Every business owner knows the importance of accepting credit cards as a method of payment. They can help you increase conversions. If you have not yet incorporated this system, this guide will show you how to start. There are different ways you can accept the use of credit cards depending on where you are taking payments. For instance, if you want to accept these cards in-store, you need a merchant account and a card reader.
For a business to accept the use of credit cards to increase convenience for online shoppers, they need a payment gateway and e-commerce site. You can choose from two options starting from the all-in-one provider. You can also choose an individual provider for different POS systems as well as merchant accounts. A POS system is a form of a software system designed to act as a central hub for your company. This system is supposed to manage transactions, track inventory as well as offer business analytics. You can also use the system to manage your employees and even establish relationships with your customers.
Choose the POS system according to the size of your business and specific need. Your budget and the type of business should also guide you in selecting the right POS system for you. Global Payment terminal is a good place to start. A company that sells in person would need a POS system that can manage customer interactions. For online sales, you should choose a digital POS platform that can allow your customers to purchase products directly from your website.
An all in one solution come with a built-in payment mechanism to accept the use of credit cards as a payment mode. If you are a small business owner, this option is an ideal one. A large business owner needs one with a separate merchant account. An all in one system is easy to use since you can associate transactions with your customers and monitor their payment methods automatically. You can also create and sell gift cards from an all in one system. This system makes it easy to process credit cards thus reducing delay time for customers. Each card is also managed from a single central account, and the system comes with minimal connectivity problems. A lot of online shopping carts work with all in ones due to these merits.
The problem with this system is that it is expensive and not flexible. The system comes with fixed rates compared to merchant accounts which have volume discounts and offer flexibility. If you sell products in high volumes from a retail location, you should use a traditional merchant service provider. In this case, you would incur fewer fees from this option compared to an all-in-one system. Before you consider this option, you should comprehend the different costs associated with it including account fee, fraud prevention and gateway fee. Use either of the two options to ensure that your business accepts credit card payments to meet the needs of both local and online shoppers.