Accepting Credit Cards The Ultimate Guide For Small Business

Hi folks Dave Waring here again with fitsmallbusiness.com in today’s video we look at the different ways that your business can start accepting credit cards do you need to accept credit cards online only do you only need to accept credit cards over the phone or in person do you need to accept credit cards on the go the answers to these questions will determine whether you need a comprehensive solution or a piecemeal solution which will allow you to avoid paying for services.

You don’t need there are two main types of comprehensive credit card solutions a full merchant account service provider or a hybrid online mobile payment service both will let you begin accepting credit cards in person and online but the prices and user experience will vary merchant account services are by far the most conventional and widely used method of accepting credit cards but can also be the most expensive merchant account service providers are generally banks or financial institutions that provide the services and equipment necessary to connect your business bank account.

With your customers credit card company the advantage of using a merchant account service provider is that they provide a seamless user experience for both brick-and-mortar and internet stores also the name of your business will show up on your customers credit card statements which is not always the case when accepting credit cards through mobile or online payment systems the main drawback for merchant account service providers is the cost there are a number of fees associated with these services which makes it extremely important to shop around and read the fine print of all contracts for an overview of the top merchant account service providers see our full article on the topic which.

Is included in the description section below this video some services such as PayPal and square offer payment services that allow you to accept credit card payments both online and in person using a mobile device these services do not require merchant account and can be a more affordable option than a full merchant account service the major advantage of accepting credit cards using a hybrid service is that it may be less expensive than a full merchant account service provider while giving you.

The ability to accept credit cards in all the same locations the primary disadvantage of a hybrid service is the user experience may not be as seamless is more important to you than a seamlessly integrated user experience for a full overview of the primary hybrid solutions see our full article on the topic which is included in the description section below this video depending on your business you may be able to cut costs by avoiding paying for services you don’t need if you do all your sales in a brick-and-mortar location you may find that a mobile payment service is perfectly adequate likewise if you run an online business and online payment service can provide an inexpensive and quick solution if you go with a mobile payment service they will provide you with.

A card reader that connects to your smartphone or tablet and an app that allows you to process the payment take a signature email or text a receipt and track analytics the major benefit of mobile payment systems is they give your business the ability to accept payments on-the-go at places like markets and fairs or allow your brick-and-mortar sales associates to individually process credit cards away from a cash register however fee structures for mobile payment systems can vary widely so they can end up being quite expensive also many mobile payment systems do not include online shopping cart integration so you should go with.

A hybrid mobile online payment service if you want to accept credit cards online for more on the other benefits and costs of mobile payment solution see our full article on the topic which is included in the description section below this video the most well-known example of an online payment service is PayPal but Google.

And Amazon also offer payment services most services offer different payment levels that will determine how much they integrate with your existing website the major benefit of an online payment service is that they allow you to accept credit cards online with minimal costs or set-up time the major drawback is that the user experience may be branded by whatever service you use you can learn more about online payment services.

In our full article on the topic which is included in the resources link below this video that’s our video for today for more great advice on how to start and run a successful business be sure to visit us at fitsmallbusiness.com today thanks for watching.

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