Nowadays, the majority of consumers expect all merchants to accept credit and debit cards. So, if your company still doesn’t live up to that standard, it is highly recommendable that you introduce card processing as soon as possible.
This guide will give you practical tips on how to start accepting credit card payments and take you through all the intricacies of this procedure step-by-step.
So, you have found yourself wondering: “how do I accept credit card payments?” The key to success is to tackle this procedure one step at a time.
To begin taking credit card payments, it is first essential to understand what the payment processing needs of your business are. This way, you will be able to identify which tools and systems your company needs to integrate.
Below are the four main ways to accept credit card payments:
If you have a land-based store, your business will benefit from accepting in-person card purchases. In this case, you will need a card terminal, preferably connected to a point-of-sale (POS) system.
When selecting the equipment, ensure that it’s EMV-compatible and can facilitate chip card transactions. Besides, it is a great idea to get NFC-enabled terminals so that they can process purchases via digital wallets, such as Google Pay, Samsung Pay, and Apple Pay. This will be a considerable advantage when it comes to customers’ convenience.
Most merchants that offer goods and services via their websites are highly reliant on online purchases. To take credit card payments online, you will require a digital storefront comprised of an ecommerce site and a payment gateway.
For merchants operating a mobile business, such as food trucks and craft fair vendors, it is essential to process card purchases on the go. For these purposes, you will need a mobile point of sale (mPOS).
Essentially, it is a smartphone, tablet, or another wireless device with specialized software that enables it to function as a cash register. With an mPOS, merchants can handle card purchases anywhere, as long as there is an internet connection.
Card-not-present (CNP) payments are conducted without the card and the cardholder being at the venue physically. For instance, such purchases often happen in small restaurants offering takeaway orders.
For such CNP purchases, a POS is typically enough. To conduct an over-the-phone purchase, the client has to share their details which the vendor will then manually enter into the system.
After deciding how to receive credit card payments, you can move on to the next step.
Before you proceed to select one of the credit card processors, it is vital that you understand how their pricing is formed. Then, you will be able to determine the most beneficial option for your company. There most common pricing types are:
Remember to always read the conditions thoroughly. Suspiciously low rates often turn out to be deceptive marketing traps.
At this point, you should make an educated decision and choose the best card processor for your company. Here are some important factors to keep in mind:
The next step you have to take to accept credit card payments is to open a merchant account unless the processor offers it as a part of the package. This account enables your business to partner with an acquiring bank that will facilitate all the steps in an electronic payment transaction.
The final thing you have to do to receive credit card payments is set up all the necessary hardware and software. For your convenience, it is recommended to select a payment processor that provides full support with the installation process.
Now you have all the fundamental knowledge on how to take credit card payments and are ready to choose the ideal payment processor for your goals. Read ahead to find out how Payneteasy can help your business reach its credit card processing goals without delays!
Payneteasy has been a leading payment service provider since 2016. The merchants that cooperate with us enjoy the following benefits:
If you wish to experience all these advantages, fill out the contact form now, and we will get back to you with a personalized quote in no time!
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Hello, thanks for the good article. I don’t quite get one thing tho: why is merchant account so important? I mean I have to pay an extra for using it, right?
Hello, and you’re most welcome!
As you already know, you can accept credit cards, while your business is connected to just a payment provider like PayPal.
This is indeed a great option if your monthly amount of payments doesn’t exceed about $10,000. At the same time, it doesn’t really protect you from false chargebacks and can put your business on pause if some technical issues occur.
The merchant account is more preferable when you’re above the $10k ceiling. It allows processing more transactions, delivers a smoother customer experience, offers more efficient funds management, and so on.
It’s a pro’s choice, so to say.