We’ve got everything you need to know about credit card processing. Our guides will help you narrow down the best payment processor for your business. We know how tough it can be so we’ve made it easier for you to make the right decision.
Taking electronic payments is the fastest way to start bringing in revenue for your business. There are different options available such as using a card reader, a virtual terminal (based online), and connecting payment gateways to your website.You'll need to sign up with a payment processor or merchant account services provider to facilitate secure payment transfer from the customer to your business. There are various charges involved, and different providers to choose from.
If you want to accept card payments, you'll need a company to process them for you. But which one is best-suited to the unique demands of your small biz?
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Your main costs are linked to monthly charges and charges per transaction. Monthly costs range from $0 to over $100, with a smaller business likely to pay around $35. Per transaction costs generally range between 1% and 4% plus a few cents. There are usually many extra fees involved, so be sure to check your service user agreement very carefully.
There are numerous benefits to taking card payments, here are some of the most important:
Different payment providers have varying reputations and costs. You'll need to choose a provider that matches the needs of your business as closely as possible. For instance, some will offer a lot of hardware including a cash register and card reader along with software. Some will set you up with a merchant account, while others require you to do this separately.
A merchant account is a holding pen for payments made by your customers. It's where your income is deposited after payment processors have taken their cut of fees. Without a merchant account your business won’t be able to accept credit and debit card payments.