1. Open a merchant account with a credit card processor.
Credit card processing rates are complicated. Talk to at least 2 or 3 processors and compare quotes you receive.
Do Your Research:
Ask a company for customer references and look up reviews online.
How’s Their Customer Support?
Will they take care of you once the sale is over? Look for an in-house support team and ask what the average phone wait time is.
2. How do you want to process your customers’ credit cards? You can choose more than one way.
A physical terminal is a device that allows you to swipe customer cards quickly in person. You can also key in customer card numbers for the occasional over-the-phone order.
This option is common for retailers and B2C businesses.
A virtual terminal is an internet webpage that allows you to process credit cards on your computer. Instead of swiping the card, you type the information in.
This option is standard for B2B businesses and companies that handle frequent over-the-phone orders.
Online Shopping Cart:
An online shopping cart is a software that allows you to accept payments through your website.
This option is standard for online stores.
A mobile solution allows you to run credit cards solely through your mobile device, either through swiping or typing in information. Some solutions offer both options
Mobile solutions work best in combination with other processing methods. Very small businesses can rely solely on a mobile solution.
3. Choose a payment gateway.
- Unlimited batch history
- Unlimited users
- Free customer support
- Chargeback management assistance
- Compatibility with your ERP and online shopping cart
4. Integrate your system.
Congratulations! You’re ready to accept credit cards like a pro. To streamline the process, use a payment integration that connects your method of payment acceptance with your accounting software. You’ll be able to process credit cards directly within your accounting software, store customer payment information, and automate invoice reconciliation.
Those are the basics! Hopefully you’ve discovered how you can accept credit card payments within your company.