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
First 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
Processing 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
Finding 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.