Small Business Credit Card Processing
For every small business, there are unique challenges. With less
available capital than most larger companies, many small businesses have
to carefully weigh the advantages and disadvantages of spending more
money to make more money. While accepting credit card payments may seem
like a large expense, it is one expense that can take your business to
the next level and make it even more successful. Read on to find out how
small business credit card processing can work for your company.
Why Accept Credit Card Payments?
you’re a business owner who has not yet made the leap to accepting
credit card and/or electronic payments, the list of fees that you have
to pay for the processing of those payments may turn you off. You
already have a long list of expenses, so why add to it and risk the
success of your business? As with any decision surrounding your
business, you need to think about the possible increase in sales that
could make those added expenses beneficial to your company.
consumers use credit cards as their main form of payment for both
convenience and purchasing power. If a customer walks into your business
and doesn’t have the cash or check on hand to pay you, they may not
return. Also, if potential customers know that you do not accept credit
cards before approaching your company, then they may not turn to you for
your products and services at all. When you make the decision to accept
credit card payments, you open yourself up to all those customers who
you would have had to turn away. In addition, accepting credit cards
also allows you to take orders over the phone or internet, opening up
your sales potential to customers all over the world. The potential
increase in sales is so large that it outweighs the immediate expenses.
Which Small Business Can Benefit?
every business can benefit from credit card processing services, but
every business needs to take into account its unique needs. Some may
need to process payments on-site, while others will never actually see a
Small Retail Stores or Restaurants
stores and restaurants, no matter how small, have to accept credit and
debit card payments if they want to stay competitive in their
industries. These types of businesses need to consider not only the
processing of those cards, but also the equipment they will need to
process them. If you own this type of business, you will want a merchant
account provider that also offers terminals that swipe cards or can
recommend a company that offers those terminals.
The Home-Based Business
people are opening home-based businesses for the convenience that it
provides. If you’re working out of your home, it’s much more likely that
you will need to process phone orders or mail orders, rather than
on-site orders. Fees are often slightly different for these types of
merchant accounts, so you will want to look for a provider that can
offer this type of processing.
The Internet Business
the explosion of the internet, many people are starting small
businesses that are exclusively online. Owners of internet businesses
need a payment gateway to take credit card information online, as well
as a merchant account provider to process the payments. Therefore, you
should look for a provider who can recommend a reliable payment gateway.
Credit Card Processing – What to Consider
businesses do have special considerations when looking at merchant
account providers, including expenses. First, you may want to consider a
merchant account provider that caters to small businesses. Ones that
focus mostly on large companies may not understand your needs. You also
want to make sure that they will be available for you when you need
customer service or technical support. Second, make sure both you and
your merchant account provider know exactly what type of merchant
account you need. If you are a home-based business, you don’t want to
end up leasing or buying, and ultimately paying for, terminals that you
simply don’t need. Last, compare the fees of several merchant account
providers. Every provider will have different fees and if you know
exactly what you need, you’ll be able to choose the one that is the most
affordable for your company.
Accepting credit cards can be vital
to the success of small businesses. Ask about merchant accounts with
North American Bancard today and get on that path to success.
Get more business credit card processing information and advice from North American Bancard:
Credit Card Processing for Business – Equipment
To accept credit card payments, you’ll need the proper equipment for swiping cards or accepting payments online. Contact NAB today to learn more about what kind of equipment you'll need.