Credit Card Processing

The popularity of credit cards has drastically increased in recent years, with both individuals and businesses. Commercial enterprises have realized the importance of not only having their own credit cards but also allowing their customers to do business with credit cards. Companies are able to generate more revenue by being able to accept payments through the processing of credit cards, debit cards and other electronic means. Customers also tend to be more willing to do business – and spend more money – with companies that accept credit cards for payment.

Different businesses offer different payment modes for their customers. If you're a business owner, one of the first decisions you'll need to make is determining what type of payments your company will accept from your customers. The options include credit cards, debit cards, check guarantees, electronic check processing, gift cards and others. Some businesses accept all these payment types while others accept only a few. It's the choice your own business which type(s) you'll accept, but be sure to consistent throughout your organization.

Once you've decided on what types of payment you'll accept from customers, you'll need to open a merchant account, which is usually a quick and simple process. Having a merchant account will facilitate your acceptance and processing of credit cards. Often, within about 48 hours of opening the account, you'll be set up to do business.

For the convenience of your customers, you might also decide to add other equipment or services that will help in payment processing, such as PIN pads, hardwired transaction terminals or hand-held wireless terminals. The easier you make it for your customers to make payments and for your business to accept them, the larger and more lucrative your transactions will be and, ultimately, successful your business will become.

The internet has become a large part of our daily lives, not only on a personal level, but in conducting business as well. Many commercial transactions take place online. If you want your company to grow with 'global marketplace' and accept online orders, you'll need to establish an online merchant account. You'll typically be required to pay a fee to the processing companies upon acceptance. If your business in the United States, you'll also have to provide a U.S. bank account and business address to be allowed to accept credit card transactions. Further, you should expect to pay per-transaction fees and batch fees, though they are usually minimal.

Once you've completed the preliminary setup, you'll be able to accept most – if not all – of the major credit cards, including MasterCard, Visa, Discover, American Express and even Diners Club. Many of these companies offer discounted rates for the transactions handled by the processing companies. Virtual terminals set up on the web are very useful to businesses, allowing them to authorize and process credit card transactions from any computer terminal that has internet access. If yours is a business just starting, credit card processing is an option definitely worth looking into, as it can go a long way toward helping make your operation successful.