What is the best option when your business is ready to start accepting credit cards for payment? The first question to ask is how you want to be able to do business with your customers. If you are selling products online, you’ll need an eCommerce payment gateway. For in-person transactions, you have the choice between traditional credit card terminals, integrated POS systems, or mobile readers. Learning about how each method works will allow you to choose the right one to meet your unique needs.
Most Credit Card Processing Method require your business to have a merchant account set up with a services provider, which allows you to also gain access to more secure transactions and faster payments. Research potential credit card processing providers ahead of time, and get information on the supported payment terminals and other equipment, so you know what to expect when you accept credit cards for the first time.
Choosing The Right Credit Card Processing Method For Your Business
What Credit Card Processing Method Do You Need?
Online? You’ll need an eCommerce Payment Gateway | In-Person? Your options include: |
How Does Each Method Work?
| Quick Fact: Most credit card processing methods will require a merchant account. |
eCommerce Payment Gateway
| Best solution for businesses that sell goods and services online | Utilizes shopping cart software and innovative online payment services for card processing | Customers manually enter in card information over a secure payment gateway |
Traditional Credit Card Terminal
| Best solution for businesses that only need to process | Requires a stand-alone credit card machine with EMV capabilities | Cards can be swiped or entered manually | Cards are processed over a secure internet, landline, or card payments cellular connection |
POS System
| Best solution for businesses with a physical location | Connects multiple registers/locations together |
| Can be integrated and connected with other business systems | Payments processed over a landline or Internet connection | Options for POS systems include traditional PC-based and mobile iPad-based |
Traditional POS System
| A basic system consists of a cash register, computer software, printer, monitor, barcode scanner, and EMV credit card reader |
iPad POS System
| Best solution for restaurants or businesses that want to process payments without making customers get into a checkout line POS software and credit card processing software apps run directly from the iPad iPad POS systems can be integrated with a traditional POS system |
Mobile Device
| Reader Best solution for mobile businesses and those that only process a few credit cards each day Payments are processed using an app on the mobile device and may require a connected dongle and portable card reader |
Sources:
http://www.businessnewsdaily.com/4394-accepting-credit-cards.html
https://www.leappayments.com/merchant-account-industries/ecommerce-payment-processing/
https://www.leappayments.com/credit-card-machine-ratings/
https://www.leappayments.com/merchant-account-industries/retail-credit-card-processing/
https://www.leappayments.com/merchant-account-industries/restaurant-credit-card-processing/
