When you run a business of any size, you need to strive constantly to stay ahead of the curve. There are few things more challenging than being a successful businessman (or woman!) and hard work is a necessity.
Despite the struggles and pressures of owning your own business, this is a career that also offers fantastic rewards. You get to run the show. All operations from the top down are up to you. That certainly adds a lot of pressure to the job, but it also gives you the freedom to craft the company you have always wanted.
In order to stay ahead of the competition, it is important for business owners to take advantage of every available resource. One way your company can help to grow into the future is through credit card processing.
But where does one even start? Many businesses put off accepting credit cards because they don't even know where to begin. However, when you team up with a merchant services account, you will be able to begin processing plastic with ease. Here are a few things to know before you can accept credit cards.
Shopping Around
Merchant account providers offer a wide array of services beyond just credit card acceptance. Hence, while you may just want to start accepting credit cards for now, there could come a time in the future where you want to take advantage of these other services. So, when shopping around for a provider, it doesn't hurt to find out what other options are out there.
Some providers offer expedited check acceptance so that you never have to worry about a check bouncing again. You can even set up gift and loyalty card programs through these providers so that you can promote new business and encourage customers to come back for more. Many merchant accounts can help facilitate escrow services, online auctions, and a myriad of other features. Ask different providers about other options outside of credit card acceptance. You never know what might help your business in the future.
Getting Ready
Once you have found the account provider that seems to be right for you, you are going to need to get a few things in order. Account providers don't just hand out merchant accounts to anyone, so you will need to prove you are a legitimate business.
The first thing every business signing up for a new account will need is a business banking account. Odds are you probably have one of these already. They are necessary so that your account provider can link directly to your bank so they can transfer the payment after the credit card transaction in complete.
Verifying your business will also take additional steps, and different providers necessitate different documents. You may need past tax receipts, references from other people in your business, photos of your establishment, or any number of other things. Basically, you just need to express to the provider that you are a legitimate business that they would be proud to deal with.
Exploring your Options
The world of credit card processing has expanded far beyond the common retail swipe terminals that seem ubiquitous to establishments of all sizes. Merchant account providers have all sorts of different options available to businesses.
The most common is, of course, the retail swipe terminal. These machines come in many different versions. Some have keypads to enter PIN numbers, others have screens to sign your name, and many will just instantly approve the card without requiring any signature or PIN number. Talk to your provider about which will work best for you.
The greatest thing about these retail swipe terminals is the low processing fees. Criminals commit credit card fraud with far less frequency during face-to-face interactions, so providers can afford to cut down on the cost to you.
Many providers can also help set you up with the ability to handle online transactions. A web presence is great for expanding your company, but you should also be able to take credit cards over the Internet. Most web transactions are paid for with a credit card and you must be able to handle the task.
Merchant account providers will also make sure your web transactions are secure. They use PCI compliance and fraud detection software to deter fraud committed over the web.
You can even use wireless swipe terminals if you have a business that is always on the go. Taxicabs, delivery drivers, and anyone else who moves from place to place while doing their business can benefit from these wireless swipe terminals. Finally, you can accept plastic without being tied down to a permanent location.
Growing your business can be as much a pleasure as it is a stress. When you sign up for credit card processing through a merchant services account you are taking a giant leap forward for both you and your business.
No comments:
Post a Comment