If your business isn’t accepting credit card payments then you are missing out! How many people do you think will actually send you a check in the mail in order to pay for your services?
So few, that its laughable if you are running your business this way!
To be competitive you need to be able to accept all forms of payment online. Some small businesses choose to use 3rd party payers like Google pay or Paypal as their merchant provider. And while those services are wildly popular, there can be problems with them such as:
- Holding your payments for long periods of time – with no notice to you. I had a friend that Paypal held his payments for almost a month! It was a misunderstanding and they found in his favor and released his funds. But he had to scramble for a while to find an alternative service. And of course he had sold product and needed to fulfill it. Telling clients Paypal wouldn’t release his money was really cutting it with people.
- Dispute process usually goes against the merchant. If you are selling a digital product this can be especially frustrating. You have delivered the product. The client has it. They decide they want their money back for whatever reason. They don’t seem to require a very good one. And now your product is out there, probably being used by them, but you aren’t getting paid for it!
That’s where having a good merchant service provider become essential. A good service provider gets to know you and your potential clients. They will be there to act as an intermediary if the client request a refund. Thus, if you don’t accept credit card payments, you could be losing a large percentage of potential customers. The question is, how do you accept credit card payments?
Opening a Merchant Account
The first step to be able to accept credit cards as payment is to apply for a merchant account.
Banks and merchant account companies offer credit card payment systems for both small and large businesses. However, before you sign up for their service, do your research well and check the exact terms and conditions of your chosen merchant account provider.
Continue reading “How Your Business Can Accept Credit Card Payments”