Accept Credit Cards Small Business
It is vital for entrepreneurs to be able to accept and use small business credit cards as this was noticed to affect the success rate of a venture. Even though new and very small business owners only accept cash, cheques or bank transfer as forms of payment, most of them realised that accepting credit cards would ultimately improve their profits.
If you are really small business there is the ability to accept credit cards through PayPal thus reducing the need to setup a whole EFTPOS machine to accept credit cards in you smallbiz.
This article discusses the basics of being qualified to accept credit cards in your smallbiz as well as several tips on how to have an accept credit cards in your small business.
Here are 5 ways on how to accept credit cards in your smallbiz:
1. Firstly, you must think about how often you will be accepting credit cards.
2. Consider how you or your staff will actually handle the credit cards. For instance, if you decide to physically accept cards and simply swipe them, then you must get your self a wireless (mobile) or standard EFTPOS terminal device. On the other hand, if you want to have an accept credit cards online, hence, you could purchase a virtual terminal device activated through your phone or computer or simply sign up with Paypal.
3. Next, you need to select a merchant account service provider. A Traditional Merchant Account, in particular, is the most cost-effective and most usual method obtained by small business owners.
4. After selecting a merchant account, ensure you ask for the smallest amount of money ran each month or monthly minimum fees, which are charged by these providers.
5. Lastly, ensure that you know your merchant account’s discount rate, which is a percentage (about 2% to 3.5%) that you have to pay out every time a customer pays for your product or services with a credit card.