Credit Card Processing
Credit card processing software and services
Despite the fact that credit cards are in common use nowadays, accepting credit cards as a payment option is something many businesses go back and forth on. Often, it's a cost vs. benefit issue, while sometimes it can also be simply a lack of knowledge on how the process works.
With the advancements in credit card processing software and online credit card processing, it's never been easier to start processing credit card transactions. With the right equipment, software and vendor, you can go through the process hassle-free and with the comfort that your transactions are being managed and processed in a secure, professional manner.
Credit Card Processing Equipment
In order to process credit card payments, you're going to need specific equipment. While some debit machines and POS equipment can be configured to accept credit card payments, it may be necessary to buy a separate credit card machine and install credit card processing software.
When choosing this equipment, you'll want to consider the varying levels of technology. Some software will integrate into your current point-of-sale software and can offer you robust reporting and data warehousing on your transactions. Simpler credit card processing machines and software will likely act independently, which may be acceptable depending on your needs.
A merchant account for credit card processing is the other major component of conducting credit card transactions. If you're already accepting debit as a form of payment, chances are you have a merchant account. This account acts as a point of connection between your company and the bank that holds your account. This will allow you to conduct Internet credit card payment processing through your credit card machine.
Merchant accounts typically have fees associated with them, depending on the types and level of service you require. An initial installation fee for the equipment and credit card processing software that comes with your account is standard, and from there, you might pay for every transaction that is processed. It is the choice of the company owner whether or not to absorb this charge or to tack it on as a fee to the consumer for their purchase.
While there are many considerations when it comes to setting up your merchant account, a chief concern is to ensure that the service is capable of accepting all major credit cards so that you can provide service to a broad base of customers and get your money's worth from your investment.