Accept Credit Cards for Small Business

Applying for a Merchant Account

Applying for a merchant account is necessary in order for your business to accept credit card transactions. You may either apply at your local bank or you can apply to one of the many online banks that accept credit cards for small business owners. The applications are simple and only require a few pieces of information including your business name, address and tax identification number. Most accounts are set up within a week or less and then you’ll be able to accept Visa and MasterCard credit cards from your customers.

Online banking institutions that take applications to accept credit cards for small businesses include:

• Capital One
• Merchant Express
• Volusion Merchant Services
• E Merchants Group
• Advantage Processors

Discover and American Express

If you’d also like to accept Discover and American Express cards, additional applications may be required. Some merchant account applications include your interest in Discover and American Express while others do not. Small business owners can apply directly with Discover and American Express on their respective websites.

Accept Credit Cards for Small Business Owners

If you have been in business for a while, or are even a new small business owner, accepting credit cards will increase your bottom line. Once you have been approved for a merchant account you will receive marketing information for displaying major credit card logos. The logos can be displayed on your cash registers, at the doors of your business, in business promotion brochures and on your website. Using these logos will increase sales because many customers feel more comfortable using their credit cards instead of cash.

Managing a Merchant Account

If you are worried about managing statements and records for credit card transactions, don’t be. The companies that manage merchant accounts can provide you with an online gateway to manage your account and either send you copies of your monthly statements in the mail or allow you to download them online. The statements may even be downloaded to your current business software to help you manage all of your accounts in one convenient place.

Chargebacks

One concern that many small business owners express is that of chargebacks. A chargeback occurs when a customer disputes a transaction and requests their bank to investigate that charge. As long as a merchant keeps good records of their transactions, including detail tapes from cash registers or information from an online purchase, they will usually be able to settle any chargeback inquiry. Usually a person disputes a charge when they can’t remember making it. Providing specific information, such as a signed sales receipt, is usually enough to refresh a customer’s memory and end the chargeback dispute.

Customer Convenience

Most small business owners can expect an increase in their sales within a month of accepting credit card transactions. Customers appreciate business owners that accept credit cards because they don’t have to carry cash and make change for their purchases. All a customer has to do is sign a receipt and be on their way.

If you haven’t made the move to accept credit cards at your small business, consider doing so today. By accepting major credit cards at your store you’ll be telling the world you are a professional establishment and ready to serve the global community with your products and/or services.