Why You Need To Take Credit Cards To Stay In Business
Take Credit Cards
Take credit cards, and you will be opening yourself up to the possibility of attracting far more clients. Business has undergone one of its most fundamental changes in the last twenty five years, as people have moved away from paying by check to using plastic cards. In some developed countries, the date has already been announced when checks will be phased out for good. It is now absolutely essential to be able to accept credit cards if you want to compete in business, and anyone who does not already have this facility should put that right straight away.
It is now easier than ever before for people to get into business by accepting credit and debit card payments. There are many third party services which allow you to do this through their merchant accounts, although the conditions are necessarily restrictive. These third party processors are designed to used by online businesses, and they are extremely popular with people who trade on the online auction sites. The accounts are often free, and they are easy to set up. The only disadvantages are the high fees and the inflexibility of the system.
This inflexibility will not affect people who only want to sell online, but if you have any ambition to move into offline selling you will need you look beyond the third party processors. Getting your own merchant account allows you to accept credit cards in all situations, depending on the terminal you choose to rent or buy. The difficulty is in qualifying for the merchant account in the first place, especially if your business is selling goods which are considered to be high risk.
The terminal you choose is an important factor, but if you are renting you can always change your choice at any given time. The standard fixed terminal which is used in retail is the cheapest to rent, but it is only marginally cheaper than the portable system which allows you to take payments on the move. Even if you have a fixed retail environment, the flexible terminal gives you many more creative ways to close a sale. You can also enter customer information on their behalf, giving you the possibility of taking telephone orders.
When you have your merchant account and terminal, you will be all set up to take credit cards. The process could not be easier, as the money is deposited into your business checking account, usually in three days. The encryption systems used in modern payment processing make it safer than the old system using checks, although nothing can ever be 100% safe. The use of chip and PIN combined with the need to enter an extra password online is dramatically reducing the number of fraudulent transactions. It is safer than it has ever been to take credit cards.