When it comes to business credit card processing, if you are running a small business you have several options of how to best serve your clients. You can of course choose the hardware route, and obtain card reader devices in a variety of formats and technologies. If you are more oriented towards online business, however, you would be better off using a payment gateway or a merchant account in order to process your customer credit and debit card transactions.
Brick and mortar stores
For traditional stores, the better business credit card processing option is usually to pick a hardware route. There are a variety of commonly used technologies available on the market, for instance:
PIN card readers — these seem to be the most common and will allow a client to enter their PIN number to authorize a transaction. They work best with debit cards and are often found in stores where people make daily purchases, such as groceries.
Swipe card readers — more likely to be found in places where large bills must be paid, that may not be covered by a daily debit card limit. For instance, high class restaurants, car dealers, computer and appliance stores.
USB and proximity devices — these are used mainly by contractors who are on the road often and will do business multiple times during the day at a variety of locations. Combination with cellular and mobile phone technology may also be used, and a recent patent has been filed and proximity technology is in development that will allow trade by “tapping” or “brushing” cell phones together.
These means of credit processing out date and are often superior to cash and checks, so depending on your business credit card processing needs, you may want to consider one of them.
Online services
There are also a variety of online services that allow you to integrate business credit card processing into your websites seamlessly, or if you have an account on another service, then at least link to it with an applet of some sort. For instance, if you are an author who self-publishes on the Internet, then you might have a website showcasing your publications and a link to your Amazon.com store where readers can buy your books in a variety of formats. Amazon’s CreateSpace was just such a payment gateway designed for authors, but there are competitors such as Lightning Source as well.
These types of online business credit card processing services completely integrate and streamline the credit verification process in the background. A consumer simply needs to fill out their order information and then click through. Within minutes, if their payment passes, the money will arrive on your business bank account and your shipping department will be notified to mail the products purchased.
There are literally hundreds of platforms available and depending on the particular business you are in, you are bound to be able to find a business card processing service that is completely streamlined for your particular niche.
What advantages are offered?
Online business card processing, whether it’s through hardware and a telephone connection or through software and an Internet connection, have many advantages over direct payments through banking institutions. Although banks commonly offer services to the public and small businesses, their main focus is on investment and corporations. Because of this, their services can often take days and sometimes weeks to come through. This is one of the reasons why online business card processing has become so prevalent in the 21st century, because more and more businesses are offering services online and will need to provide instant feedback to their clients and even next day delivery.
Description: Business credit card processing, whether it’s through hardware or software, is an important part of the customer and business relationship. Read on to find out more about your options for a business.
