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Understand How to Accept Credit Card Payments in 45 Seconds

Are you an entrepreneur hoping to open your very first brick-and-mortar store? If so, you most likely have a full agenda, from deciding where to open a storefront to determining what inventory you plan to stock. Your head is probably swimming with a ton of thoughts and considerations. Being your own boss means you have to make smart decisions quickly in order to keep your venture healthy. With that said, you don't have a lot of time to devote to learning about all the intricate machines and software you need to process payments. All you know is that you need a point of sale system that works. 

So how do you get that done? Let's take a quick look at what you need to know to begin accepting credit card payments:

Sign up for a merchant account
Before you start accepting credit and debit cards, you must set up a merchant account to act as a go-between that assists you and your customers' banks by transferring the right amount of funds. (1) Setting up a merchant account means your business is authorized to accept credit cards as a form of payment. Visit your local bank or research a few credit card processors to establish a merchant account. Having one of these enables you to easily move your customers' payments from your merchant account to your company's own bank account.

There a different ways a merchant account can be set-up and what it includes, so make sure you understand which is right for your business. 

Get the right hardware and software
Once you have a merchant account in place, it's time to consider what type of payment hardware and software is right for your business. If you have a physical location along with a lot of inventory to keep up with, a point of sale system is your best choice. (2) Today's POS systems are dynamic devices that not only enable fast and quick checkouts, but also give you a real-time view of how much stock you have and what needs reordering. among other things.

A POS allows you to easily scan and swipe credit cards or even connect with smartphone mobile wallets, making it easy to accept multiple forms of payment. Modern POS systems may also feature an intuitive touch screen, bar code scanner and cash drawer that operate as an all-in-one unit to keep your business operating smoothly and efficiently.

If your business is always on the go, or you have a more hands-on sales approach, consider adding a mobile POS system. Pair up your tablet or smartphone with POS software and a credit card scanner so you can make sales on the road or anywhere in your shop. These solutions fit perfectly for merchants who need a register close by while they assist customers.

 

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