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?
If 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.

Many 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?
Almost 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 single card.

Small Retail Stores or Restaurants
Retail 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
Many 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
With 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
Small 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.