Why Should You Accept Credit Cards For Your Business Payments?
Do you know what can break your online business? When you do not accept credit cards for your business payments.
Nоwаdауѕ, thе mаjоrіtу of trаnѕасtіоnѕ оnlіnе are thrоugh сrеdіt саrdѕ.
Therefore, ассерtіng payment by сrеdіt саrd is one wау of guаrаntееіng уоur online buѕіnеѕѕ ѕuссеѕѕ.
Although, реорlе wіll ѕtіll рurсhаѕе whаt уоu are offering even if you are not accepting payment by сrеdіt саrd closing a sale with сrеdіt саrd acceptance іѕ much easier.
Now that уоu know thе importance of сrеdіt саrd payments оnlіnе, hence уоu may want to understand thе intricacies of these kinds of payments.
These Are The Important Things That You Should Know And Understand Before You Accept Credit Cards For Your Business:
• How does the process work
• What are:
(i) Merchant Account Application
(ii) The issue of Security Refund Capabilities
(iii) Refund Capabilities
• Benefits of Accepting Payment by Credit Card
(i) Centralized Payment System
(ii) Less Costly and Time Saver
(iii) Availability and Flexibility
(iv) Secure and Convenient
How Does The Process Work?
To ассерtіng payment by сrеdіt саrd, уоu nееd to hаvе a mеrсhаnt ассоunt
This is not an ordinary merchant account. For online businesses, it is known as an Internet merchant account.
For those who do not have one, you can still accept credit cards for your business payments through special banking accounts that entitle you to process payments from customers.
Credit card payments are basically a process of transferring funds from the customer’s card to your bank account.
When customers decide to buy from your site, hence they need to enter credit card details into a secure order form that is on a secure server.
What follows is a series of validation and verification of the card information for fraud avoidance purposes.
The information forwards to a payment gateway. An example is MasterCard or Visa.
The gateway will be one transferring card details to the processor for you to get the payment.Therefore, upon the card status, the transaction confirms or declines.
Important thing like if the card was stolen, credit limit and available funds are considered before the transaction is finalized.
After that, the customer will be led to the page where they will be assisted in downloading the product or service they have paid for.
The transaction completes at this stage. Before you begin accepting credit card payments online, there are a few things which you have to consider first.
What Аrе These?
1. Mеrсhаnt Ассоunt Application.
This can be done through companies that are offering payment processing services.
They are the merchant’s services providers for accepting payment by credit card.
You can get hold of them through your local bank. Take note that banks and financial institutions of good standing and reputation are very selective of the merchant account they give out.
You will not be to open your own if you are just a beginner in the online business or if your business is small.
The process of setting up an account is not that easy also.
For this reason, there are companies offering service packages that you can avail for easy processing.
For a small business, you do not really need to have a merchant account for accepting payments by credit card online.
You can opt to get the third-party hard party processors to do the job for you.
Even if the percentages are high, this is the best option for those who are just starting.
2. Thе Іѕѕuе Оf Ѕесurіtу.
Make sure that your order form is secure. Some people are wary of giving out credit cards details because they think these things are not reliable.
Erase their doubts by placing order forms on a secure server. In a secure server, credit card details are sent in encrypted texts.
An SSL encryption should be set up to avoid the unauthorized decoding of the information given.
When the customers are aware of your secured server, hence they will be more than willing to use their credit cards and give details about them.
3. Refund Capabilities
Apparently, you cannot please everyone. There will be customers who will not be too happy about what they bought and will probably want a refund from you.
No matter how good your products are, expect to receive some refund requests sooner or later.
Benefits Of Accepting Payment By Credit Card Every Merchant Should Know
You have a business and it is growing, hence you decided to accept credit cards for your business payments.
You found that best way to start accepting digital payments is through opening a merchant account.
Now, it’s time to know everything about opening a merchant account.
When you are opening a merchant bank account, make sure that you will choose a bank that will accept funds through your payment gateway account.
This account will set up a link between your e-commerce website/ application and your merchant account.
Online businesses that accept credit card payments should also have an internet merchant account.
All funds receive from credit card payment are transferred from the payment gateway to this account.
However, funds only stay in this account temporarily as they will be transferred from another account that a merchant designated beforehand.
Therefore, the transfers are done regularly and automatically.
Will Accepting Payment By Credit Card Really Helpful For A Business?
Yes, as you can see all reputed business organizations provide credit card payment options.
Here are some of the benefits listed below. Also, going through the points you will realize that what you are losing in your business.
1. Centralized Payment System
Having an online payment gateway allows you to centralize all your business’s payment process.
It gives you a complete overview of your revenue.
As a result, you can analyze which payment process needs improvement to provide better customer service and to generate more revenue.
2. Less Costly And Time-saver
If you thinking that payment processing and dealing with payment issue can be costly and time consuming then let me clear you this:
An online payment system is capable of handling payment process in real time. It does not require any additional administrative help to work.
You don’t need to hire anyone, as you do in cash payment system. This means fewer business expenses, and more time to your business.
3. Availability And Flexibility
Having an online payment gateway empowers you in accepting payment by credit card all the time. By taking your business you can reach your potential customers.
Therefore, it will also allow customers to pay anytime anywhere.
4. Secure And Convenient
Accepting payment by credit card provide a very secure transition of payment over cash payment system.
Payments through credit cards directly transfer payment from costumer’s account to business’s account.
So you don’t need to worry about fake currency and all. Just by swiping plastic card or through the internet, a customer can pay and deposit the amount into your account.
So it is easy to you as well as your costumer.
As there are many benefits then, you should accept credit cards for your business.
There are also many credit card service providers in the market available with different charge rate.
Choose the best one among them who fulfill your needs as well as provide the best support.
Centurion payment services are one of the best merchant account providers with operations in Florida, Atlanta, GA they provide merchant services for all kind of business with a very satisfactory rate.You will get here 24/7 support as well as free installation with Zero chance of service disruption.
So you can visit cpspays.com if you want Easy and hassle-free EMV/chip card processing.
“Is your business providing credit card payment option?”
“Do you feel that your business should also accept payments by credit card?”