Any experience accepting in credit card for business?
Question:
I worked as an accountant for several restaurant businesses.
We used Wells Fargo Merchant services for all of our business.
If you used QuickBook Accounting software for your business, you should try Merchant Services from Quickbooks. It has lower rate than wellsfargo and easy to transfer to your accounting software. You can also find out www.bankrate.com.
Usually, credit cards are are good method of payments for business because the moment the moment the transaction is confirmed, it is the issuing bank that pays the business, not the customer, since the bank in turn collect their payment from the customer.
You will require a POS (Point of sale) machine that is electronically linked to the bank. The POS can be brought from providers in the yellow pages or sometimes provided by the bank. If provided by the bank, you would have to pay a monthly fee as well as perharps transaction fees for each purchases.
The credit card issued by the bank does not necessarily have to be the same bank that sets up the system for the business. Most credit cards, if not all, will belong to the VISA or MASTERCARD network. All long as the banks belong to the same network, they can collect payment fropm each other.
The bank that sets up the POS machines and the electronic link to the business is known as the acquirer.
The bank that issues the credit card is known as the issuer.
So in the case of transactions, the acquirer will pay the business, then the acquirer will collect payment from the issuer. The issuer will in turn collect payment from the credit card user.
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