Apr 11
18
Start Accepting Credit Cards
There may be many different reasons why your business is considering accepting credit cards. Maybe your business is brand new and you need the extra boost in sales that accepting credit cards will immediately provide. Or maybe your business has been around for a while and due to the constant request of your customers you have decided to start offering the payment method or face a loss in future sales. No matter your reason one thing is for sure, in today’s fast paced business world, accepting credit card payments for your goods or services is essential to doing business!
So now that you’re ready to start accepting credit cards, the question remains, how do you sort through all the different options in order to get started?
At Tailored Transactions, we believe that the smartest business decision is an informed one, and to that end we are committed to teaching you everything we know about how to accept credit cards payments securely and at the lowest possible monthly cost to your business.
How to Accept Credit Cards
First, you’re going to need to setup a merchant account. This is a financial account established solely for the purpose of accepting credit card and debit card payments, and it is set up entirely separate from your personal bank account. A merchant account also serves as an agreement between your business, a merchant bank and a payment processor for the settlement of credit card and/or debit card transactions.
To set up your new merchant account, you will need to choose a payment processor, like Tailored Transactions. Now most banks also offer merchant services, and your local bank if they haven’t already will probably try an persuade your business to use them since you already do your banking there. But their application process is much more rigid with more stipulations usually built into their contracts. They do not offer all of the options and benefits of a payment processing firm like us. And lastly but most important, their rates will always be higher because they are the 3rd party within the payment processing industry. They all have a processor just like us who actually handles their processing for them, while they cross-sell the services as their own. So they have to mark-up their rates and fees in order to make a profit on them. They are the “middle-men”.
Once your merchant account is established, you need the proper hardware or software to process credit card payments. Your options depend largely on the type(s) of business you operate and how you will be accepting these payments. Whether they will be in person, over the telephone or online through a website.
Point of Sale (POS) Terminal
This is most common method for accepting credit cards in a retail, or face to face, environment where the credit card is present. There is a wide array of POS terminals by manufacturers like Verifone and Hypercom from which to choose. If those names sound familiar, it’s likely you see one or both everyday when you go into a store or gas station. Tailored Transactions can offer your business a wide range of counter-top terminal solutions including two Free Terminal Packages which you can learn more about by visiting our Terminal Equipment Page.
Internet
This is the most common method for accepting card not present (CNP) credit card transactions, especially for E-commerce or MOTO businesses. It empowers you to process transactions right through website via a shopping cart and payment gateway, or from your desktop by transforming your PC or laptop into a “virtual terminal.” You can learn more on how we can setup your business in this manner by visiting our Internet Merchant Account page on our website. There you will find information on the multiple payment gateway / virtual terminal packages that we offer. All our Internet solutions guarantee secure online processing at the lowest available monthly cost.
Wireless
This is the perfect credit card processing solution for mobile merchants. Especially those who frequent trade shows and conventions. A Wireless Merchant Account can offer your business different choices on how you can accept credit card payments. Tailored Transactions offers a free wireless terminal, the Nurit 8400, which works just like a counter-top terminal and you are able to take it just about anywhere as it works off of our nationwide GPRS network. It’s also possible to transform your smartphone or mobile device into a wireless terminal with a simple app. Our application is compatible with the Iphone, Android and BlackBerry opertating systems. And lastly, you can also use a payment gateway and run your payments through your laptop or I-pad.
Software
Credit card processing software makes all types of transactions effortless and easy to track. Whether a face-to-face, web or wireless transaction, processing software makes accepting credit cards simple. One of our software offerings is our Exclusive Intuit QuickBooks Plugin which will allow you to process credit card and check payments right through QuickBooks software. There is no additional uploading or downloading of of files needed, all transactions are ran directly through your QuickBooks interface and allow for automatic population of data and client information fields.
Phone Authorizations
If you work out of your home, or if your operation just doesn’t have a heavy sales volume, you still want your transactions to be easy, reliable and secure. Phone processing is the way to go. Maybe you only accept a hand full of credit card payments each month, you can utilize your telephone and simply run voice authorizations to complete your transactions. Our customer service department is available 24/7 and can help you in this manner.
Now that you’re informed, why not contact Tailored Transactions today for a free rate quote?! Let us show you just how little it will cost your business to start accepting credit card payments.
You can visit us online at www.TailoredTransactions.com or you can call our office directly toll free at 888-669-1686
Be ready to grow your business by accepting credit cards in as little as 24 hours with Tailored Transactions!
Sign up for our Free Monthly Newsletter today. Its a great way for merchants to stay up to date on the latest industry news and alerts.