It’s easier than ever for a small business to accept credit card payments. Processing Options for Your Small Business In fact, this last point (more options) is particularly important now when small businesses are faced with the ongoing effects of the Covid19 outbreak. When we finally weather that storm, we’ll likely return to an economy driven by consumers still hesitant to go out or handle germ-ridden cash.īy outfitting your business to take orders and accept payments online, or by providing contact-less card payment options while out making deliveries or taking payments at your checkout counter, your small business will go a long way toward redefining itself and thriving in the post-Covid19 economy. But modern consumers (and the modern economy) increasingly prefer other, non-traditional ways to interact with small businesses, such as mobile payments for deliveries and online payments through a website or E-marketplace. If you don’t accept credit cards, you’re pretty much chained to a physical store where you can accept face-to-face cash payments. However, the clearest benefit of accepting credit cards at your small business is the options it brings to the table. These are problems that practically dissolve when you take most of your payments in non-cash forms, such as credit cards and debit cards because your payments appear on your monthly processing statement.Additionally, accepting credit cards comes with the option to use a point-of-sale (POS) terminal that can combine the basics of credit card processing with software that can help you manage your accounting, inventory, employee time clocks, and more. And, between accepting a cash payment and depositing that money in the bank, all sorts of problems can arise. You have to store it and keep it secure, and you have to transport it safely to the bank. Maybe that’s because the money seems less “real,” or maybe it’s because it’s simply too inconvenient to run to the ATM machine to take out cash for that high-dollar item, but, in any case, most small businesses can expect their average ticket to rise when they begin accepting credit card payments. People also tend to spend more money when they pay with a credit card. That means you’ll likely make fewer sales if you don’t accept credit cards and debit cards than you would if you did, simply because some potential customers won’t even bother to throw their business and money your way. consumers overwhelming prefer making purchases with credit cards and debit cards vs. We’ll discuss some of those key benefits in the section below: We think the answer is “yes” (despite the sometimes forbidding costs) because accepting credit cards brings numerous perks and benefits that won’t otherwise be available to your business. With all of the payment options, processing fees, and pricing models to consider, you might be wondering if it’s even worth it to accept credit cards at your small business. Payments by Corporate Tools Request a Free Consultation It will help you understand your small business credit card processing needs by focusing on the available ways to accept credit cards at your small business, the credit card processing fees you can expect to pay, and the thornier issue of choosing a credit card processor-all subjects you’ll need to explore to get started. This guide is all about options and costs. Maybe long-established niche restaurants and local tourist hot spots can get by directing customers to ATM machines to take out cash, but for the rest of us more payment options are almost always a plus if we can manage the costs involved. It’s no secret that credit card processing is a must for small businesses. The Small Business Credit Card Processing Guide
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