When you are running a business one of the most important things to have in place is your credit card payment processes. No matter what industry you are operating in you need a quick and easy way to accept payments. Nowadays almost everybody carries a credit card around with them so customers expect to be able to use them in a store or online whenever they need to. When a business doesn’t accept credit cards it can lose them a whole load of money, as nearly half of all transactions last year involved a sale via a card.
Credit Card Processing Options
Here are some of the options you might face when deciding on your credit card processing options:
A Mobile Point of Sale System
Businesses owners are benefitting more and more from the world of mobile phones. Technology has now developed to a point in which you can use a phone to process card payments via mobile payment processor. Small businesses or those operating at events and trade shows can benefit hugely from this, as it is an inexpensive way to process credit card payments on the go.
A Regular Card Terminal
This type of credit card processing is the one most people are familiar with. Usually the card terminal is linked to a cash register in the store. This is the most popular option for business owners who have a brick and mortar location and have the ability to make several card sales every day. Most terminals have swipe abilities and chip and pin capacity, but sometimes minimum payments need to be implemented in order to make the most out of the sale. Although this is a pricey investment it is worth it if you know your customer demographic will be making card payments on a regular basis for your products or services.
If your business generally operates online, you will certainly need a way to accept credit cards. This involves a virtual system rather than a physical swipe of the card. E-commerce is an excellent method of reaching out to customers who want the convenience of buying products online. These people might not be able to physically make it to your store, but they are still interested in buying your goods. In this case your staff don’t make contact with the card holder and you can make sales even when your business is closed for the day!
Understanding credit card processing for businesses is very important as this will give you a leg up on your competition. Credit cards have allowed businesses to thrive online as consumers have the power to make a payment anytime, anywhere. Brick and mortar businesses also benefit significantly from credit card payments as the number of card transactions has skyrocketed over the recent years. Having a solid understanding of the different credit card processing methods will give you greater insight into how your customers spend their money and their preferred habits when using their credit card.