These days, more than three-fourths of consumers rely almost exclusively on credit cards and debit cards when they’re out shopping.
If your business doesn’t accept credit card payments, you’re missing out on a ton of potential sales!
If you’re not accepting credit cards currently, what’s holding you back? Is it that you don’t know how to accept card payments?
If you’re in this boat right now, keep reading to learn how to accept credit card payments at your business.
Importance of Accepting Credit Cards
Still on the fence about whether or not your business should accept credit card payments? Consider these benefits:
- It helps to legitimize your business
- It helps to stay relevant and keep up with your competition
- It improves cash flow (no need to wait for cash deposits or for checks to clear)
- It eliminates the risk of accepting bad checks
Accepting credit cards also makes things more convenient for your customers and increases the likelihood that they will return to your business in the future.
How to Accept Credit Card Payments
Okay, it’s important to accept credit cards. How do you do it, though?
Just follow these steps, and your business will be accepting credit card payments in no time!
Get the Right Tools
As a business owner, you probably already have a POS (or Point of Sale) system.
In order to accept credit cards, you need to sign up for a merchant account and purchase a credit card reader that works with your POS system.
The merchant account allows you to accept payments via credit card — it’s easy to sign up for these accounts if you work with a company like Square or Shopify.
That’s all you need to get started. Customers will simply use the credit card reader to swipe or insert their cards, and their purchases will be approved or denied. It’s easy as that.
Consider Going Mobile
If you don’t have a brick and mortar store and do a lot of traveling sales (at farmer’s markets, trade shows, etc.), you might also want to consider purchasing a mobile phone credit card reader.
A mobile phone reader is great phone accessory that makes on-the-go sales much easier.
If you’re looking for a mobile phone reader, search for one that can integrate with your accounting software and has a built-in invoicing feature. This helps you keep track of sales and simplifies the accounting process for your business.
It’s also a good idea if you can find a phone reader that allows you to save customer information and manage inventory, too.
Need More Business Advice?
Congratulations! You now know how to accept credit card payments at your business.
Are you looking for other ways to modernize your business and make sure you can appeal to a greater number of customers?
If so, be sure to check out the Business Advice section of our website today.
You’ll find helpful articles here that cover a wide range of topics, from setting up wireless internet to the right way to relocate your business.