Credit card usage is at an all-time high. In fact, in 2015, there were 33.8 billion credit card payments in the United States.
So for you as a business owner, it’s essential that you offer credit card payments to your customers. If not, you’re losing out on a lot of potential business.
But it can be a daunting process if you’ve never done it before. That’s why we put together this guide to help you know how to accept credit card payments. It will walk you through the process step by step.
Check it out below!
Introduction to Credit Card Processing
Let’s start with the basics. Credit card processing is the name of the process of collecting a customer’s card information and getting the transaction approved so that you get paid.
When someone swipes their card, it’s now your credit card processor’s job to verify their information. This is a behind the scenes process that’s essential to the success of your company.
If you can’t rely on your credit card processor, you’re going to lose out on money. It’s that simple! So it’s important that you work with a trustworthy credit card processing company.
Types of Credit Card Machines
Next, it’s important to decide which type of credit card processor is best for your business.
The most common and popular option is a credit card reader. These are the machines we’re used to seeing where you can swipe your card or insert your card’s chip to make a payment. Lots of these now also offer payment via a cell phone app like Apple Pay.
But there are even more variations that you can choose from, depending on your business and your processes.
First is a countertop machine. These are often the most affordable option. They are separate from your point of sale (POS) system and are often used in small businesses and restaurants.
If you have a high volume of transactions, it’s probably a good idea to get a processor that’s integrated with your POS. That way, accounting, and financial planning will be much easier since everything is in one system.
You can also utilize a mobile reader. These are great for businesses like food trucks or booths at an event where you need to be able to take payments without a brick and mortar location.
Pick Your Most Important Features
The truth is that there are tons of features out there when it comes to credit card processors. Unless you want to pay top dollar, you shouldn’t expect to get all of them.
However, it’s a good idea to think about the things that are most important for your organization’s success and then go from there. Here are some of the most common and useful features.
- Magstripe Swipe Reader: This tool reads the magnetic stripe on credit cards.
- Printer Included: This is nice because it allows you to print receipts right from the machine itself, keeping things simple
- PIN Pad: Allows customers to enter their PIN if they’re using a debit card
- NFC Payments: This feature is what allows you to accept smartphone payments through Android or Apple Pay
- EMV Reader: This is the technology that accepts chip cards (which since 2015 are now the standard in the U.S.), making for a more secure transaction
- Free Replacement: This lets you know that you can get a new machine if yours stops working
There are lots of other additional bells and whistles you can look for when it comes to processors. And many of them might fit your organization’s needs. The listed features, however, are the most common and widespread ones.
Find the Right Partner
Once you’ve considered these things, it’s time to pick the right credit card processing company for you. Here are some things to consider.
First of all, make sure you’ll be able to accept all the major credit cards. Some only accept one or two.
Also, think about the software integration. Do you want to connect it to your POS system so you can more easily handle your finances? This often costs more but can be super helpful come tax time.
Also look at the costs. What are the fees associated with using this processor? Generally, you’ll have three major costs.
First, the price of the actual card reader or system.
Second, the swiped transaction fee. This is how much you have to pay every time you make a swipe. Wholesale Payments Partners offers wholesale fees to all businesses, regardless of size!
Last but not least, consider the keyed transaction fee. This is the cost when you have to enter the card information manually. A good processor can also help you understand how to minimize these extra costs.
Here at Wholesale Payment Partners, we have different pricing structures depending on your business’ needs.
And we actually have one program where you can accept payments for free! This is an exciting option for many companies.
It’s Time to Get Things Set Up
Once you’ve decided on your company, it’s time to get started! Setting up your system will depend on the company you choose to go with. A normal time frame is anywhere between two days and a week.
Soon you’ll be ready to start accepting payments via credit card, making it much easier for you to generate revenue.
Final Thoughts on How to Accept Credit Card Payments
Now that you’ve read all about how to accept credit card payments, it’s time to choose what will work best for your business. Soon, you’ll be accepting card payments and growing your business!
If you have questions about our services, feel free to reach out to us. We’re here to help you succeed.