Small business credit card processing is all about a convenient sale for a customer. Regardless of the type of business, one of the first steps an owner needs to take when launching a new venture is to decide on how best to accept and process credit cards. While it can be easier for a small business to have a “cash only" approach, the U.S. Small Business Administration advises that a company may be missing out on sales from customers who prefer to pay with credit or debit cards, or who don’t have cash on hand. According to research by Javelin Strategy and Research, credit and debit card payments already outpace traditional payment options. And by 2017 credit card purchases are expected to rise to 33 percent.
In today’s economy, few people actually carry cash anymore. As a result, credit and debit card processing is incredibly important to a business’ bottom line. According to a 2011 Market Watch report, 60 percent of all Point of Sale (POS) transactions were completed either by debit or credit card. Multiple studies have shown when customers have multiple payment options, including the option to pay using a credit card, they are more likely to make impulse purchases, join loyalty programs, and spend more per purchase, which will all help a company’s bottom line. By having the option to accept credit card payments, your business is not just making the purchase process easy and secure for your customer, you are making the checkout process efficient and potentially more profitable for your business.
The most common way for businesses to accept credit cards is through a merchant account. This type of account provides a small business with all the tools needed to get started accepting credit cards. A merchant service account provides the service needed to actually process credit card payments and make sure the funds are transferred from a credit card account holder to the merchant’s account. Merchant services can also provide different equipment solutions to accept debit and credit cards that can include POS terminals, card swipers, PIN pad terminals, and more. Regardless if a business is brick-and-mortar, online, or mobile, setting up a merchant services account makes accepting credit card payments efficient for business owners.
Many merchants are under the assumption that it is very expensive to accept credit cards, however, that is not always the case. Chase Paymentech is a global leader in the payment processing industry and we have a laser focus on helping small businesses succeed and provide the best ways to accept credit card payments. We take the time to speak with the small business owner so we understand their needs and guide them through the process to set up their own merchant account. There are a variety of different hardware choices as well as technologies that provide simple and secure payment options for their customers. We provide straight forward statements and online or mobile access to your account, so you always know what you are paying for credit card processing. You also receive 24/7 customer support so you can ensure your sales run smoothly any time of day. Business owners can have confidence they are supported by a company that has been successful for more than 25 years and processes over 1,200 transactions per second. Contact us so we can help drive your business success!