How To Set Up Credit Card Processing for Small Businesses
By otmseo on October 26, 2023
Your business could have the most incredible products and services, but if customers can’t choose to pay the way they want, you will ultimately lose business. A total of 28% of American customers prefer to use a credit or debit card when making a purchase and nearly 82% of the adult population owns at least one credit card. It does not matter what kind of business you own, you cannot afford to turn customers away by not having a credit card processing system. In the past businesses that chose not to accept credit cards did so because they did not want to pay credit card processing fees. The CashDiscountProgram.com will allow your business to accept credit card payments without paying processing fees.
Things You Should Know Before Implementing a Credit Card Processing System
If you want to accept credit card payments, there is more to it than just installing a card reader at the checkout and watching the money roll in; you need a legally compliant and efficient system to handle card transactions.
- Every time a customer swipes their card, you will pay a transaction processing fee. These fees can range from 1.5% to 3.5% per transaction. Over time, they add up, so choose your credit card processor wisely. Accepting payments with our Cash Discount Program will eliminate these processing fees.
- In addition to the card processing fee, you will also need to pay a monthly fee for ongoing service, a terminal fee for card readers, a PCI fee for data security compliance, a chargeback fee for disputed charges, a network fee for using the card network, a currency conversion fee for foreign transactions, a batch fee for settling daily transactions. With us these fees are all waived!
- You are legally required to follow PCI DSS security standards to protect your customers’ sensitive data from cybercriminals. Non-compliance can result in tens of thousands of dollars in fines and even lawsuits. We do this for you.
- Many processors will have you sign a contract. Look out for hidden fees, termination clauses, and any limitations on services. No contract with our program.
Start Accepting Credit Card Payments in 6 Easy Steps
Step 1: Evaluate your business model and sales volume
Whether you are running a brick-and-mortar shop, an online store, or a mix of both, each comes with a set of requirements when you want to accept credit card payments or process credit card transactions. For instance, a physical store might need a POS system, while an online one will need a payment gateway.
Then think about your sales metrics. What is your average sales volume? How much is your average transaction amount? The higher your monthly sales and average ticket size, the more negotiating power you will have for negotiating lower credit card processing fees. With CashDiscountProgram.com you will eliminate credit card processing fees.
Step 2: Shop around for the best processors
The CashDiscountProgram.com has been featured on CBS, ABC, NBC and FOX affiliates. Our credit card processing services have saved businesses owners tens of millions of dollars by eliminating their credit card processing fees.
You will then need to choose a payment processor; this could be a payment service provider (PSP) or an acquiring bank. This is the card processing service that makes sure the money from a card sale gets into your bank account. Acquiring banks work closely with payment processors to facilitate the transaction process. CashDiscountProgram will set up your account so that your funds will be transferred into your bank account next business day.
With an online sales channel, you will also need a secure payment gateway. Look for one that has these features:
- SSL (Secure Socket Layer) encryption: This keeps cardholder data safe during online transactions.
- PCI DSS compliant: This means the gateway meets the security standards set by the Payment Card Industry, which is critical for protecting against fraud.
- Good customer support: This can be a lifesaver, especially if you run into any problems or have questions.
There are many payment service providers, each with different features and fee structures so don’t just go with the first one you find. CashDiscountProgram.com offers payment gateways wich will eliminate your credit card processing fees.
Step 3: Choose your hardware
For your physical store, you will need credit card readers, which can range from basic swipe machines to advanced models that accept chip and contactless payments like Apple Pay. Our payment processing services, offers proprietary hardware.
Be extremely cautious of “free” card readers; they are almost always very basic, so you will be forced to pay extra for advanced features. Our readers are compatible with most all networks and can receive software updates as payment protocols get upgraded.
Step 4: Set up your merchant account
Next, you need to create a merchant account so you can accept payments from credit and debit cards. To set this up, you will need to submit your business license, bank account details, and maybe financial statements to the processor or acquiring bank. Depending on the size of your business and the credit card processing company, this process can take 1 day or up to a week.
Once approved, you will get credentials to integrate the account into your payment system, whether it’s a physical POS or an online checkout page. Some merchant accounts come with monthly fees, so read the fine print carefully. The CashDiscountProgram has ZERO FEES!
Step 5: Integrate the card processing software
For e-commerce businesses and service providers, the next step is to embed your chosen processor’s software into your website. Most payment service providers offer plugins or Application Programming Interfaces (APIs) that are designed to work seamlessly with popular e-commerce platforms like Shopify, WooCommerce, or Magento.
These plugins or APIs handle the technical side of processing credit card payments, like encrypting customer data and communicating with your bank. If you have any existing software, make sure the system works well with it. Our processors also offer features like fraud detection, which can be a big plus for online businesses accepting credit cards and mobile payments.
Step 6: Test the system
Before you go live and accept credit cards, conduct multiple test transactions to identify any issues that could affect customer experience. It is a good idea to simulate different scenarios to make sure your system can handle all kinds of transactions. If you will be receiving offline and online payments, test transactions in both settings.
Switch to Reliable, No-Hassle Credit Card Processing Today
Implementing all these credit card processing solutions probably feels like trying to hit a moving target with a whole lot of technical jargon thrown in. But what if we told you there is a way to not only simplify this process but also save money?
CashDiscountProgram.com is one of the top merchant service providers in the country, specializing in fee elimination. We offer advanced, PCI DSS-compliant point-of-sale systems compatible with both in-store and online sales, and a cash discount program that allows you to pass on the card processing fees to your customers, making the transactions cost-free for you.
And if you ever hit a snag, our customer service is just a phone call away. Have any questions? Call us at (855) 483-9390 or send us a message online to learn more.