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How to Accept Credit Card Payments — The Ultimate Guide
If you are a growing business or want to widen your reach by tapping into the online market then you must be able to accept credit card payments. By accepting credit card payments your business can witness up to a 40% boost in sales. So, put the right software and hardware in place so as to ensure that your client's data security is maintained while making online credit card payments. 
 
You can also choose a credit card of your own, such as the Bajaj Finserv RBL Bank SuperCard. This card offers your business the ability to overcome short monetary requirements, such as clearing supplier dues or buying needed inventory, with instant financing. You can save money with each purchase and convert purchases above Rs.3000 into easy EMIs. This apart, you can get the power and benefits of ‘4 cards in 1’ with this card and use it as an EMI card, a loan card, a cash card and a credit card, as per your needs. You can avail an emergency interest-free credit card loan on your existing credit limit and withdraw interest-free cash from ATMs. Apart from this, you can earn rewards, cashbacks, and discounts for a range of purchases and transactions.
 
In order to accept credit card payments, you should begin by following these steps.
 
Starting a merchant account
 
You can set up a merchant account at your local bank. This will allow you to accept, process, and receive funds from credit cards and debit cards payments made online or using the card machine installed in-store. This merchant account facilitates the movement of funds from the cardholder’s account to your business account.
 
Selecting a merchant service provider
 
When selecting a service provider, you must consider the tools and solutions offered by various providers. Choosing the best on offer will ensure they help you run your business transactions smoothly. Also, while selecting a provider make sure that they give you access to the best customer support in a timely fashion. Know how the support will be delivered, like through text, e-mail, chat, online documentation, etc. A good service provider will also ensure that you meet and maintain the security standards laid down by the Payment Card Industry (PCI), which is the central authority across the globe monitoring all payment-related activities. Also, while selecting the provider, check how they are charging you for your online credit card payments. Based on pricing, the two most common providers are tiered pricing merchant service providers and interchange plus merchant service providers.
 
Now that you have understood the basics of setting up a merchant account and selecting a provider, read on to know how online payments are enabled. 
 
How to accept credit cards for mobile sales
 
To accept payments via credit cards through mobile, you will need a mobile credit card reader set-up in your smartphone or tablet. Also, to start with, you must ensure that your chosen merchant account is ready to handle mobile payments. The card reader connects your smartphone or tablet to your merchant account, that in-turn allows you to accept credit cards of every kind, whether they are chip cards or electronic strip cards that you need to swipe, e-wallets or contactless cards. The risk of fraud for mobile sales is lower as you can see the identity of the holder along with the physical card or information and thus the cost of maintaining this service is lower too.
 
How to accept credit cards for online sales
 
This requires you to have a secured e-commerce platform enabled with a proper checkout arena and a secure payment gateway channel. You can choose an all-in-one solution from your service provider that includes a payment gateway too. The gateway secures your clients’ credit card information and sends it over the internet for your approval upon which the transaction is completed. The funds are deposited generally within 1 or 2 days directly into your merchant account. Since online sales have a higher risk factor as it involves verification and payment gateway assessment, the fee for such a credit card payment is relatively higher. 
 
How to accept a credit card for in-store sales 
 
To accept credit cards for in-store sales you require a retail point-of-sale system, which is commonly known as a POS. This payment system allows your customers to complete payment for their purchases using their cards in physical form. Also, you on the other hand, can not only accept cashless payments, but basis the system track inventory, manage staff, connect in-store and online sales and do much more at the backend. In order to put this credit card system in place, you will need a credit card reader or a card machine. 
 
Equipped with this payment guide, boost your business with the ability to accept credit card payments. As a business owner, you can also take a step towards empowering yourself by applying for a credit card like the SuperCard. To begin with, check your pre-approved credit card offer today and enjoy the benefit of 4 cards in 1 right away!
 
 
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    DSK Scam: Bank of Maharashtra chief Ravindra Marathe gets bail
    A Special Court on Wednesday granted bail to Ravindra Marathe, managing director (MD) and chief executive officer (CEO) of Bank of Maharashtra (BoM). Last week, Marathe, along with five others were arrested by the Pune Police in the DS Kulkarni fraud and cheating case.
     
    SN Sardesai, Special Judge for Maharashtra Protection of Interest of Depositors (MPID) Act, granted bail to Marathe on a surety of Rs50,000. 
     
    The arrest of Marathe and other top executives from Bank of Maharashtra had sparked a row with Bank employees and Indian Bank Association (IBA) accusing police of high handedness and overreach. However, According to the investigators, the bank executive and officials colluded with the DSK Group "with dishonest and fraudulent intentions to sanction and disburse the amount of the bank (BoM)" under the garb of loans and the money was later siphoned off.
     
