The reading level for this article is Moderate
With all that businesses have to deal with on a daily basis, credit card processing should be one area that you have covered so it doesnâ€™t have a negative impact on your finances.
Given the fact that small businesses do not always witness the volume of larger corporations and retailers, it is wise for them to work with a vendor that focuses on credit card processing for companies their size.
Since the success of your small business is greatly impacted in knowing each and every expense you make, why put credit card processing low on your priority list? This holds especially true in todayâ€™s economy, given that credit and debits have quickly become the most common types of payment. If your company does not accept them, it could mean losing out on a meaningful percentage of sales.
If youâ€™re not sure where and how your business can accept credit cards, consider these two main areas:
Â· Retail processing â€" The bulk of cards are used in the retail setting, so it is critical for small businesses to accept credit cards in order to capitalize on sales opportunities;
Â· Online processing â€" This area is key too, given that more and more consumers like the convenience of shopping from home or while on work breaks. Not having online ability to process cards can mean major missed opportunities.
While businesses vary, the most common forms of accepted cards will be MasterCard, Visa, Discover and American Express.
Given that many small businesses have used in-house retail processing for years, some may not be as familiar with online processing, as additional consumers take to sitting down in front of a computer to buy their goods and services.
Should your small business be new to or will be setting up online credit card processing down the road, there are some tips to follow.
First, make sure if your business maintains multiple Web sites that you get an individual merchant account provider for each site.
Secondly, be sure to ask the consumer upon check out for their three or four digit security code. The code is in place to protect against fraud, ensuring the consumer making the order actually has the credit card in their possession and they are the one making the purchase.
It is also important for small businesses to check and verify orders placed from certain countries where fraud has been known to be prevalent. Among those locales is China, Russia and Indonesia.
Finally, when working B2B customers seek a copy of the customerâ€™s credit card and/or their driverâ€™s license to shore up the purchase.
When shopping for credit card merchants shop around and compare. Certain ones meet the needs of certain types of small business operations, so donâ€™t assume one fits all.
Your merchant account doesnâ€™t have to cost you an arm and a leg, so look for one that makes available a no obligation rate and expense comparison.
With the right account/s in place, your small business has the potential to thrive.