Should You Accept Credit Card Payments For Your Business?
It doesn’t matter whether you have a product which sells for $1 or $100. If you do not have an option which allows a consumer to pay using his or her credit card, your sales are more or less doomed.
This is due to the fact that consumers like the convenience of having a lot of options when it comes to paying for their purchases. Whether it is an online store or a brick-and-mortar store that you have, the first thing that they will usually ask is: “Can I use my credit card?”
Naturally, you as a business owner should be able to provide your customers with the utmost convenience, which is why you should look into the option of being able to accept credit card payments if you haven’t already done so.
The Importance of Having a Variety of Payment Modes for Your Customers
Thanks to the easy accessibility of the Internet, the general consuming public can now shop for items right in the comfort of their own homes. To complement this convenience that they enjoy in terms of the way that they shop for items online, you as a business should be able to offer the same convenience to them.
This is where the variety of payment modes that you offer to your customers come in. Just imagine how many prospective sales you might lose if a customer ends up buying items from another online shop – simply because you do not offer credit card payments as an option!
Also, retailers agree that there is a definite boost in sales when you offer your customers the convenience of being able to shop online using their credit cards. The same thing applies when you have a brick-and-mortar store which sells goods.
In addition, this extra mode of payment is good for building the customer’s trust in your company. Most online shoppers get wary when they see that a particular online store is not ‘affiliated’ with the major credit card companies like MasterCard, Visa, American Express or Discover.
You can immediately capture the trust of your prospective customers once they see these four credit card labels on your website because these are the modes of payment that they are familiar with.
Why It Pays to Accept Credit Card Payments for Your Business
It’s pretty easy to set up a merchant account so that you can have the ability to accept credit card payments for your business, so why would you say no to it? Just remember that in these changing times, competition in any type of business is stiff.
As such, it pays to be able to offer your customers the same convenience that your direct competitors are providing them with in the first place.
Aside from the aforementioned benefits, your business’ overall financial system will be given a do-over the minute that you start accepting credit cards. The zing of the cash register – virtual or otherwise – will sound off often, which equates to a boost on your sales and an increase in your profit!
Watch the video related to credit card payment
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June 25th, 2009 at 11:18 am
Encore Payment Systems (www.encoreps.com) presets qualified appointments for their independent reps. (On average I get 3 pre-qualified leads a day.) This helps get our foot in the door. Showing value and lowering costs are imperative to our business, but without that extra push, it would be far more difficult to reach out to business owners. The process is very simple but highly effective. Basically, the marketing center calls the merchant. In this step the importance of having our service is discussed. Credit card processing, debit card processing, electronic processing, and a wide array of merchant services are briefly introduced. Then the marketing center gets a verbal request from the merchant allowing us to set up an appointment. After the appointment is set it is up to the rep to present the materials and make the sale. This system has proven itself with me and I recommend to others who are interested to visit our website http://www.encorepaymentsystems.net to read success stories from our sales force.
June 25th, 2009 at 11:27 am
A quick FYI, Authorize.Net is not a payment processor. They are just a gateway which means they just act like a credit card terminal in a store. The real questions you will have will be for the processor who actually processes your payments for you.
Here's a good list to start with:
1) Am I locked into a contract?
What makes you different then the other guy?
2) Is there a monthly minimum fee?
3) Is the equipment/software you are selling proprietary?
4) How long does it take to get my funds?
5) My average sale is $xx.xx. How much would I pay with you?
6) What will my fees be if I don’t do AVS?
7) Is this an introductory rate? Can my rates change?
Always do a comparison of providers as there are many different ways to say the same thing. I linked to a comparison worksheet that should help you out with this.
June 25th, 2009 at 7:21 pm
well first you will have to sign contracts with the credit card company which will spell our the terms and conditions to allow you to accept payments!!!! they will charge you from 1 to 3% for this service!!!
June 26th, 2009 at 12:10 am
I can tell you that a Pre Paid Legal Business Plan would be a great asset to your company. It provides a service called GoSmallBiz.com that gives you access to tax and accounting help, technology consulting and a business plan. You would be able to ask about the credit cards and anything else you need help with. There are experts in all areas if business: tax, marketing, accounting, technology, finance and HR. They provide a 4-page website builder to create, they host it and maintain it for you. As you start your business and it grows, this would be a valuable asset for you to have.
For more information, check out my Blog and email with questions.
Good luck!
June 26th, 2009 at 6:23 am
Go ahead and accept credit card payments if your losing customers. I personally have not heard anything bad about CitiBank. You should not be over looked because you are a small company. I do hear how bad Pay Pal is. I use SPS, and have the Vx570 terminal. When you look for equipment online there are many processors who try to charge you for every little thing.Read all paperwork before you sign up with a company. Don't pay for annual fees, application fees, start up costs, equipment, software, or training.Get a low discount rate and low transaction fee.Ask questions and shop around and see what is best for you and your business.
June 26th, 2009 at 10:47 pm
Go to your local Costco and arrange for a merchant account. Their fee structure is the lowest around and their service is the best.
June 26th, 2009 at 11:13 pm
why don't you speak to the local manager of the banks whose credit card u accept
June 27th, 2009 at 5:44 am
dont wait for the businessman to call you back
You can take the credit card right now using paypal.
a priemer (sp) account would be fine for right now and as your business grows worry about talking to the guy then.
Right now ask him for his email address and just send him an invoice for his purchases.
Explain to him that you are just starting out and he will understand that.
later you can link your website to paypal but RIGHT now you need to make this sale before this potential customer goes someplace else.
Explain to your customer that paypal never gives YOU the credit card number and you can make up a yahoo email that goes with your business so that he will know what it was when the statement comes.
If you have that swipie thing at work then ask him for the number and manually enter the numbers….REMIND him of his credit card protection from the issuer so that he does not worry
June 28th, 2009 at 9:04 pm
No. That is what Paypal is all about. They act as your credit card processor. Just be sure and get setup well in advance of your first transaction as it takes a number of days to get setup due to bank verifications for your account for deposits.