    Besides Marathe, those arrested include Sushil Muhnoot, the bank’s former chairman and MD; Rajendra Gupta, executive director, and Nityanand Deshpande, the bank’s zonal manager, who was taken into custody from Ahmedabad. Also arrested were Sunil Ghatpande, DSKDL’s chartered accountant, and Rajiv Newaskar, chief engineer of the company.
     
    All India Bank of Maharashtra Employees Association and BoM Officers Association, both affiliated with All India Bank Employees Association (AIBEA), felt the police have been overzealous while arresting top executives of BoM. In a statement, they say, "As a union, we are for accountability of the top management including MD and Executive Directors, but here in this case, investigative agencies have overstepped looking to the way in which they (the top executives) were taken into possession and ultimately kept in custody. This has happened a day early to the annual general body meeting of Bank's shareholders. This coincidence is inexplicable."
     
    All India Bank Officers' Confederation (AIBOC) also condemned arrest of senior management. In a statement, DT Franco, General Secretary of AIBOC says, "It is known that most of the loans which have become non-performing assets (NPAs) are large advances, sanctioned at board level of the Banks consisting of representatives from Reserve Bank of India (RBI) and members nominated by Government as well. Hence, it is not in order to punish the bank officials alone if at all the government thinks of such an action."
     
    As per the statement issued by BoM, its exposure in the consortium lending to DS Kulkarni Developers Ltd (DSKDL) is only Rs94.50 core as against sanctioned amount of Rs139 crore. The Consortium is led by State Bank of India (SBI) with 33.33% of the lending, followed by Union Bank of India (UBI), Syndicate Bank and BoM, each with Rs100 crore or 16.67%, IDBI Bank Ltd with Rs75 crore or 12.50% and Vijaya Bank with Rs25 crore or 1.46% stake in the lending of Rs600 crore. 
     
    Bank of Maharashtra said its exposure to DSKDL is Rs94.52 crore and is fully secured by primary and collateral securities. It says, "Recovery process like action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act has already been initiated by the Bank and some the properties are due for auction. Bank has also declared DSKDL and its promoters as wilful defaulters."
     
    Pune-based DSK Group's owners DS Kulkarni and his wife Hemanti were arrested in February on charges of cheating over 4,000 investors of over Rs1,150 crore and diverting bank loans of nearly Rs2,900 crore.  
     
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    COMMENTS

    darsh kkka

    5 months ago

    Marathe made report failed claims of crop insurance, and he is paying its price..govt dont want to accept blame..the scam happening in crop insurance..

    Deccan Whack

    1 year ago

    Government should remember that elections are around the corner. Government's all-out effort towards saving scamsters and tainted bank officials will not go down well with senior citizens and middle class investors who lost their lifetime savings. Investors will have to agitate on the street to wake up the government.
    Indeed, DSK FD Holders & Flat Buyers should now get ready to fight against the corrupt Indian banking industry

    Alok Industries: Bank union questions liquidation value and demands investigation
    Lenders to Alok Industries Ltd took a haircut of 84% in approving Reliance Industries Ltd (RIL)-JM Financial Asset Reconstruction Company (ARC)’s resolution plan to take over the bankrupted textile company. However, in a statement, DT Franco, General Secretary of All India Bank Officers' Confederation (AIBOC) says, "The RIL-JM combine has offered just Rs5,050 crore for the acquisition of Alok Industries, which owes close to Rs30,000 crore to a consortium of banks and operational creditors. We wonder how the National Company Law Tribunal (NCLT) allowed only one bidder in this case. How Reliance Industries, which is the biggest borrower in the country, allowed to become a bidder? This requires a thorough probe."
     
    AIBOC says as per the 2017 balance sheet, Alok Industries had tangible assets of Rs16,762.93 crore, while current assets were Rs14,459.18 crore. "If its total assets were Rs32,708.99 crore and total current liabilities were Rs21,717.59 crore, how in just one year, its value can become Rs5,050 crore?" the union asks.
     
    Alok Industries was started in 1986 and is a ISO 9001:2000 certified textile manufacturing company. It has 250 stores in India under the brand name H&A. It also has 100% owned subsidiary in Czech Republic. 
     
    RIL-JM Financial ARC had emerged as the sole bidder for the Alok Industries in the first round of auction held in March 2018, but lenders baulked at accepting the resolution plan which required them to take 85% haircut. RIL-JM FARC later raised its offer price by Rs100 crore. But lenders again rejected the resolution plan. The resolution plan was finally approved with 72% of lenders voting in its favour. 
     
    The resolution has been facilitated with the assistance of the government by the amendment in the Insolvency and Bankruptcy Code (IBC) that requires the approval of only a minimum of 66% of lenders as against 75% earlier. It is quite clear that IBC has been amended with the only objective to allow the RIL-JM taking over Alok Industries and in the process the banks have to endure the haircut of 83%.
     
