Your goal is to make purchasing easier for your customers by accepting credit card payments. This is how you attract new customers and retain old ones. If you take card payments, you are also boosting your sales and improving your cash flow. These are crucial in the success of any business whether online or in-store.
If you are new to credit card purchasing, you should know the dos and don’ts so you will be guided accordingly. Here’s the list:
Setting up
The beginning is always the hardest but you can survive if you remember the following things:
Do your initial research: research should be done one to two months before the setup. The research will give you a basic understanding of how card payment work.
Do get quotes from different Merchant Account providers: you must get quotes from different Merchant Account providers at the onset so you can compare and shop around for the best rates.
Do accept all cards: as much as possible, you have to accept all cards to expand your customer base.
Do not sign a contract immediately: you should not sign the contract without reading and understanding the terms and conditions.
After setting up
After setting up, you should familiarize it and remember the following things:
Do check your bank account: you have to always check your bank account in the first few months to ensure that you are getting the money.
Do read your statement: every month, you will receive a statement. It is crucial to read it so you will know if you the charges are what you were expecting.
Do keep terminal safe: the terminals should be kept in a safe place and away from heat or liquid.
Do not drop the terminal: the terminal is sturdy but to be sure, you should avoid dropping it so you can enjoy smooth operation.
Do not charge service fee: for credit card payments, you should not charge a service fee. You can only discount for cash purchases.
Closing Merchant Account
If you are not happy with the credit card processing option, you always have a choice to close your Merchant Account. To do this, you should remember the following:
Do give notice: whether you are shutting down or stopping credit card payments, you should give more than one month notice to your Merchant Account provider. This can save you a month’s worth of fees.
Do confirm if the letter of termination is received: whether it is through email or fax, you have to confirm if the letter of termination is received. Also, make sure that the date is correct.
Do check if there is a fee: if the contract imposed a termination fee, you should review it again or ask the Merchant Account provider.
Final words
Credit card processing sounds complicated at the onset not to mention it can cost high but the benefits it presents outweigh the disadvantages. If you give it time, you will surely see the efficiency and boost sales. The key here is finding the right solution – it will start with your Merchant Provider to your Gateway and machine.