, it gets easier as you go along. The key here is to find the right solution.