Maintaining a firm grip on cash flow is essential when running a business. One method to make it easier for money to go in and out of your business is to increase your payment choices to include credit cards as a payment option.
Making it possible for clients to pay with their credit cards may make monitoring cash flow less stressful and reduce the delays associated with waiting for check payments to clear. If your company does not already take credit card payments, you may find that it is less difficult than you think to make the switch.
KEY TAKEAWAYS
Accepting credit card payments for your business might help you manage your cash flow more effectively while also potentially increasing sales.
People are increasingly depending on credit and debit cards as a payment mechanism, rather than cash or cheques, to make purchases.
Credit card payments may be accepted by businesses of all sizes, whether they are huge or small.
Making the necessary arrangements for your company to accept credit card payments does not have to be difficult.
Merchant Account for Credit Card Payments
Traditionally, accepting credit card payments necessitated the opening of a particular type of bank account known as a merchant account with a financial institution. You would join up with a bank and arrange a fee agreement with them, after which you would obtain or acquire the gear necessary to process payments.
If you're just getting started, a payment service provider will most likely be the most straightforward and cost-effective method of accepting credit card payments for your small business.
For a well-known or high-volume business (processing more than $20,000 per month on a steady basis), taking credit cards through a standard merchant account may be the most cost-effective solution for you. The setting up of an online merchant account, which is a sort of bank account rather than anything like Square or PayPal, is more formal because it often involves an application and approval procedure.
Higher-volume firms, on the other hand, may be able to obtain more competitive rates from a merchant account provider than they would from an all-in-one ecommerce platform that charges fixed fees. Existing brick-and-mortar businesses should negotiate low internet processing prices with their present payment processor to take advantage of the growing demand for online transactions.
If you're utilizing a merchant account provider to take credit cards online, you may also require a payment gateway to connect your merchant account to your online business. To learn more about payment gateways, go here.
Merchant Account with Connected.co
With a large network of high-risk banks both domestically and internationally, Connected.co is constantly expanding its client base and increasing its revenue stream. We have extensive experience in the placement of merchant accounts. We will take use of these ties and our expertise to secure a merchant account for your company in situations where others have failed. Simply put, if your company is lawful, we can help you become authorized! High-risk merchants can also apply for a merchant account with Connected.co, which makes the process simple. We offer a state-of-the-art computerized application procedure that makes applying for a position a simple and painless process. We just ask for the very minimum of information necessary by the banks, and nothing more and nothing less. Our application method is cloud-based, which allows us to record your information digitally and send it to a number of different financial institutions. The result is greater selection, faster approvals, and less fuss!
JW Epply has been a senior executive for over 10 years, during which time he has met and exceeded growth and revenue goals in exceedingly difficult verticals. Epply is recognized as an efficient, dynamic leader with a strong background in sales and sales process, management, and organizational strategy. He holds a Bachelor’s Degree in Organizational Management from the University of Wyoming, and is an accredited Certified Payments Professional (CPP) from the Electronic Transactions Association (ETA).