How to accept credit cards at your small business ahead of the holidays.

Cash payments are quickly becoming an afterthought for most customers. If you want to keep up with your competitors and exceed your goals this holiday season, it’s a no-brainer that you should take credit cards and even accept online payments.

Find a credit card payment processing provider.

In order to accept plastic, you need to find a processing company that will securely facilitate all aspects. You will soon find out that there are many vendors vying for your business. Take the following factors into consideration in order to make the best choice.

• How transactions will be processed, i.e., in person, online, or over the phone. Fees vary accordingly.
• What cards you will accept, i.e., Visa, Mastercard, Discover, etc. Again, each might have its own distinct fees.
• Sales volume. Some processors offer lower rates for higher transaction volumes.
• Integration with your website, point of sale solution and/or existing hardware.

Open a merchant account.

Your payment processor can set you up with a merchant account, which is where your funds will be deposited temporarily until the transaction is fully settled and the money is transferred to your business account.

Get your payment terminals.

For owners of physical stores, this means buying or leasing traditional, mobile, or contactless card readers and a point of sale system. Ecommerce retailers need to set up online payments, either through their ecommerce platform or on their website with the help of the developer.

Ways to take credit cards.

Depending on your customers and business type, there are three main avenues to taking credit cards.

• In person. This works well for brick-and-mortar stores, on-site providers like contractors, and mobile sellers. Because the customer directly presents the card for purchase, fraud risks are lower, and so are transaction fees.
• Online. Ecommerce sellers, digital service providers, and some restaurants use this popular method. It requires that you have a website or ecommerce store as well as a payment gateway to securely process customer purchase transactions.
• Over the phone. Commonly used by take-out restaurants and businesses offering catalog services, this involves the customer verbally disclosing their payment information. The merchant enters it into their virtual terminal for processing. Fees are highest for these card-not-present transactions.

With the holidays right around the corner, you need to do everything possible to stack the deck in your favor. Take the necessary steps to accept credit cards, and you will soon discover that your sales increase and your customers are happier. It’s the perfect recipe for thriving at the busiest time of the year.