How to Evaluate if a Business Should Accept Credit Cards or Not
The clocks have gone back, and we are now firmly in Autumn. In this month’s blog we take a greater look as to why merchants decide to accept credit cards, we will cover how to decide whether accepting a credit card makes sense for a small business and what makes us different from the rest.
Small businesses looking to accept card payments
For small business owners a lot of thought must go into whether their business model is ready to start considering accepting credit cards. We will touch upon the costs, the benefits, how to reduce some of the costs associated with accepting credit cards, and lastly how to accept credit cards online.
It’s no surprise after the last 20 months cash is declining at an alarming rate. People feel safer using contactless enabled technology during these troubled times without the need to handle loose change. If you are a business owner still in limbo or deliberating whether to accept card payments, then maybe consider that eliminating cash will help increase the number of customers buying your products or services. You will receive payments faster. A lot of merchant acquirers (Banks) now offer next day settlements meaning you can receive funds quickly and safely.
Payment text concept on green digital world map background
The cost of accepting card payments?
The cost of credit card acceptance depends on the cost of the equipment involved, the terms under which facilities are leased or purchased, start-up fees, monthly maintenance charges, PCI Compliance, and minimum monthly spend amongst other contributing factors.
Card processing for a business means that you can accept credit and debit cards like AMEX, MasterCard and Visa at your business. There is an initial set-up cost to get started and after that, the cost is based on the type of card used. The more you charge each month, the lower your true cost will be. It’s important to remember that international transactions incur higher fees than domestic processing.
Smart businesses know that accepting card payments is one of the best things they can do to increase sales right now. Once you decide to accept credit cards, you have to decide how and where to accept them.
Being independent from the rest
Processing payments is central to your business, but there are lots of merchant acquirers in the market place to choose from which can be confusing from a business owners viewpoint. Wireless Terminal Solutions is unique in the aspect of being independent meaning we can shop around for the best rates for your business tailored to the needs and how you trade. Our terminals provide the most up-to-date technology available, supported by back end systems that work with all of the major UK merchant services providers.
We simply aim to find the best current deal for you right now!
With over 80+ years combined experience in credit card processing, we are well placed to offer you the best rates and service available by working with all major merchant services providers, including the standard Mastercard/Visa providers. Our goal is not to sell you into a long term deal that restricts your ability to work with other providers, instead we simply aim to find the best current deal for you right now.
No matter where your customers are in the world, they can pay for their purchases securely and with ease. Our enterprise-level payments gateway supports a variety of payment types, including debit & credit. Accept both international and domestic transactions without fear of fraudulent activity.
This credit card terminals we offer are exclusively for accepting face-to-face payments, both on- and offline. Suitable for use at retail outlets, hotels, restaurants, bars, pubs and other trading establishments, our terminals are easy to use and come with FREE set up.
Online Payment Gateways
If you are a business owner reviewing your online strategy, why not consider a review or introduction on an online payment gateway. Our merchant services provide the tools you need to accept card payments online, including real-time transaction reporting. Offer your customers more payment options, increase conversion rates, differentiate your business, expand your reach to new markets, and open another avenue for satisfied clients to leave positive reviews for your business.
Put yourself at the forefront of the latest technology and take advantage of the growing number of people making payments on the internet. Payment services provide payment methods to suit any business or individual. Our flexible service is suitable for shopkeepers, and other small business owners who don’t have big offices.
Achieving results requires a combination of good content and careful optimisation. Our pricing packages reflect this, taking into consideration years of experience, research and constant developments. We’ll always create you a pricing package that’s made to measure. We know that one size doesn’t fit all.
Build a database of transactions
When you accept credit cards, you are effectively building a database of transactions. This database is particularly beneficial if you have not established an internet presence, or are not yet selling online. Your business is successful when you know how many times your product or service has been purchased. Banks can tell you exactly how much each credit card has been used, and credit card processors can provide you with the transaction log to see what items were sold on particular days. If you secure this information, you can learn more about your customers’ purchasing habits and facilitate an increase in repeat business.
Accepting card payments is more affordable than you might think.
Accepting card payments is more affordable than you might think. Your business can get a merchant services account without paying a large fee up front, and you’ll get all the support you need to ensure that your payments process smoothly. Card acceptance packages are available for most any sized business, including the smallest. Plus, they add an air of legitimacy to even the smallest businesses. Accepting cards will not only increase the customer experience, but also ensure that more people have access to your products and services.
Call FREE on 0208 669 2103 or email sales@wirelessterminalsolutions.co.uk to learn more about how accepting cards can help your business.