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!