Quick Tips To Receive Payments For Small Businesses

Once you have established a system, monitoring and accepting Credit Card payments is relatively simple. Here are some quick tips to help you along the way.

Choose the correct payment method

The first step is to decide when and how you want to receive the payment. You can, for instance, accept payments:

  • Online
  • In-person
  • Using a mobile card reader
  • Over the phone

The option you select gets determined by the type of business you run. For instance, if you own a retail store, you may accept Credit Cards in person at the register. However, if you have an e-commerce store, the online method is more convenient. A mobile card reader is perhaps the safest alternative to operate a mobile business.

Select payment processing system

If a customer hands you their Credit Card to make the payment, it involves more than just swiping or inserting the card. The customer's card and account information get evaluated and collected electronically to get authenticated. This activity gets carried out in the backend digitally within seconds. Nevertheless, you must hire a payment processor to make this possible. 

You can receive payment in two ways: 

  • Merchant Account: This bank Account allows you to receive Credit Card payments.
  • Payment service provider: This allows you to accept card payments without a Merchant Account.

A payment service provider may charge lower processing and transaction fees than a card company. As a result, if you have a newer business or relatively low Credit Card payment volumes, it may work well for you. However, if you make a lot of Credit or Debit Card sales, a Merchant Account is a better way to manage your payments.

How to accept online payments?

Many small businesses are now primarily or entirely online. Whatever type of business you run, allowing your customers to pay with their Credit Card online gives them more convenience and increases sales. ECommerce stores, restaurants that accept online orders, and digital service providers cannot operate without this capability.

It is not difficult to provide this service to your customers. If you want to accept Credit Cards online, you need to set up a payment gateway. Again, this could be part of your Merchant Account or payment service provider plan.

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