Introduction
Whenever you own a business you need to be able to accept credit card. This will actually increase your revenue by more than 40%. With this in mind, there are some things that you should know about the proper procedures for accepting this type of payment.
Step 1
The first thing that you need to do is apply for a merchant account. This is something that you will need to have in order to be able to accept credit card. Fortunately, there are literally thousands of merchant account providers available today for you to choose from. It is even possible that your local bank has a program that will allow you to accept credit card. Regardless of whether you go for a merchant account or talk to your local bank, you are going to need to have a good personal credit score in order to be approved. Fortunately, there are some options that are available if your business happens to fall into the “high risk” category.
Step 2
Once you’re approved for a merchant account you’ll need to set up your payment gateway. This is the way in which information is transmitted from your customer, through you to the merchant account provider whom you’ve chosen to work with. Most merchant account providers will give you access to such a gateway. However, there are some who require you to set up a third part payment gateway so that you will be able to accept credit card.
Step 3
You’ll want to make sure that your payment gateway is integrated to your shopping cart or store once you start to accept credit card. This will require you to have a processing solution. If you own an online business, this will require you to set up a shopping cart that you can then integrate with your payment gateway. If you own a brick an mortar business, you will need to have a credit card reader. You can rent or buy this from your merchant card provider. It is up to you but until it is installed you will not be able to accept credit card.
Step 4
It is a good idea to add credit card logos to either your web site or your physical store’s location in order to let your customers know that you accept credit card. Usually this is done by displaying the various credit card logos to the front door of your store or the front page of your web site. You can also place the logos on your cash register.
Step 5
Make sure to keep track of all of your accounting once you start to accept credit card. Now that you are able to accept credit card you will need to be able to keep track of the sales that are made in this manner. It is important to find a solution whereby you can import your merchant account records directly into your accounting software. Most merchant account providers will allow you to do this so that everything will be easily integrated with the accounting methods that you’re currently using.
Tips
While you do need for your business to be able to accept credit cards, it is vital that you do it right so take your time and don't rush through this process.
