There’s no better way to diversify your customers’ payment options than by opening a merchant account with a trusted credit card processing company. More and more people are paying through electronics, so don’t expect those little plastic cards to go away anytime soon. Even more crucially, more transactions than ever before are being completed through phones, which businesses need to account for.
Essentially, every point on earth is now a potential point of sale. So if you don’t want to miss out, here’s a handy run-down of the info you should be aware of.
Credit Card Processing Services
It’s important for small businesses to have trustworthy and accurate accounting tools at hand so that the flood of digital payment transactions doesn’t introduce potential liabilities. Opening up a merchant account with a credit card processing company is the best way to address this concern, so don’t hesitate to open one. These accounts allow business owners to check accounts receivable, choose whether they would like to hold or capture individual payments, and set up an information panel for each customer. And all of this can be done conveniently online!
Merchant Account Costs
The fees that come with credit card processing accounts are dependent on the kind of account a business owner wants to open. This is, in turn, dependent on how many transactions that owner thinks they’ll be making. If the account includes a payment gateway, the business owner will likely be charged a moderate fee.
Doing some quick math is a good idea to understand what kind of account you’ll need. If you expect a lot of sales, a payment gate to encrypt the card info is probably a good idea.
It’s also a good idea to avoid credit card processing companies that charge a per-item fee once a minimum number of transactions have been processed. Even if your sales are high, the flat monthly rate should be all that a small business owner should be required to pay.
Credit card fraud is everywhere, and it goes without saying that merchants will want to avoid fraudulent transactions. Credit card firms put a lot of effort into protecting cardholders, so it’s not uncommon for a chargeback to occur even when no fraud took place. One reason why this occurs is that the customer has had their account hacked. When this happens, all transactions are put on hold by the credit card firm. Processing companies should be able to help figure things out.
Mobile Devices Sales
A big advantage of opening a credit card processing account is the flexibility that a business owner can extend to their customers. Online storefronts can be reformated to immediately accept card payments, even if the customer is making a purchase with a smartphone. On top of that, merchants can even send sales info to customers in the form of a text or email.
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