Credit Card Processing Checklist for Small Businesses
Filed under: Credit Card Processing
Credit card transactions account for a large portion of the sales that are made in the United States. As a small business owner, you need to make sure that you have the right tools to accept these payments. Also, consider making changes to your current payment processing options to accommodate the needs of your customers.
Follow this checklist to ensure that you are ready to accept digital transactions:
Where will You Accept Payments?
Will you be processing credit cards in the store, or will most of the transactions happen online? Consider the types of payments that you will be receiving to ensure that you are equipped to accept the payments. For example, if you have a tool to swipe the credit cards, then it might be tedious to type in the numbers manually for all online transactions.
Pick a Merchant Processing Company
The merchant services that you select will have an impact on your experience going forward. Choose a company that offers 24/7 support. Discuss the fees and details before signing an agreement. Ask any questions that come up, so that you are clear about the services that you will be receiving.
Choose Credit Card Processing Hardware
A Point of Sale (POS) terminal might be needed if you will be accepting these payments in person. For small businesses, a standalone terminal might be sufficient. But, larger companies could require multiple POS terminals, which means that you will need an integrated system.
On the other hand, you might consider a credit card reader with your smartphone if you will be selling products at an event or fair. This processing tool is lightweight and portable so that you can accept payments from any location.
Create a Customer Policy
Make sure to share a clear policy with your customers regarding credit card transactions. For example, you might only accept a few specific types of credit cards. Also, it is important to post details about fees that customers might incur on credit card transactions (if you choose to pass the fees onto the customers).
Do you have questions about credit card processing? Talk to Rick Johnson with National Merchant Services to learn more: 888-891-0811
