There are a number of benefits associated with accepting card payments at your small business. Of course, the main advantage is the fact that you will open yourself up to a much greater consumer base. However, the benefits go a lot further than this. You can also plan ahead, you will save time, you can get paid faster, and you can make payments simple too. With that in mind, continue reading to find some advice on getting started with accepting card payments at your business.
Merchant accounts
In order to start accepting card payments, you are going to need a merchant account. This will give you the ability to set up card payments. There are companies that provide this service for you, which makes it a lot easier. You can find out more about this at merchants.services. To set up a merchant account, the provider will need a few details about your company. This includes information on your business accounts, transactions, and turnover. Once you have provided this, they will set up an account for you.
Payment gateways
The next step is to get a payment gateway if you are intending to take card payments online, which is something that will apply to most businesses today. A payment gateway enables you to swiftly and securely process payments. Security is of paramount importance when it comes to online sales today. You only need to turn on the news to hear about the number of different data breaches and fraud cases, and this is something that consumers are well aware of, which is why choosing a payment gateway with care is pivotal. This will be linked to your merchant account, enabling you to start processing payments over the Internet.
Virtual terminals
The first step is to get a virtual terminal if you are intending to take card payments over the telephone. This is a service that is declining, as a lot of companies simply provide online services nowadays. However, if you do take telephone orders, you will need this. A lot of online businesses also use this as a back-up, in case consumers are having trouble online and would like to make a payment over the phone. A virtual terminal essentially enables you to enter the consumer’s payment details so you can process the transaction yourself.
So there you have it: some basics regarding getting started with card payments at your business. If you follow the steps that have been presented above, you should find it easy to introduce card payments at your business. The benefits of doing so are extensive, from increasing your chances of making a sale and saving time to improving cash flow and simplifying payments.