Successive Ways To Start Accepting Credit Card Payments

Accepting Credit card payments or in that case, accepting debit cards as well can take your business a long way, as most of the people these days find it comfortable to pay with cards, whether in retail shops or ecommerce portals. It is not always convenient to pay bulk amounts in cash and that is why people pay in cards. Also, everywhere you hardly find an ATM in times of need.

It is not a very intricate matter to start accepting payments via cards. If you have a merchant account with any of the leading financial service providers in the UK, you are entitled to get host of benefits when it comes to accepting credit card payments. There are special accounts for merchants such as “swipe” accounts for retail businesses and “keyed” accounts for ecommerce portals which make the procedure of accepting credit cards.

Initially, you might feel hesitant accepting credit card payments, considering your business a small one. But the fact is, no matter, your business is small or big, all you need to have is to incorporate the new technology in your business to serve your customers better. Also, with credit cards acceptance, you can easily open an online branch for your business.

How to take the first step to accept credit card payments?

The first point from where you can start initiating the procedure of accepting cards is by opening a merchant account with the leading banks. As soon as you open an account with the bank, you get the detailed information on the services that your bank offers to you.

Bank asks for several kinds of documents including audit accounts information and business plans as well as an evidence of business capital. Depending on the documents you submit to your banks, you get numerous options for accounts. However, a retail account is far easier to avail than an internet account. There are reasons although, behind it. In retail account, when you are accepting credit card payments, you literally swipe the card ion the card terminal and the information get transmitted immediately. Also, you are taking the customer signature, thus the total matter is authorized and verified. But in case of internet accounts, you only put down the credit card number but there is no point of taking the customer’s signature, which increases the risk of fraud.

But, if you find it really hectic to get started with accepting credit card payments, you can take help of the third party. Here, your business is not granted with an individual merchant ID, rather it utilizes the merchant account of some other company. People who are interested to have an online account, they can opt for this option. You can avail free services, although you have to pay some little activation fee. But you have to make sure that the third party company process your payments at the earliest.

If your business still does not accepts credit cards, make sure you look into the matter soon to transform your business from good to great in no time.