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How to Accept Credit Card Payments: A Beginner’s Guide

Most consumers expect that every business will accept agen poker and debit cards; a standard you are all too familiar with if you must repeatedly explain to customers that your business accepts cash only. Luckily, accepting credit and debit cards is as easy as partnering with a credit card processing company.
This guide will walk you through the ins and outs of the credit card processing industry and highlight the important factors you need to look for when choosing a processor.

How do you accept credit card payments for your small business?
Accepting credit and debit cards begins with selecting a processor, followed by considering which piece of payment technology you’ll utilize to accept payments.

  1. Determine the type of processor you need.
    Choosing the type of credit card processor you want to work with comes down to what you value from this type of company. PayPal and Square, for example, are great for businesses that are just starting out and process a low transaction volume due to their lack of fees. But, because their credit card processing rates are higher than other options, they’re not always a cost-effective choice for high-volume businesses.

When choosing a processor, consider what you value, such as rates, service and technology.

Competitive rates: Don’t always look for the lowest rate possible. Some advertised rates are deceptively low, showing a rate that only applies to a certain type of transaction. Many companies also charge a variety of monthly and annual fees that you need to consider when comparing costs.

Knowledgeable and available customer service: If your payment technology stops working during peak business hours, what are you going to do? What is the backup plan for processing cards? How will it get fixed, and how can your processor’s customer service be reached? You can’t afford to have any downtime and need a processor that can support you and be there when you need them.

Fast, secure and reliable payment equipment: There is a plethora of payment equipment in the market, but not every processor offers every kind. A processor can help you decide which equipment is best for your business. As an example, typically, restaurants favor point-of-sale systems and retail businesses favor payment terminals. No matter which hardware you choose, your payment acceptance system needs to be fast, secure and reliable.