This overview will help you navigate the most convenient route from your customers’ credit cards to your business bank account.
Explore transaction methods via point-of-sale (POS) systems, credit card terminals, mobile device card processors, and e-commerce checkouts.
Make 2 Key Decisions
First, you need to make two key decisions before deciding upon a merchant payment solution that would work best for your business.
- Determine how your customers pay for purchases:
- In-person using POS systems, credit card terminals, and/or mobile devices
- Remotely via your website or phone calls
- Decide which method suits your needs:
- Merchant account or financial intermediary that approves payments and deposits funds in your company’s bank account
- Direct credit card deposits into your checking account
Consider Your Options
Discovering how four basic credit card acceptance methods work will help you choose the most appropriate option(s) for your business.
1. POS systems:
- Rent or buy complete checkout terminals, which may include credit card readers via swiping and/or dipping, NFC readers, touch screens, barcode scanners, cash registers, receipt printers, and other related equipment.
- Usually requires merchant account.
- Ideal for firms with physical locations wanting to connect various cash registers, stores, and/or additional business systems like inventory and accounting. Examples include high-volume sellers like retailers, restaurants, salons, and spas.
- Benefits range from merchant account management to fraud prevention/protection and security tools.
2. Credit card terminals:
- Patrons or clerks swipe or dip credit cards via hardware in person. For Internet and phone orders, consumers and/or customer agents may enter card numbers manually.
- Need merchant account, which providers usually include with their services.
- Appropriate for businesses that want basic card acceptance systems that just process payments.
3. Mobile device card processors:
- Apps and/or dongles enable smartphones and tablets to take credit cards.
- Require credit card readers that attach to mobile devices usually. Special merchant accounts receive and process transactions wirelessly.
- Best for organizations conducting business in various places, planning to process sales anywhere and anytime, or handling few daily on-site payments. Examples include repair services at customer premises, food trucks, street vendors, and physical stores wanting to take card payments away from cash registers. Branding or labeling portable devices with your company logo will persuade any skeptical shoppers to use this alternative method.
- Advantages include seller and buyer convenience, better customer experiences, and substantial revenue stream.
4. E-commerce checkouts:
- Internet solutions, shopping cart applications, and third-party marketplaces let retailers accept payments via their websites, online businesses, or blogs.
- When payment vendors host online stores, most don’t require merchant accounts. However, stand-alone online sellers using shopping cart programs may need them.
- Suitable for e-commerce sites, service specialists, physical locations, and mobile outfits wanting to take various transactions online. Ideal industries and sectors include financial districts (insurance underwriters and mortgage and auto loan lenders), healthcare providers, and government works (utility companies).
- Conveniences include fast, easy setup with stringent fraud and security measures.
Understand Merchant Accounts
Some card acceptance methods don’t require merchant accounts. For the rest, providers service almost all business types including physical, mobile, and e-commerce vendors. These middlemen process your customers’ payments, ensuring that withdrawals come from appropriate credit card accounts. After money clears protocols, they deposit it in your merchant account and transfer it into your corresponding corporate bank account.
Select from these merchant account types:
- Regular: Most providers supply merchant bank accounts to hold your credit card payments. After fund approval, they transfer money to your checking account minus their commission.
- Retail: Storefront businesses accept customers’ card payments by swiping or dipping card terminals.
- MOTO (mail or telephone order): Companies take transactions by direct mail or phone calls.
- Internet: Online vendors gather and process credit card details on their e-commerce sites.
Customize Your Payment Platform
Now that you understand credit card acceptance better, check out E-Complish’s merchant solutions to find the best ways to process your patrons’ transactions. We’ll help you receive more money faster while reducing your firm’s overhead expenses. All services comply with Payment Card Industry (PCI) regulations and feature the highest security measures.
Choose one or more automated E-Complish systems:
- HostPay, your personalized e-commerce payment site, reflects your organization’s brand image.
- RecurPay manages repetitive credit card payments, maintains billing data, and improves cash flow.
- BatchPay processes numerous credit card transactions quickly, eliminating manual data entry.
Contact the E-Complish Payment Team at 888-850-5318 for assistance selecting, branding, and optimizing the right platform your merchant account needs. Customization increases client payments by 55 percent or more.