Most businesses depend on credit card processors to operate details concerning the acceptance of debit and credit cards, be it over the phone, online, or in person. The dependence of such third party to carry out this service tends to make people anxious, which is why we’ll go through the basics of setting up credit card processing. What exactly do you need to know?
When Setting Up Credit Card Processing, Consider…
Finding the Right Credit Card Processor
The fact that your business is quite small or just starting out does not make your card processing choices narrow. Factors which determine your card processing choices include: the kind of business you are running, where you are running it, and how you run it. In other words, how much facilitating will you need in order to keep it running smoothly.
A great example to work on would be if you are, say, in the mobile business. This means that normally you would spend your working hours on trade shows or any other places that are likely to attract large crowds of potential customers. A major priority for you would be the flexibility of being able to accept payments ANYWHERE. A mobile credit card processor would, therefore, be the best choice for you.
Revenue Requirements
Although there are plenty of options for credit card processing, some card processing companies may turn down your application on the basis that your business does not generate large revenue (after all, your business IS a small one).
Not to worry though, all you need to do is take your time when it comes to sourcing companies willing to work with your small business. There is always something for everyone! One such company is BluePay. It works with businesses of all sizes.
Data Security
Similar security standards are held to small businesses as to big businesses. Whether or not your business generates small revenue, you have an obligation to ensure the vendor has the correct security standards in place.
Such security standards include the card verification code, end-to-end encryption, and Security Sockets Layer.
Credit Card Processing Fees
Calculating just how much it costs to accept credit cards may seem quite tedious. There are loads of payments ranging from dollars to percentages. Such fees are especially essential to small businesses which may be worried that this extra expenditure is cutting into their profits.
As a small business, here are a couple of fees that you should especially pay attention to:
- Gateway fees
- Monthly minimum
- Average discount rates
- Transaction fees
- Statement fees
- Address verification fees
CONCLUSION
For small businesses, the choice to accept credit card payment is determined by so many factors. Considering the discussed components to setting up credit card processing will enable you to run a smooth business. Follow these tips and stay ahead of the game!
Featured Image: depositphotos/welcomia
