How to Set up Your Business to Accept Credit Cards?
So you’ve decided to start accepting credit cards. Congratulations! Accepting credit cards is a great way to increase your sales and to get payments much more quickly than you would have if you were sending invoices to clients.
But your work doesn’t end with the decision to accept credit cards–here’s what you need to know about how credit card payment processing works.
There are basically three ways to set your company up to accept credit cards: through a bank, through an independent sales organization, sometimes called a credit card broker, or, in the case of Discover and American Express, with the credit card company directly.
If you’re a very small business you might first talk to the bank that has your business account and see if they can make you a deal. Banks are sometimes picky about who they will give merchant accounts to, however, and you’ll probably get a better deal from an independent sales organization.
Costs for setup and regular fees for payment processing vary widely depending on the service provider and the amount and value of sales you...
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