Credit cards are possibly the greatest innovation known to man. They give people more purchasing power without worrying about cash running out, as it is the case with debit cards. Many businesses that do not have credit card payments can end up losing many customers and most of them are rushing to install credit card services. Therefore, they call upon merchant services and merchant processes to help them learn how to take credit card payments.
The first step for any business is to choose a merchant company to open an account with. This will help you accept credit payments and will help you acquire the necessary equipment to swipe cards. Decide if your account needs online or telephone processing or if you can do it in person. If not then you can leave them out of your service plan.
Check on the cost they charge on the account. This normally includes the per transaction fee and the monthly fee. A flat rate is placed on the per transaction fee while the number of transactions in your account determine the monthly fee. Different companies have different rates and therefore you should survey around and see which ones offer the best deals.
Different people have credit cards with different platforms. Thus, one should be able to choose which platforms to uphold so as to accommodate the majority of customers. It is important to accept credit cards from some of the major credit card companies to ensure that you capture customers that use the different cards.
Fill out a merchant application form for your account. They would usually want you to send your details like the social security number to authorize the credit check. If your application is successful, they will send you a bunch of information on how to get started either through email or through mail. Follow these instructions and get started.
The company then issues a point of scale terminal to facilitate swiping of cards. If they do not supply, one would be obliged to buy the terminal themselves. If you want to accept debit payments as well, you should consider a pin compartment so that people can enter their pin numbers. When the terminal is in place a representative of the company installs programs for it to start accepting credit cards.
If you are going to upgrade your payment system, you should educate your cashiers on how to handle the new mode of transaction. Usually, a technician from the merchant company goes over the system rules and educates everyone how to use them. Thus, your cashiers will be in a position to handle issues that are credit based and can be able to offer help to clients if needed.
With the systems in place, it is logical to advertise credit logos that the business supports. You should place posters in strategic places so that you show people that the credit platform is supported. Most businesses set a minimum purchase amount that sought the account fees. Thus, if you are a business and do not have credit facilities, it is high time you did since this will lead you to greater success.
