How to accept credit card payments for your small business
In order to run a successful business, you need to attract the widest possible pool of potential customers. One way to open up your customer base significantly is to accept credit card payments as a method of payment, as this allows you to service customers in other cities, states and even countries.
With the advent of new technology, accepting credit card payments for your business no longer needs to be an expensive and arduous task.
If you run your business in an offline environment with a storefront and face-to-face customers, you may be able to arrange to accept credit card payments via your bank.
To do this, you'll need to set up a merchant account, which is available through all major banks such as NatWest, HSBC and Barclays. If your business is established and has a strong track record of reliable sales, you shouldn't have any trouble setting up a merchant account with your bank.
If you are launching a new business, on the other hand, you may need to seek out an alternative. Currently, banks want to see a solid sales history before they extend credit facilities your way, so unless you have a strong business plan to put forward, they might not approve your application for a merchant account.
Another option is online merchant accounts, which are available to virtually all businesses, big and small. These resellers are known as independent sales organizations (ISOs), and they act as a 'middle man' between the bank and your business.
Alternatively, if you run your business online, one of the easiest ways to accept credit card payments is via PayPal, the universally known payment processing system.
With their system, you can work with one of PayPal's partners to add a shopping cart to your website, which acts as your online store's catalogue and ordering system. It allows customers to select items, review their cart and complete the purchase in a simple and efficient manner.
You can also use PayPal to manage invoicing and keep track of sales data, so it becomes a valuable part of your business' financial record keeping system.
Best of all, PayPal is simple to use for both you and your customers, and it's a global brand that is recognized in countries all over the world. By integrating PayPal with your website, you open up your business to a world-wide audience and give your business the best possible chance of making sales.
