Today, many entrepreneurs are too young to even recall the bulky plastic imprinters from the past that created a carbon copy of a credit card alongside a printed receipt. We are fortunate in that credit card payments have never been simpler thanks to advancements in payment processing technologies over the past 30 or so years. Furthermore, a lot of the top credit card processing companies combine payments with other aspects like inventory control and e-commerce.
In this post, we will discuss the various ways a business can accept credit card payments in just a few simple steps.
How to Accept Credit Card Payments?
There are various types of credit card payments, but before we go through them let’s understand the typical process of credit card payment. It’s basically a three-step process
- The customer inputs their data into the payment system by swiping, inserting, tapping, or typing their card number on a smartphone.
- To verify available money or the credit limit, the payment system gets in touch with the card’s issuing bank to look for suspected fraud.
- The payment system deducts the amount from the customer’s account and credits your merchant account if the bank accepts the transaction.
Now that the basics are out of the way, let’s go through the various ways of credit-card payments.
1. In-store Credit Card Payments
You need a point-of-sale (POS) system with a card reader or a credit card processor that can handle transactions on its own if you want to take credit card payments in a retail setting, like a restaurant or store. Latest (POS) systems come with hardware and software that enable you to process both card and cash payments. Customers typically have the option of entering a PIN or signing to approve the transaction onscreen or on a receipt printed from the credit card terminal if necessary.
2. Online Payments
You require a payment service provider account in order to take payments online for your e-commerce or other business. With the suitable website builder, connecting it to your online business is typically quite simple. Many websites exist that make it simple to make purchases online and seamlessly link with payment processors. If your current website doesn’t work well with payment processors, you might just need to link to your account and allow users to pay on the third-party website. This will make the process less efficient and can take more manual effort from you to keep the orders organised.
3. Mobile Payment Processing
With nothing more than your smartphone and mobile payment processing applications, you can accept actual cards anywhere. These portable options are excellent for mobile sales at events like trade exhibits, parties, art fairs, and farmers markets. Much like an in-store POS, you can easily perform a transaction by downloading a POS app to your iOS or Android mobile, punching in the purchase request or total and swiping their card. Customers can sign on the screen to authorise the transaction if necessary.
Conclusion
As we can see from the post, developments in the payments industry today make it simple for company owners to get the services needed to accept credit cards. Company owners can simply decide between a conventional or integrated payment systems. Getting digital payment options for your business is very simple. All you have to do is choose a company who not only bundles these services but is also regarded for dependability.
Also Read:
- How to Get a Business Credit Card in 5 Simple Steps
- A list of Top 10 Banks In India
- Best Business Credit Cards in India
Business Talk is a digital business magazine that caters to CEOs, Entrepreneurs, VC, and Corporates. While working with entrepreneurs and business executives, we focus not only on their achievements. Our mission is to shed light on business entities, including their innovations, technological benchmarks, USPs, and milestones/accolades.
