How can a Home – based Business accept Credit Card Payment?

If your home-based business is able to accept credit card payment, it will make your business highly attractive to the consumers.

The acceptance of credit cards by your firm will help in the increase of customers as well as sales. The reason is, the consumers are able to make purchases easier and they can make purchases instantly.

Some of the home-based business individuals are intimidated by the procedure of acceptance of credit card payment or worried about the charges associated to that. Previously, the charges were higher, but due to the increase in the development of e-commerce and information technology, various new options are created for the commercial businesses as well as home-based businesses. The credit card payments done by the customers are increasing day by day and the increased sales and other benefits will cover up the fees that the business owners need to pay for this feature. The information given below will help you in getting a merchant account and various options for accepting credit card payment.

Benefits of accepting credit cards

The most important advantage of accepting credit card payment is that the payments never bounce as bank checks when the customer has insufficient balance in his/her account. When using the credit card of the customer, you will know at that very instance if he/she has sufficient balance that can cover the expense of the transaction. Therefore, the feature of accepting credit card payment for home-based business will help you gain more credibility, increase the reputation of your business and become established compared to the businesses that accept only bank checks and cash.

Acquiring a merchant account

Initially, you will need a merchant account for which the credit card payments are deposited. For acquiring a merchant account, you may choose three options: an independent sales organization, a bank or a third-party provider such as PayPal. You need to think about these three options, as you need to find which one is best suited for your business. It highly depends on the sales volume, easy transactions or other factors.

Generally, most of the businesses that have lower sales volume depend on third-party provider, as there are no monthly fees for the service. However, this facility results in longer waiting period for withdrawing the funds. If you are establishing a link with an independent sales organization or banks, the processing limits are higher and favorable. When your business grows eventually, you need to expect higher sales volume. Therefore, you may need to avoid choosing third-party providers to gain higher cash flow and business growth effectively.

Acceptance of Credit Card Payments

Once you have acquired the merchant account, you need to find a solution for accepting credit card payment. There are various solutions available today. If your business (home-based) has a website of its own, the best way is to set up an internet gateway with a shopping cart. It is ideal to buy a shopping cart feature for your website to provide the most convenient services for your customers. In case your business doesn’t have a website, you may choose a virtual terminal in which you can login to a third-party website and provide the customers with credit card details for payments. You may also purchase the card equipment, which helps in swiping the customer’s credit cards at home if you interact with your customers in person.

I hope the above information is beneficial enough for you to acquire a credit card payment feature for your business.

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