Billions of dollars worth of credit, debit and prepaid card transactions occur every year.
It is more important than ever before for every single business to be able to process credit cards. Whether you're a brick-and-mortar retailer or an online startup, you must have the ability to process all types of credit cards and debit cards. It is true that discovering the right solution can be rather hard, but the difficulty will eventually pay dividends for your private enterprise.
At a time when Canadians are paying more for their goods with plastic than cash and when more Canadian consumers are shopping online, the right credit card processor installed is crucial.
Surprisingly, many businesses still do not accept credit cards for whatever reason. Although it is easy to add to your business model, there are still a wide array of steps you have to take.
Here are five tips for adding credit card processing to your business:
Establishing a Gateway Account for Your Business
For a lot of companies, heading to the online world is one of the best ways to survive and thrive in today's economy. In order to accomplish this, your company needs to establish a gateway account because this is your entry into digital commerce, a way to generate bucks online.
Here are a few things you need to pay attention for to find the right gateway provider:
- Secure Socket Layer (SSL)
- PCI DSS Compliance(which you can learn more about on the PCI Security Standards Council website)
- Ecommerce integration (shopping carts, technical support, email receipts)
- Reports for tracking sales
Indeed, there are numerous gateway account services, but look for the aforementioned features when scanning the Internet for these providers.
Creating a Merchant Account
Although a great many gateway service providers do consist of merchant services, you can take the liberty to locate another sole merchant account provider with a wide array of features.
If you do move ahead with this idea of a separate merchant account then you should seek out the following features, functions and tools:
- A point-of-sale (POS) system with a credit card swiper and virtual terminal.
- Payment gateway
- Fraud protection
- Limited monthly and transaction fees.
- Highly advanced shopping carts.
These are certainly the basic features that every merchant account service should offer. For additional information, learn more about credit card processing at the Elavon website.
Picking the Right Payment Gateway for Your Store
This will require a lot of research and triple checking, but it is a worthwhile investment for your company. In order to achieve this, you have to pick the right payment gateway channel for your store. This is a service that authorizes, verifies and confirms all payments made to merchant accounts. The service is adequate for both online business models and brick-and-mortar firms.
Costs vs. Reliability – the Battle Rages on
Let's face it: every business has finite resources and must tighten its belt on a regular basis.
Why is this fact important? Well, as you select the best credit card processing system, merchant account, payment gateway and the like, you need to weigh the pros and cons, the costs and reliabilities. This can be difficult because you need to rein in your costs as well as ensuring the technology is reliable so that you won't suffer a loss of sales or irk the customers.
Always Read the Fine Print
Finally, like anything else in life, you must always read the fine print. As you enter into a contract with a credit card processing provider, you should take the time to carefully peruse the fine print. This will outline the specifics, such as how much you will spend and how it may not be responsible for certain types of unscrupulous transactions or security breaches.
Although you're a business owner, you should behave like a consumer and read the fine print.
It is true that if you shop around and make multiple inquiries with merchant services it will show up on your credit reports. However, since this is one of the most important investments you will make during the life of your enterprise, it is essential to perform your due diligence and research in order to make sales, provide great customer service and boost your bottom line.