You may be one of those business owners who has been in business for a while but has never gotten around to setting yourself up to be able to accept credit cards. Or, you may just be launching a new business venture and you want to be able to accept as many viable forms of payment as you can.
For businesses that rely primarily on the Internet to process clients’ card information, Internet-based payment processing may be best. This can be accomplished by either coupling a website’s e-commerce system with a processing gateway or by setting up the necessary software to be able to process payments via manual card number entry.
If you would like to be able to accept credit cards for your small business, here is how to get set up with Internet credit card payment processing in 3 steps:
1. Decide upon the best terminal type for your business:
Some Internet or phone-based businesses still require from time to time the ability to process clients’ cards manually by physically swiping them. If this is true in the case of your business, you should consider getting a standard terminal or a wireless one.
On the other hand, if you only need to process cards via your e-commerce engine or manually via the Internet, a virtual terminal will suffice.
2. Shop for a merchant account service provider:
Your choice of merchant account provider will determine the discount rate and other fees you pay for each transaction processed. Since the need to pay fees is a reality when it comes to processing card payments by a business, it is essential that you review at least 3-5 merchant account service providers to make sure you are offered the lowest-possible discount rate and fee schedule.
3. Find a payment gateway service that is compatible with your preferred processing method:
A payment gateway is the service that actually handles the transfer of money as you make charges to a customer’s account. It is the interface whereby monies are actually handled and transferred between parties. As you choose a payment gateway, be sure that it is compatible with your e-commerce system and shopping cart.
Take these 3 steps as you set up online credit card payment processing.