In today’s world, accepting credit cards is one of the most important things you can do for your business. Not only does it provide convenience for your customers and a simple way to complete a transaction, but it also allows you to accept all major credit cards. This lets customers pay with the method they prefer.
Trying to complete a sale without a way for the customer to pay with a credit card is difficult and may cause you to lose out on sales. Luckily, many options are available that make it easy for you to take credit cards in your business.
What is Credit Card Processing?
Credit card processing is the term used to describe receiving payments with credit cards in a business. It involves two main parts; accepting credit cards and processing payments.
Traditional processing involves accepting credit cards using a POS terminal connected to a credit card processor (also known as merchant services), through mobile systems, over the phone, and online platforms. The processor will settle payments with the bank and provide reporting on sales and purchases.
Different Payment Methods
There are a few different methods businesses can use for credit card processing. Let’s look at each one and the benefits of using them.
One factor to consider when determining whether or not to accept credit card payments is payment methods. You can accept credit card payments online, over the phone, on a mobile device, or in a physical location with the help of a merchant service provider. The payment method(s) you accept will determine your equipment and software requirements.
#1 Online Payments
If your company uses an eCommerce platform, you’ll require a payment gateway service. You can use this service to connect to shopping carts and various other services.
It uses a secure, cloud-based accounting technology to process the payments for you. This software frequently integrates with your website, making receiving credit card payments simple.
#2 In-Person Payments
For in-person transactions, you’ll need a point-of-sale (POS) system. The POS system includes hardware such as the credit card reader and software that processes credit card information. This allows you to swipe customers’ credit cards in person. If you’re looking for a more mobile solution, you can also process credit cards over the phone.
Accepting credit card payments is a wise decision if your company has a physical location since nowadays, 75% of in-person purchases are made with credit cards.
Which Works Best For You?
Credit card processing can be done online, in person, or over the phone. One of the most common ways to process credit cards is through an online payment gateway. This allows customers to pay for products and services with their credit cards on your website.
To decide which method works for you, first, consider your business’s needs and customer base. If most of your customers are online, an online payment gateway would be the best choice. If most of your customers are in person, a point of sale system would be better. Or you could use both.
Finally, think about your budget. Each payment method has different costs associated with it. For example, an online payment gateway will typically have lower fees than a point of sale system. So, make sure you consider all of the costs involved before deciding.
Work With Certain Pay, Top Credit Card Processor In Richfield, OH
If you’re looking for help processing payments, be sure to check out Certain Pay. We are the top credit card processor in Richfield, OH. We offer different credit card processing options, including online payment gateways, point of sale systems, and virtual terminals.
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