Why Should You Accept Credit Cards for your Business
Accordingly, businesses that don't accept credit cards are missing out something- they hinder a way to increase their sales. Credit card payments are not only the most common mode of payment, it is also convenient. And speaking of convenient, customers are likely to purchase products since most of the consumers expect business to accept credit cards.
The advent of technology makes it possible to pay in different portals which make Restaurants process payments much easier through restaurants payment gateway.
Online Credit Card Processing
For small business that don't want to deal with merchant services providers, small business can opt to have third party services that process online credit card. This type of services places payment buttons straight on their website. There are plenty of third-party providers that offer mobile card readers. These card readers can be attached to smartphones and other mobile devices to make in-store purchases. These readers can also capture signatures. Anyone can avail this type of payment. Online credit card processing is perfect for business who have bad credit or who transact credit and debit card too often.Security wise, mobile credit card processors adhere to the PCI Data Security Standards. These processors use special encryption to add a layer of protection for both their clients and their security.
The main advantage of this set up is that business doesn't have to get the merchant services approval. Those entrepreneurs with bad credit can also benefit from this as well since it might be hard to find processors for those with bad credit.
Merchant Account Services
Merchant account service is a one stop shop for business credit card payments' needs. The shop can be a bank or other financial organization which gives business the tools and services they need to begin accepting payments on credit cards. The bank or financial company acts as a middleman between the small business and the consumer's bank or Credit Card Company. The merchant account services process payments. They make sure that the money is accurately withdrawn from a credit card account. The money should be placed into the business's merchant account.
Anyone can avail the merchant services for both online business and the traditional stores. Merchant services provide the merchant bank accounts which enables debit and credit card payments. Merchant services providers can give necessary tools for the business like fraud protection or merchant account management.
There are three types of merchant accounts, these are: Retail, Internet and MOTO or mail or telephone order. Retail is usually chosen by business in the mortar and brick setup where customers swipe their cards in payment terminal. Internet is for online business. It lets business process and gather a credit and debit details via e-commerce website. MOTO is for business that takes payments through phone or direct mail.
Mobile Credit Card Processing
If your business is always on the go, you should need services that can keep up with your pace. This is where mobile credit card processing comes in. This service makes mobile devices into Credit Card Payment Gateway for restaurants or payment portals. This type of services is best suited for business that needs to accept payment anytime, anywhere. This is specifically ideal for repairmen and physical stores. The only difference of mobile credit card processing to that of Merchant Account Services is that the former can accept payment wirelessly. To accept payment, one needs a compatible iOS or Android able smartphones, card reader and the service provider's applications. Mobile services have the same fee structure with the regular merchant services including the monthly statement fees, minimum fees and transaction fees.
Accepting credit card payment is a good leap towards fulfilling small businesses' goals and vision. One must keep up with the pace of the industry or risk being left behind.
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