    "At a time, when the banks are already struggling to cope up with the rise in non-performign assets (NPAs) and decline in their net profits, such a step on the part of the government to further weaken the banks is very unfortunate, " AIBOC says adding, "Our Confederation condemns such a pro-corporate and anti-public sector banks approach on the part of the government and RBI. In the name of cleaning up the balance sheet, now the banks are forced to allow 83% haircut and benefit the corporate and again when the net profits will come down, it will be the same bankers who are to be blamed for the same."
     
    The bank officer's union had asked the government not to move ahead with the sale of Alok Industries. "AIBOC demands that the government does not move ahead with this plan of benefitting the RIL-JM Financial ARC and thereby destroying the Indian public sector banks. We further clarify that our Confederation has also been monitoring all these developments which will jeopardise the existence of the PSBs and we will not remain silent spectator to all these for an indefinite period of time," the union warned.
     
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    COMMENTS

    Ashok Mane

    1 year ago

    Banks should have sold all assets in part at market rate and adjusted loans.
    Instead of taking loss by banks. They should have taken over assets and lease out it in small parts to small business houses.

    Ashok Mane

    1 year ago

    Banks should have sold all assets in part at market rate and adjusted loans.
    Instead of taking loss by banks. They should have taken over assets and lease out it in small parts to small business houses.

    Bplvvarma

    1 year ago

    So what is the future of Alokindustries. Is it stands by profit coming out from insolvency in business

    BV SUDHANVA

    1 year ago

    If the deal was so attractive then why no one else bid for alok?

    Ramesh Poapt

    1 year ago

    very well done by union. they must strongly take up the issue otherwise
    there will be repetition of the same!

    Amar Kunal

    1 year ago

    Where this Franko has been hiding while his banks were giving loans to Alok Industries and it was in bad debt, now while the employees of Alok Industries are safe and planning for the future course of action such elements are questioning about the deal? AIBOU is always unethical and acts against the interest of people, your main business is to call strikes for your unethical demands and harass people. If you will do such thing the same thing will come to you. Investigation should be carried on against corrupt bankers who give money to Videocon, Nirav Modi etc and elements like AIBOC and their mentors may be among them.

    Dr.Dhananjaya Bhupathi

    1 year ago

    https://www.moneylife.in//article/alok-industries-bank-union-questions-liquidation-value-and-demands-investigation/54499.html via @MoneylifeIndia
    1. HATS OFF TO COMRADE D.T.FRANCO. ENTIRE BANK EMPLOYEES & THE RETIREES ARE HAPPY TO NOTE YOUR PROMPT REACTION. WE ARE WITH YOU SIR!
    2. HOW SHAMELESS ARE IBA BOSSES & PSB MANAGEMENTS OFFERING HAIR CUT OF 84% OF DUES, AS IF PUBLIC DEPOSITS IN PSBs ARE THEIR GRAND FATHERS' PROPERTIES.
    3. WE NEVER MIND, IF THE PROLIFERATERS OF SUCH DUBIOUS IDEAS INDULGE IN '84% HAIR CUT THEMSELVES' AND ATTEND RESPECTIVE BANKS.
    4. I REPEAT MY ALLEGATION THAT THE EPICENTER OF ALL PSBs' SCAMS IS IBA EXECUTIVE MEMBERS. NO ELECTIONS, NO REGISTRATION UNDER ANY INDIAN ACT, NO AUDIT OF 'RECEIPTS & EXPENDITURE STATEMENTS.
    5. ACTION MAYBE INITIATED AFTER PERUSAL OF CURRENT ACCOUNT WITH OBC, CUFFE PARAADE, WTC, MUMBAI .
    6. EARNEST ENDEAVORS OF GOI WITH A POLITICAL WILL, ARE APPRECIATED BY ENTIRE 125 CRORE INDIANS. UNLESS & UNTIL THE ROT IN PSBs IS ADDRESSED @ THE RIGHT EARNEST, MODIJI CAN NEVER REALIZE HIS 'WONDERFUL VISION + DREAM TO PUT INDIAN ECONOMY ON "HIGH GROWTH TRAJECTORY" FOR THE BENEFIT OF TEAMING MILLIONS OF YOUTH.
    7. I, EARNESTLY, APPEAL TO ALL BANK EMPLOYEES + BANK RETIREES TO REACT ON FB,TWITTER & INSTAGRAM.
    ALL BANKMEN MAY KINDLY APPRECIATE COMRADE D.T.FRANCO'S INITIATIVE EXPRESSING OUR SOLIDARITY.
    SATYAMAEVA JAYATHE!!!

    Lakshminath Mocherla

    1 year ago

    Obviously Govt wants to do a favour to the purchaser they coaxed the lenders not to pursue further.

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