The success of your business can depend on whether or not you accept credit cards. Luckily there are now a variety of ways to process credit cards which are extremely convenient for both clients and businesses. After your business achieves merchant status, you simply have to decide how many different types of payment you want to offer:
1) Internet processing software: There are different types of internet processing software which allow for both website and manual orders. Website orders allow for online payment processing which is very easy and convenient for everyone involved. Manual orders can be conducted by email, phone, fax, and mail-order or in person. This software usually comes with a virtual terminal which is a web-based credit card processing terminal that’s equipped with all of the features of a traditional electronic keypad terminal. Internet processing software is a great option because it maintains transaction records and allows for creating invoices. Even automatic monthly billing is a possibility.
2) Wireless/Mobile credit card processing: Wireless and mobile credit card processing allows businesses to conduct business right over their cell phone. The great thing about this option is that you can conduct business and make money everywhere you go! This is the perfect option for merchants that tend to be out in the field such as plumbers, food delivery patrons, as well as taxi drivers. Not only does this option help you increase your cash flow because it allows you to accept all the major credit cards, but it also eliminates the waiting game involved in accepting checks and invoices. That means that you can get paid more quickly and efficiently!
3) Electronic keypad terminal: Most people are familiar with electronic keypad terminals as they’ve been used in face-to-face transactions for ages. These are commonly seen in restaurants and retail shops. For some businesses that sell both online and in person, it’s a great option to have both the internet processing software and the physical terminal as well.
Having a merchant account is not the same as it used to be. In the past, businesses simply had a keypad terminal and sometimes had to wait around for credit card approval. In this day and age, digital is king! Credit card processing can be easily done from a computer or cell phone. Businesses that don’t offer this option are simply going to be left behind. Therefore, if it’s time to revamp your business, then you need to vary the way that you process credit cards.