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Introducing credit card payments in your business

As a business owner, you should know that keeping up with the latest technologies on the market represents an added value that you need in order to succeed. When it comes to payment solutions, more and more businesses have chosen to switch to modern methods, installing credit card machines. In case you are still using the traditional payment solution, involving cash, then maybe it is time to evolve and start accepting card processing. You may think that it will be a complicated process that is not worth the effort, but this is not true: recent studies have shown that businesses that have adopted the new method have known a considerable increase in their incomes. Choosing a credit card payment option is not that difficult, it is actually very simple – all you have to do is find the easiest and most efficient route between your customers’ and your own bank account. Experts say that the implementation process is built of two main parts:

Introducing credit card payments in your business

Establish the type of interaction you have with the clients

To begin with, you must know that choosing the correct payment solution involves deciding upon the processing machine you are about to use: a countertop card machine, portable device or mobile solution. This means that the first thing you have to establish is what kind of interaction you want to have with your customers. The first two alternatives (including traditional POS, credit terminal or swiper) are ideal for face to face interaction, while of you own an online business, the ideal choice is represented by mobile payment solutions. Remote options represent the latest technology in terms of card processing, but do not venture to choose these ones for the sake of evolution, unless they fit the type of business you own. In order to make an informed decision, you should first understand how each method works, so do not choose in a hurry – take time to learn a bit about each solution you have available.

 

Decide if you need a merchant account

After you choose the best device, it is time to determinate if you want or need a merchant account. This represents a collaboration between you and a third party, which will be in charge with mediating (checking, accepting or rejecting) the transfers from the customers’ accounts to your bank account. There are some companies offering convenient merchant services, but you can also choose to ignore this and opt for the direct method – the cards would connect directly with the bank account, and no intermediary is needed.