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Add Stability with Credit Card Payments

With this unprecedented time of struggle for small businesses, it is now more important to accept credit cards than ever. But how do you do it? Here are simple steps to help you streamline your payments.

Choose A Payment Processor

The first step to accepting credit card payments is choosing a payment processor. There are multiple options here. For many businesses, finding a merchant services provider may be the right option. This is particularly useful if you often process larger transactions. Working with a merchant services provider will allow you to get a merchant account, which can help you attain lower transaction rates. Try to find the best credit card processing company. Look at rates, fees, and value the company provides. Consider things like data security & customer service, which can outweigh the costs of what looks like a good deal.

Look At The Costs

The next step is to look at the payment processing costs. There are multiple types of costs for payment processing. There are transaction fees, which are fees for specific transactions. These are often a percentage of each sale as well as a flat fee. Some payment processors offer low transaction fees but have other fees that counterbalance these. Next are service fees. These can include monthly account fees and PCI compliance fees. Finally, there are incidental fees. These fees can be charged for specific actions, such as chargebacks, that might take place outside of regular transactions. When deciding to take credit card payments, it is important to be aware of all of the costs, based on the likelihood these incidents will happen in your business.

Carefully Read The Contract

Make sure to carefully read the contract before signing up with a payment processor. Some payment processors offer certain fee structures but have other hidden fees. Others may require you to keep your account for a certain amount of time. It is important to know what you are getting yourself into.

Choose Your Payment Methods

Before you start accepting credit cards, you need to choose what types of payments you are going to take. Do you need in-store payments as well as online payments? What about mobile payments? Determine what type of payments you are going to take. Then find the appropriate equipment. If you are accepting in-store payments, you will need a point of sale terminal. There are many considerations to make when choosing a card terminal. Does it take EMV chip cards? How about NFC touchless payments? When choosing a terminal, find something that offers everything you need. Sometimes, it pays to invest in something that will last, even if you don’t immediately plan on using all the features.

Start Accepting Credit Cards

Once you have signed up with a payment processor and chosen your payment methods, you can start accepting credit cards. At Moolah we do our best to meet our clients’ payment processing needs. We offer a flat rate, no hidden fees, security, and even equipment for processing transactions. At Moolah, we aim to be the best credit card processing company by giving you everything you need for accepting credit card payments in one solution.