Accepting Credit card payments or in that case, accepting debit cards as well can
take your business a long way, as most of the people these days find it
comfortable to pay with cards, whether in retail shops or ecommerce portals. It
is not always convenient to pay bulk amounts in cash and that is why people pay
in cards. Also, everywhere you hardly find an ATM in times of need.
It is not a very intricate matter to start
accepting payments via cards. If you have a merchant account with any of the
leading financial service providers in the UK, you are entitled to get host of
benefits when it comes to accepting
credit card payments. There are special accounts for merchants such as
swipe accounts for retail businesses and keyed accounts for ecommerce
portals which make the procedure of accepting credit cards.
Initially, you might feel hesitant accepting credit card payments,
considering your business a small one. But the fact is, no matter, your
business is small or big, all you need to have is to incorporate the new
technology in your business to serve your customers better. Also, with credit
cards acceptance, you can easily open an online branch for your business.
How to take the first step to accept
credit card payments?
The first point from where you can start initiating
the procedure of accepting cards is by opening a merchant account with the
leading banks. As soon as you open an account with the bank, you get the
detailed information on the services that your bank offers to you.
Bank asks for several kinds of documents
including audit accounts information and business plans as well as an evidence
of business capital. Depending on the documents you submit to your banks, you
get numerous options for accounts. However, a retail account is far easier to
avail than an internet account. There are reasons although, behind it. In
retail account, when you are accepting
credit card payments, you
literally swipe the card ion the card terminal and the information get
transmitted immediately. Also, you are taking the customer signature, thus the
total matter is authorized and verified. But in case of internet accounts, you
only put down the credit card number but there is no point of taking the
customers signature, which increases the risk of fraud.
But, if you find it really hectic to get
started with accepting
credit card payments, you can take help of the third party. Here, your
business is not granted with an individual merchant ID, rather it utilizes the
merchant account of some other company. People who are interested to have an
online account, they can opt for this option. You can avail free services,
although you have to pay some little activation fee. But you have to make sure
that the third party company process your payments at the earliest.
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