Credit and debit cards are an everyday way of life. Many companies don’t accept checks and consumers have stopped writing them very often. In fact, the majority of Millennials have never written a check. Instead of using checks they are using debit and credit cards, they allow for much faster transactions, better day to day security (although they do have their own downfalls), and nearly everyone accepts them.
Why should I accept credit & debit cards?
If you are running a business today and not accepting credit or debit card transactions you are missing out on sales to potential customers. Many consumers don’t carry cash or checks, just the plastic linked to their bank and credit accounts.
Legitimize your business.
People inherently trust companies more when they accept credit cards. They trust the cards with handling their money transactions and they trust those companies they can use them with.
Capture more transactions and boost sales.
Due to increased trust, your sales will increase as well. Your business will also experience many purchases based on impulse. Many cash consumers will change their mind as they count out the cash, however credit and debit consumers don’t generally reconsider. Some studies show that consumers spend more when using their cards than they do with cash.
Don’t worry about accepting bad checks.
If you accept checks and they are returned NSF or cancelled, it can cost you not only for what you sold, but also bank fees as well. You will know if they have the funds immediately by accepting their debit/credit card, if they don’t have them, it will decline the purchase.
Get your money faster.
No more going to the bank to deposit checks and waiting for them to clear. Card transactions are processed electronically, and they also settle quickly. The funds will also deposit directly to your account in two or three days.
But accepting credit/debit cards are expensive!
Actually card transactions are quite cheap. They save you from that semi-daily trip to the bank to deposit cash and checks, they save you from bad check fees, and they also save you from cash handling mistakes which can be costly. The increase in sales from accepting credit/debit card payments will usually offset the costs of processing cards.
Who should I use to process my credit card payments?
Process mobile credit card payments
There are several companies that offer mobile payment processing solutions. Their fees can be slightly more costly, but are still quite affordable and well worth the additional costs.
Learn MoreSquare allows you to accept credit card transactions via a mobile phone or tablet using a card reader (also a card dip/tap device) over WiFi or cellular data while remaining PCI compliant. There are no monthly fees and transactions deposit in one to two business days.
Learn MorePayPal is very similar to square, it also allows you to accept transactions via your mobile phone or table, however they can also use their Pay Pal account to pay you if they prefer. Card payments via PayPal are deposited to your PayPal account, but can be withdrawn to your business checking account.
Learn MoreAuthorize.Net is traditionally an in store and online processor, however over the last few years they have also implemented their own mobile transaction hardware with similar limitations.
Process in store credit card transactions.
There are a couple of companies that make processing in store credit card transactions simple. The less simple methods offer more options when you are integrating your POS (Point of Sale) systems.
Learn MoreSquare offers a desktop point of sale system that removes the need for you to use your phone or tablet to process payments while in your store front. Their POS spins around allowing them to sign for the purchase using their finger or a stylus while also linking to card dip/tap devices.
Learn MoreWhile PayPal offers a POS, it isn’t quite as… pretty like the Square POS is. You could use their mobile app and card scanner to process in store payments, although it doesn’t look as professional in a store front.
Learn MoreAuthorize.Net built their business on online and in-store processing. Many developers have created 3rd Party devices, POS, and software for you to process payments with.
Process online credit card sales.
When dealing with online eCommerce payments made through a shopping cart there are two that stand out. These are our preferred processors to work with.
Learn MorePaypal integrates directly into your eCommerce, or will redirect to their own payment website when you want to avoid PCI compliance problems.
Learn MoreAuthorize.Net is slightly more difficult to manage and configure, but is a fast and simple platform. You will need to make sure that your website follows all PCI compliance guidance.