Consumer and business technology has progressed at an astounding rate, and businesses must be open to accepting a range of card payments and mobile payment options if they want to make a sale.
Credit card payments are one of the most popular payment methods for Australian shoppers, so businesses risk getting left behind if they don’t accept them. In fact, your customer expects to have a range of options when buying from your business. It can take some time to get your head around the steps involved in accepting credit card payments. But don’t worry, we’re here to help. Let’s explore how to accept credit card payments and set your business up for success.
Accepting credit cards for customers in person is easy if you’ve got the right setup. No matter what point of sale (POS) or EFTPOS terminal technology you’re using, the payment processing steps for in-person transactions are pretty much the same.
When accepting credit card payments in person, common payment services you’ll use in your business include an EFTPOS terminal or credit card reader.
When processing payments with a terminal or reader, you can opt to accept loads of mobile payment options, like Apple Pay, Google Pay or Samsung Pay.
When accepting credit card payments on an EFTPOS terminal or credit card reader, here’s what happens:
When accepting in-store payments from credit cards, it’s also handy to consider that:
Most payment providers also give you the option of processing credit card transactions over the phone (also called MOTO payments). You just manually add your customer’s credit card details into your EFTPOS terminal. You’ll need their credit card number, expiry date and CVC or CVV. This feature may need to be set up by your EFTPOS provider once you sign up, so make sure to ask about this during the setup process.
Keen to be able to take online payments? Your business can accept online credit card payments in two ways – through your own online business or a third-party website. Either way, you’ll need a merchant account and a credit card payment gateway to process those sales.
It’s okay; you’ve got this. A merchant account (sometimes called a merchant facility) is simply an online bank account you can set up to accept online credit card payments. When a customer buys something from your business, the account temporarily holds the money before moving it to a linked business account.
But before you set up this account, you’ll need a payment gateway. A simple payment gateway processes online payments, making sure money moves safely between a buyer and a seller. Once the credit card details have been approved through the gateway, the funds are moved into your bank account. Because payment gateway providers manage the security of your customer’s card details, you don’t have to worry about it.
When setting up a payment gateway service for your website, you need to add a virtual shopping cart or an online payment form. To make this work, you sign a deal with a trusted bank or payment provider. This lets you process your customers’ card details securely.
The process of online payments is actually fairly simple. It requires:
Don’t have a merchant account? Don’t worry. Third-party payment processors accept credit cards online on your behalf. This greatly simplifies the process, as all of the components needed to accept online payments are in one place and taken care of by your chosen processor.
Merchant accounts often come with set-up fees and may include ongoing fees, so a third-party processor’s accessibility and low costs make this a great option for new businesses.
Third-party processors also offer extensive anti-fraud measures, so using their services also lowers the chances of credit card fraud. This way, both your merchant account and your customer’s bank account remain safe.
There’s plenty to consider when choosing to accept payments online, particularly around security and potential fees. Here are some things you might want to consider.
When you accept credit cards in your business, whether online or in person, there will always be fees and costs. Our hot tip? Always check out what kind of fees are associated with the payment method you’re considering before signing up. Here are the fees you can expect.
There are a few other ways your customers can pay with their credit cards. These payment methods might also work for your business and give your customers even more options.
The right credit card processing solutions for your business depend on how you want to accept payments and what works for your customers. If you’re just looking to process transactions online, consider whether hosting your own website or seeking third-party support, is best for you. The costs, ease and accessibility of these payment options make them attractive.
To accept payments in-store, a credit card terminal should be your first choice. Want to appeal to as many customers as possible? Go for a machine that offers flexible payment methods, such as contactless, Apple Pay, Google Pay and more.
For those in-store payments, Smartpay is best in class. Our terminals are suitable for businesses of all sizes, in all industries. They offer machine portability, long-lasting battery life, 24/7 support, secure payments and a stress-free setup. If you’re keen to learn how to accept credit card payments for your small business, or large business, get started with Smartpay today!
Want to know more about surcharging?
Learn more about how surcharging on EFTPOS works, or what you could save for your business, by getting in touch with the team at Smartpay.
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