How can i accept credit cards for my small business im trying to start?
Question:
Basically, how do i charge them with only there credit card information and there order info. i know it can be done, but how do i do it?
Answer:
Yes. Contact your bank and ask them about setting up a merchant account to accept and receive credit cards. You can also do a search online for other companies that will set up a merchant account for you.
Different companies charge different rates to process credit cards. Compare and contrast those rates and find the best one to suit your needs.
Keep in mind that certain cards charge a set amount for every transaction while others charge a percentage. You may not want to accept every credit card. Because you're a small business, you may initially want to keep yourself limited to just accepting Visa/Mastercard.
get an online merchant account, or a processor.
use www.paypal.com
Finding a credit card processing company can be overwhelming due to different pricing structures and every one claiming to have the lowest rate. BANKS are more often MORE expensive than merchant service providers. The reason is that most banks are outsourcing there merchant accounts to a credit card processor.
The truth is your rate should be determined by your average size ticket and industry. If you have an average tiocket (sale) under $15 you can get a very low transaction fee about $0.15. Your percentage rate will be a little higher about 1.85% for debit and credit cards. That is the best program for you due to the transaction fee having a greater affect on low ticket transactions.
If your average ticket is above $15, you will pay a transaction fee between $0.20 -0.25 and a percentage rate of about 1.80% for credit and 1.40% for check cards.
The next thing you want to look out for is what you pay for key entered transactions and corporate cards. This is very important. Some place will charge a very low percentage for swiped personal check and credit cards, but charge over 4% for rewards and hand keyed cards. BE CAREFUL.
Now you need to know the difference between a pin based debit and a check card. A check card is charged different (see check card rates above) due to how it is processed. If a customer swipes a debit card and signs for it instead of entering their pin #, you will be charged a % and trans. fee. If they enter their pin #, you can get a flat rate of around $0.65 trans fee and no %. It is important to know your business, and decide wether or not your average ticket is high enough for a pin based transaction to be worth it or not. Usually a $40 or higher transaction amount is when you want to use that pin pad.
Now that you are an expert on pricing, LOL, we need to discuss equipment. In a resturaunt environment, having a tip option Im sure is very important. Be sure to get equipment that has a great tip feature, usually Omni 3750 or Hypercom T7 Plus or better.
Contrancts: Most every credit card processor has a 3 year contract agreement. Very common practice.
You can find out more about rates and other programs here:
http://www.omnitranz.com/freerates...
I hope this helps! Good Luck
Online application for a credit card merchant account is quick and simple. Click on the link on the lender’s website for the “application” or “join” and go the page containing application form. Fill out the required information in each blank. Talk to the customer service representative if you are unable to answer any question. If possible, print a copy of the application or save the confirmation number if given. Most of the times, the lender will email an acknowledgement of your application’s receipt and inform you when you will hear from them. Save this page for your records.
Once you have applied for a credit card merchant account online, wait till the lenders contact you about their decision. Generally, this happens within some days or at times, in hours via email. Sometimes, you may get a letter in post. After your application is approved and your account is opened, you can start receiving credit card payments immediately. You will be happy to note that the profits rise rapidly as the customers start utilizing this invaluable service immediately. Hence apply for your credit card merchant account online immediately.
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