How To Accept Credit Card Payments and Increase Revenue By 30%
The Importance of Knowing How to Accept Credit Card Payments
As payment platforms technologies continue to advance and the use of cash keeps falling, the importance of knowing how to accept credit card payments, as well as payments from debit cards and gift cards, for your business cannot be understated.
It is almost required that a business be able to accept credit cards.
We have seen a common trend in businesses, where companies that move from accepting cash only to accepting both cash and credit cards increase their revenue by 30%.
So, if it’s so important, then why does it seem so complex? We understand that feeling, so we made this guide to show you, the business owner, what kind of options are available for your business.
Whether you need a Brick-and-Mortar, Online, or a Mobile credit card processing system, you will be able to better understand what kind of system will work best for your business.
Cash payments are great and simple. The odds of a customer carrying cash on them, however, continues to fall. That is why it is vital to start accepting credit cards.
Credit card acceptance is vital to the growth and stability of any business. Being diverse in the types of payment options that your business can accept will help grow your business faster than almost anything else.
You can’t grow if you can’t accept any payment methods besides cash.
Know you want a credit card processor, but not sure where to start? Let’s talk about what makes a good credit card processor.
First, your credit card processor should be able to accept cards from all major credit card companies. Cards from a card issuer like Visa, Mastercard, and American Express should all be compatible with whatever processor you choose.
Second, they should put your needs above their own. his can be seen in the fees that they charge you. Do you keep you at a low, flat rate? Or do they seem to have an additional fee associated with seemingly every transaction within a confusing tiered pricing model?
An ideal processor will keep your rates and fees as low as possible.
Table of Contents
Brick-and-Mortar Systems
Brick-and-Mortar systems are best for businesses that do most or all of their business in-store.
POS Systems
POS systems are the most complete package and AllinOne solution of all the credit card processors. Many POS systems come with additional features other than simply accepting credit and debit cards.
Many of them can manage inventory, provide receipts, control marketing and even more. The features that your POS system will come with depends on what you want out of your POS system.
If you just want a card reader without any other features, a POS system may not be right for your business.
Credit Card Terminal
Credit card terminals are much less of a complete package than POS systems. Credit card terminals hook up to credit card readers to accept payments.
If you prefer a credit card terminal to a complete POS system, you will definitely save yourself some money, as POS systems tend to command a much higher price due to all of the additional features that most of them have.
Online Systems
Online Payment solutions are best for businesses that do most or all of their business through an online store or other ecommerce platforms.
Business types that process most of their transactions online will obviously be more in need of an online credit card processor.
If you want your business to accept credit card payments online and truly become an online business, consider an online payment system.
Virtual Terminal
A virtual terminal provides a simple way to accept credit cards through a system that you probably already own. A virtual terminal can hook up to your computer and provide a way to accept payment through that terminal.
Keyed transactions, where you manually enter the credit card information, will be the easiest to process, as it will not require any additional equipment.
However, if you want to accept payments instore, along with online, credit card readers may be required to do so.
Payment Gateway
A payment gateway allows payments to be authorized through a payment network.
It basically sends information given from the credit card to a network, and then sends that money to your merchant account or bank account. It is used to actually authorize the payment from the customer’s credit card.
Selling online products in itself can be complicated enough. So why make processing online payments complicated as well? We want to simplify the process for you at Shift.
Mobile Systems
Mobile Payment systems are best for businesses that are somewhere in between an online and a brick-and-mortar business and are usually used in addition to one of the other two.
If you find yourself needing to accept credit cards while on the go, mobile payment systems might be a good addition to your payment processing solutions.
Mobile POS
Mobile POS allows your mobile devices to basically be turned into a payment processor. It lets you accept payments from customers while you may not be able to physically be at your storefront.
For example, many food trucks opt to use mobile POS because it is the simplest way for them to be able to accept credit or debit card payments.
This POS software will usually come with a mobile card reader that allows the customer’s mobile device to be turned into a payment processor.
Mobile Payment Apps
Mobile Payment Apps are fairly shallow, but can be a good and inexpensive way to process credit card purchases. Apps like PayPal, Apple Pay and Venmo can be a simple way to exchange money for purchases.
However, apps like these are best for things like bake sales and fundraisers where money can be sent quickly and easily.
The Bottom Line
If you want a credit card processor that won’t mess around, contact Shift Processing. Shift has no credit card processing fees and does not charge an interchange rate, any monthly fees or annual fees.
Skip the setup fees with our easy to set up POS systems. Our systems and terminals are simple and easy to set up, giving you the freedom to set it up yourself and avoid any extra charges.
Your credit card processor should also be maintaining PCI compliance. This will keep the information of your customers safe and secure, as well as keep your business away from any PCI compliance fees.
Many payment service providers have all kinds of credit card transaction fees just to process credit cards. Here at Shift, we don’t think that’s right. Why should you have to pay your merchant service provider to get paid?
If you want your business to start accepting credit card payments, find which one you feel will help your business the most. Weigh the pros and cons of each, and make a decision for which system makes the most sense for your business.
Whether your company needs to accept credit cards online, in-store or on the go, we want to help you find a processor that fits your needs.
We would love to be your payment processor. However, we know that we are not necessarily a fit for every business.
So regardless of if we end of processing your payments, we want to find you a processor that fits well with your business. We want to have your best interests ahead of our own.
Feel free to contact us with any questions, or visit our payment processing guide for more information.
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