In recent years there has been a huge increase in the amount of businesses that have begun to take card payments. Whereas before it was generally the large chain shops and restaurants that accepted card payments, it’s now common for even the smallest of businesses to have the ability to do so. If you are just starting your business and don’t know how to get setup with taking card payments or you’re just now making the move to incorporate card payments into your options, you’re probably wondering what you need to get started. Luckily, help is at hand.
Checklist: How To Start Taking Card Payments
- A Merchant Account
A merchant account is a type of bank account that is set up purely to accept credit and debit card payments from customers; it is different to the standard business account you already have. A merchant account also connects a business, the bank and a payment processor.
- Software and Hardware
No business is able to accept card payments without the proper software and hardware required. Simply, without these there’s no way to process the payment and confirm the sale. There are a lot of different software and hardware options available, and the one you choose will depend on the size and type of business.
- Point of Sale Terminal
A point of sale terminal is the card payment gadget that can be found in any business that accepts card payments. It is the same terminal where customers will place their card and enter their pin, or where they can use contactless payment. This is the main element that takes the customer’s payment information and processes the sale.
- Ecommerce Website and Mobile Application
Though having an ecommerce website and mobile application is not vital in allowing your business to accept card payments, it does allow the business to sell online. This is ideal if you’re looking to branch out into a larger location or want to be able to accept orders in store via smartphones or tablets.
Being able to accept credit card and debit card payments is a huge advantage to almost all businesses. Not only does it allow customers an easier way to buy goods and pay for services, but it also encourages more sales and is much quicker.