Electronic Payment Solutions - Where to Find Them
If you’re starting a new business, one of the most important things
you need to decide is how you’re going to accept and process payments.
If that business is an internet or home-based business, then you
probably need to find electronic payment solutions instead of
traditional point-of-sale solutions. Learn where find these solutions
and how to start accepting electronic payments today.
Decide Which Solution You Need
of all, you need to assess the most convenient way for a customer to
make a payment for your specific business. If it’s hard for customers to
pay you, they will most likely take their business elsewhere. Consider
the type of business that you have. Is it mostly internet-based? Do you
take orders over the phone? Accepting credit card payments with only a
credit card number, and not the actual card, requires you to have
virtual terminal software. If you also want to accept electronic check
payments and offer gift cards, you may need additional equipment or
software. Make a list of the types of payments you want to accept before
you look for solutions.
Assess Your Budget
credit card payments costs money and different types of payment
solutions vary in cost. Figure out how much you can realistically afford
to pay a merchant account provider before applying for and opening a
merchant account. You may find that credit cards are the only payments
you can accept right now, or you may be surprised to learn that you can
afford every electronic payment option.
Choose a Provider
a payment solution ultimately depends on finding a merchant account
provider. If you don’t know where to start, ask around. Friends who work
in a similar business should be able to recommend at least one merchant
account provider that they have used. Also, don’t be afraid to ask your
competition. They need to accept payments too and may be happy to help.
Another option is to join a business association related to your
industry. There are bound to be current business owners in the
association who are eager to lend advice and give referrals.
With an assessment of your business needs and a little research, you can find the payment solution that you need.