Posted in Accounting

Methods for Accepting Payments

Methods for Accepting Payments Posted on May 12, 2016

While many business owners may feel the process of accepting credit card payments is too complicated, there are many ways to simplify the process. One way is to choose a credit card processing company that can provide merchant account services and also serve as the gateway processor. Then you have to decide how you will accept credit card payments, based on where you are meeting your customers.

Merchant Account and Gateway Processor

Merchant accounts come in a variety of options, including retail, internet and mail or telephone order. These accounts are tailored to these types of businesses. Essentially, the merchant account holder receives the funds from the issuing banks and once approved, the money is then transferred into the business account, minus any fees.

The gateway processor actually talks between the issuing bank, the merchant account and the seller. The result is that they obtain the approval and relay the information via an encryption the right parties in the transaction. Most of this process can be completed for a small business by choosing a gateway processor that packages their services with a merchant account.

Choosing Equipment

Depending on the service you choose, they may provide the necessary equipment for your business. Most traditional retail stores require a card swiper and a PIN pad. There are companies that offer a combination of the two or that can provide the necessary software for your internet storefront. There are also options that can be tied into your point-of-sale software, which assists in your bookkeeping. Depending on the company that provides your gateway processing, you might be able to have your equipment needs met as part of your contract.

Security

The other concern is security. Credit card fraud is a big concern for both consumers and merchants. Therefore, it is important to be sure to use a gateway provider that is following all the necessary guidelines and regulations. Additionally, remember keyed in transactions often rank as higher fraud risks than those where the card is swiped.

In the end, the important concern for any business owner is finding a quality provider of both merchant and gateway services, as well as taking precautions against fraud. This will protect your business and your customers as you accept credit card payments that will allow your sales to increase.

Merchants Bancard provides a variety of options for business to accept credit card payments. From gateway processing to equipment, they offer multiple services for businesses of all sizes.

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