A Comprehensive Guide

Table of contents

• Introduction • Setting up an online store • Choosing a credit card processor • Opening a merchant account • Setting up payment terminals • Accepting credit cards in person, online and over the phone • Conclusion

Introduction

As a small business owner, accepting credit card payments is crucial to staying competitive in today’s market. Not only does it increase customer convenience, but it also helps to keep your business secure by reducing the amount of cash you handle on a daily basis. The benefits of accepting credit card payments range from increased cash flow to improved financial tracking for your business. However, before jumping into the world of credit card payments, there are a few things to consider that can help you answer the question of: How can I accept credit card payments for my small business?.

Make sure you choose the right type of credit card processor for your business and that you understand the fees associated with accepting credit cards. With the right preparation, you can move forward with confidence and start reaping the benefits of credit card payments for your small business.

How can I accept credit card payments for my small business?

As a small business owner, accepting credit card payments can provide a plethora of benefits. Along with the increase in sales and revenue, you are also likely to see an increase in customer loyalty due to the added convenience and accessibility of credit card payment options. Choosing an ecommerce platform is your first step towards accepting credit card payments, if you want to accept payments online.

You’ll need an ecommerce platform that allows you to effortlessly set up an online store and control all of your orders from a single location. By utilizing online shopping platforms such as GoDaddy Online Store and WordPress with WooCommerce, you can easily set up a free store using one of their customizable templates. These templates have proven to be user-friendly, making the entire process an effortless experience.

After having selected your ecommerce platform, it is then time to customize your store. With your products, descriptions, images, and pricing all in hand, the process is streamlined with just a few clicks. Worry not – this process is mobile-optimized, allowing you to manage everything on the go from any device. A pivotal aspect of your customized online store is optimizing the checkout process. The more user-friendly and simplistic the checkout process, the more likely your customer is to follow through with their purchase instead of abandoning their cart.

The checkout process must be mobile-optimized, provide a variety of payment options, as well as tax and shipping choices. In conclusion, opting to accept credit card payments as a small business owner can significantly increase your revenue and customer loyalty. By partnering with ecommerce platforms such as GoDaddy and WordPress, small businesses can now take advantage of this once complicated process with ease. From customization to optimizing checkout, this entire experience is not just user-friendly but also efficient.

Choosing a credit card processor

Choosing a credit card processor can be overwhelming, but it’s a vital step in accepting credit card payments for your small business. Researching available options is a crucial first step. Look for processors that have a good reputation, offer competitive rates, and have a track record of excellent customer service. Considerations for making your decision should include the types of credit cards you want to accept, your monthly transaction volume, and the fees associated with each processor.

Avoiding common pitfalls is also critical. Don’t forget to read the fine print regarding fees and rates – some processors may have hidden charges. Watch out for processors that have not existed for very long. And ensure the processor you choose integrates easily with your website.

For brick-and-mortar businesses, research what hardware you’ll need to purchase—like payment terminals—to see if they’ll be compatible with your current point of sale (POS) system. Here at Creditmachines.com we provide both, physical credit card machines and also virtual terminals and also online merchant accounts for websites. 

Opening a merchant account

Creating a separate business account is a crucial step in accepting credit card payments for your small business. Keep in mind that you cannot use your personal account for business transactions. To open a merchant account, you will need to provide information about your business and connect it with your business bank account where money will be deposited. Make sure you gather all the necessary documents before beginning the application process.

When setting up a connection with your bank account, verify that the credit card processor you chose integrates with your POS system, if you already have one. This will help make sure that the payment process for your customers runs efficiently.

Setting up a merchant account might seem scary at first, but it offers an array of benefits such as serving as a barrier between your business income and personal income, assisting with tax planning, and most importantly, simplifying the payment process for customers.

Choose a processor that will help you set up a merchant account seamlessly and offer support during the process. With a merchant account, you’ll be able to manage all your business transactions easily and securely. Don’t forget to keep the required documents updated to enjoy a hassle-free process.

Setting up payment terminals can seem like a daunting task, but fear not, it’s not rocket science. The first step is to determine the type of terminal that is best for your business, depending on how you intend to accept payments and the types of payments, for example: credit, debit, Visa, Mastercard, American Express, Diners, Discover, etc. Will you be using a card reader that lets you accept payments via swipe, an inserted chip, or a contactless tap, or a virtual terminal on your computer screen? Or maybe a device that does check verification?

Once you’ve identified the hardware you need, it’s time to order and set it up. Some payment processing providers may even offer hardware leasing or rental options to ease the burden on your expenses. Otherwise, you can pay for a device and lower the merchant processing fees or avoid a lease payment.

After setting up your payment terminals, your next step might be install a merchant account into your website. Keep in mind that if you need to accept payments on both your physical terminal and online, you will need to set up a second merchant account specifically for online payment.  If you’re not tech-savvy, simply ask for help from your card processing provider or website developer to add credit card processing for small businesses to your website. This will usually come in the form of a payment gateway. Let your website manager handle that part for you along with the merchant services agent. 

It is essential to ensure that the processor you choose can help you understand how to integrate the payment system with your website.

For brick-and-mortar businesses, research what hardware you’ll need to purchase. Ask your representative about payment terminals to see if they’ll be compatible with your current point of sale (POS) system. Integrating payment terminals with your website means that customers can make payments directly through your website, seamlessly. It is an essential step in providing your customers with a streamlined, fuss-free payment process. So go ahead and order those payment terminals, you’re one step closer to accepting credit card payments and growing your business.

Accepting credit cards in person, online and over the phone

Understanding payment processing systems, determining which option is best for your business and offering multiple payment options are crucial when accepting credit cards. There are three primary ways of accepting credit cards, and it’s imperative to choose one that suits your business needs.

In-person, face to face payments involve a card reader and or point-of-sale system and swipe device and are suitable for businesses with a physical location. Online payments let customers pay through your website and require an ecommerce platform. Over-the-phone payments are possible, but they will incur surcharges.

It’s essential to offer multiple payment options to customers to increase convenience and make the purchase process seamless. Research suggests that customers abandon carts when their preferred payment method isn’t available. Determining the best payment processing option for your business depends on various factors, such as transaction volume, business size, and industry.

Thus, research by asking questions is vital before deciding on a card processor. Choose a processor that offers competitive pricing, and accessible customer support, among others. In summary, regardless of the payment processing option you choose, make sure it suits your business’s unique requirements. And remember, offering multiple payment options can dramatically improve the customer experience and help grow your business.

Conclusion

In conclusion, accepting credit card payments is essential for small businesses looking to improve their bottom line. By choosing the right ecommerce platform, credit card processor, and payment terminals, you can streamline the checkout process and deliver a frictionless experience for your customers.

Offering multiple payment options increases customer satisfaction and reduces the risk of lost sales. Remember to obtain a merchant account, secure your website with SSL, and train your staff to use the hardware and software. By following these steps, you will easily solve any concerns over: How can I accept credit card payments for my small business? Best wishes on your business success!