Is your business stuck in the rut of taking cash only? Is your most advanced payment method the acceptance of checks? Are you unsure how to begin accepting debit and credit cards in your store? If you answered yes to any of these questions, you might benefit from speaking to a payment processing company about your options.
First, what is payment processing? Payment processing is the method that allows businesses to accept credit cards and debit cards from customers. These payment options can range from terminals in fixed points throughout a store to mobile payment solutions that are perfect for businesses that travel.
How can customers use their credit cards and debit cards to pay for goods and services? For the most part, many businesses let customers swipe their own cards on PIN machines (sometimes referred to as chip-and-PIN machines). However, other businesses use smartphones and tablets equipped with card swiping devices that allow for transactions on the go, at the table, or anywhere in a busy shop. Some payment companies and retailers are even developing their own mobile payment methods that let customers “tap” their smartphones on a payment device. This is a new, fairly secured method that doesn’t allow unwanted access to a credit card number or bank account. All of these methods allow for varying levels of convenience for customers and businesses alike.
How is the transaction completed? Once customers have swiped their credit and debit cards, the information is sent to a payment processing center, where the funds will be automatically transferred from the consumer’s bank account or credit account to the business owner’s account. Payment processing centers can also detect problems right away, so if a customer has insufficient funds, the payment processing companies can detect that right away. Payment processing centers may provide additional services related to fraud protection to their business client. Each transaction only costs the retailer a very small percentage of each purchase, usually around 1-2%.
Have more questions about payment processing? Be sure to ask a qualified payment processing provider about how you can begin accepting credit and debit cards. You can also leave a comment below for more information.
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