Have you ever wanted to accept credit card payments as a person or business in the US?
If so, this is your ultimate guide on how to get paid via credit cards. We will walk through what are the basic requirements for accepting credit card payments, how to set up an account with a payment processor and which types of transactions can be processed.
Benefits of Accepting Credit Card Payments
Accepting credit card payments is not only convenient for both parties but it’s becoming more common in today’s digital world where people are used to paying online. It is a simple process that requires some initial legwork but you will soon realize how beneficial it can be for your business or just as a person who wants to have an alternative way of getting paid securely and easily.
How do I accept credit card payments as a business?
The first step is opening your business account. The requirements vary for each payment processor, but you will generally need an ID or social security number and a bank account to fund the payments. Some processors may require that this information be verified by uploading copies of your personal documents (driver license/passport). Once approved, they will issue an authorization code that you will need to list on your website.
The next step is setting up your payment page. The easiest way would be having the code generated by our platform and copy pasting it into yours. If you are not using one of our carts, then we recommend looking at Shopify or BigCommerce. You will need to paste the code on every page of your site where you want payments enabled (usually checkout). The last step is adding a payment button and informing your customers that they can now pay with their credit cards.
I personally use Investors Bank for my company’s account and have also set up STRIPE and PAYPAL for the credit card payments. Just as any other business in the US, we also use ZELLE and can be paid with checks.
How do I accept credit card as an e-commerce store owner?
If you are looking for a payment gateway to become an e-commerce store owner, you will need a merchant account. This is usually combined with your business bank account and credit card processing capabilities for a flat monthly fee. The requirements vary from company to company but in general they require all the same information as personal accounts (ID/SSN) plus additional documents such as D&B reports. You will also be required to have a business license and the payment gateway connected directly with your bank account so they can withdraw funds from there on a daily basis (after charging customers).
How to accept credit card payments for personal use
The easiest way to accept credit card payments online is through a third-party service or your own website. There are services such as STRIPE and PAYPAL that will process all transactions for you, while you can set up an account with Shopify or BigCommerce if you want to have the code generated by their platform.
Another option is if you want to process payments with your own website and do the coding yourself. Some recommend looking at Shopify or BigCommerce for this kind of service also, but I personally have used WordPress for many years.
WooCommerce is one of the strongest ecommerce WordPress plugins that can be used in order to accept credit card information.
How to accept credit card payments without a business
Payment service providers such as PayPal, Square, Stripe make this process easy and cheaper. They look like merchant accounts but can be created and maintained online. It’s easy to transfer money into and from your PSP account to issue refunds / make purchases and to put things in a bank account. A specialized payment company may provide a simple solution based entirely on your existing business – such as an Internet service provider like Paypal.
In this case even a personal bank account can do the trick, as you will be able to accept credit card payments from these payment service providers.
How to accept credit card payments for small business
Whether you are a freelancer, an agency or small business owner – accepting credit cards is possible! You can accept credit card payments as an individual person. As long as your bank allows it, you should be able to open up a merchant account and start accepting payment via MasterCard or Visa today. Even if you have bad personal credit or are not a US citizen, you can still set up the account.
How to accept credit card payments online
As mentioned before, just use a PSP (Payment Service Provider) such as Paypal or Stripe, for instance, embed a code on your website and you are ready to go. If you run a small Shopify, Etsy or Ebay store online, they will handle payments for you, while also asking for a fee. If you want to receive payments on your own website, then a merchant account or embedding the PSP codes in it will do the trick.
How do I accept credit card payments in person?
The P2P system is an efficient way to take care of customers and manage their assets. You also will need a card terminal or card reader for processing cards. Some credit card processors are standalone terminals, while some are built into an POS tablet or computer system. Be aware of higher processing fees with the second payment option because they’re considered less secure. The other is for you to enter credit card information into your POS system, for example when customer is willing to pay by phone and you don’t have an electronic card attached to you.
