subject: How To Accept Credit Cards For Business [print this page] How To Accept Credit Cards For Business How To Accept Credit Cards For Business
To do business, it is a must to know how to accept credit cards for business. Customers expect to be able to use their credit and debit cards at any business. It does not matter if it is in the store or online. The convenience attracts customer and for an online business it can mean an increase in business. It can also inspire customer confidence, again leading to more sales.
In order for a business to start accepting credit and debit cards, the owner will need to apply for a merchant account. This is an account opened with the merchant bank where all credit card payments are deposited. From there the funds are deposited into the business checking account.
There are many merchant companies available to apply to. If applying for a brick and mortar store, the company will have the necessary equipment and logos as well. The same bank that the business checking is located will often assist in obtaining a merchant account.
Accepting credit and debit cards over the Internet is considered high risk, especially if its a new business. There is the potential for fraud and customers do not actually sign for purchases. This can make getting the merchant account more difficult but not impossible. Some merchant companies specialize in online business and making sure all transactions are secure.
Personal credit history can weigh in on the decision of whether or not to approve a business. As far as the business directly, the merchant bank will look at some key information. They will take into account how long a business has been operating. The longer the better. The type of product sold, cost of the product and the sales volume will also factor into the process.
Upon knowing how to accept credit cards for business there is another step to take. Before making an application it is important to shop around. Each company charges rates and fees per month, per transaction, and per type of credit card accepted. These can vary widely, so close attention must be given.
