If you’re interested in making money and you’d like to accept credit card payments, our comprehensive guide will show you which options are out there. Enabling credit card payments is one of the secrets to making an entrepreneurial venture successful.
Accepting credit card payments isn’t free. When you know which choices are out there, as well as the advantages and drawbacks of each choice, you’ll be ready to make the smartest decision for your business.
Today, we’re going to share some practical information about the most common ways to accept credit card payments, as well as their pros and cons. Our guide will empower you by giving you access to a lot of important information, all in one place.
How to Accept Credit Card Payments Online
PayPal is probably the “big kahuna” in terms of enabling online merchants to accept credit card payments. PayPal is established and was co-created by tech wizard Elon Musk years ago. Today, it serves the needs of millions of customers all over the globe. When you choose PayPal’s PayPal Payments Standard service, you’ll be able to accept PayPal and credit cards at your online business.
In terms of advantages, setting up this system will probably take about as much time as it takes to drink a cup of coffee or tea. As well, when you choose the service, you’ll be primed to accept mobile payments and to send invoices whenever you wish to. You’ll also access improved security and straightforward compliance.
In terms of drawbacks, you will need to pay PayPal fees for your services. However, you may get started with the service for free. It won’t remain free, but you won’t need to pay to set it up.
You’ll also need to wait an average of three to five days for any transfers from PayPal to make it into your bank account.
Another option is Visa Checkout. Since Visa is a popular credit card which so many consumers choose, this choice is well worth a look. When you select this service, you’ll find that you have the power to increase conversions, as this service offers an efficient, easy-to-use checkout experience which customers like.
A primary “pro” is that you’ll boost the odds of conversion by 51 percent when you enable Visa credit card payments through this system.
As well, this system works on an array of electronic hardware, so you’ll find that it’s versatile enough to meet the demands of the evolving e-commerce landscape.
In terms of drawbacks, this service is just for Visa. You may wish to accept all major credit cards, rather than just one.
Also, this service does cost money, so read the fine print before you sign up.
How to Accept Credit Card Payments at a Store
If you want to set up a credit card payment system at a bricks-and-mortar business, you’ll need to get your own Merchant Account. This may be done via your bank or credit union. You’ll need to apply for this type of system.
If you’re approved, you should be able to accept the most popular credit cards, such as MasterCard and Visa. If you wish to accept American Express, you will need to get a separate Merchant Account for that credit card. Discover cards also require a separate Merchant Account.
Along with a Merchant Account, you’ll need the right equipment. It’s possible to lease or purchase the equipment which is needed in order to process credit card payments. A card reader which is linked to a modem is the most common system.
Make a Smart Decision
Hopefully, this information has helped you to explore some interesting options. When it comes to accepting credit card payments online, you’ll have a lot of choices. The process of setting up credit card payments for a bricks-and-mortar business will offer only one choice, which is signing up for a Merchant Account (or an array of Merchant Accounts).
Once you’ve considered your needs and budget, checked out the options that we’ve talked about today and read the fine print, which will detail what your financial responsibilities will be, you will be prepared to make a final decision about how to process credit card payments.
So, why not get the process started today?