What is Credit Card Processing And Why Does Your Company Need To Be Accepting Credit Cards
Whether you are an online business or a regular brick and mortar business. You need to be accepting credit cards from your clients. Your processing equipment should not only accept credit card payments but also debit cards.
Do you need special processing equipment?
Do you need credit card processing equipment for your business? Before buying or using equipment leasing to obtain your credit card processing equipment, you need to evaluate your need and how your clients will be paying you. Today, acceptance of credit cards or debit cards is essential. Very few people carry cash on them.
If you are an online business, you should be looking into gateway processors. If you are brick and mortar business then you will need equipment that allows you to swipe your clients card.
Not all equipment is the same. The emergence of processing equipment like Square has made it easier and cheaper to accept credit card payments. But its ease of use is offset by the amount charged to process each transaction. As in most things, the better your credit the better your rate. Processors like Square appeal to the masses because of its flexible credit requirements.
Does the business owners credit matter?
If you have good credit it’s better for you to contact your local bank or go online and shop around for the company that will give you the best rates and lowest fees. Clients with bad credit can still find processing companies. A few years ago it was difficult but now if you search online, you should be able to find a processing company. Your rates and fees will be higher than business owners with good credit.
Improving your businesses credibility
Accepting credit cards will not only improve your bottom line, but it makes you more credible. You can be losing business because you do not accept credit cards. Recently I had some work done on my home. The first vendor I choose didn’t accept credit cards. When you are about to do $3,000 worth of work, it would be great if you have that in cash but for us we choose to use one of our reward credit cards that gave us 1.5 points for every dollar spent. The $3000 purchase would go a long way towards our next vacation! So we choose a guy that accepted American Express. They both had great reviews. One person accepted credit cards while the other did not. That was the deciding factor for us.
Where can you find Point Of Sale equipment for your business?
Where can you find companies to sell you credit card processing equipment? Each bank has a preferred vendor they use when they set up a processing account. You can also find a lot of equipment online. If you are in the restaurant industry, you will want to put more effort into finding the right equipment. You want one that will be easy for your staff to use. Here at LEASEFUNDERS.com the only POS equipment we provide financing for is for the restaurant industry. Since it can easily cost $20,000 for a good system (generally used by franchises). If you are small restaurant you may be able to get away with a cheaper system.