Credit Card Processing

Credit card processing is where the facilities needed to accept payment electronically are installed in your premises. Usually credit card processing equipment is installed by the issuer, and it’ll be hooked up to your existing till system or point of sale. As credit and debit cards are becoming more and more popular as payment methods, it really is worth your while investing in credit card processing capabilities. If you don’t, you could be leaving money on the table and losing customers hand over fist.

Is it really worth bothering with?

Credit card payments are only going to become more and more popular, so the sooner you bow down and have the equipment installed, the sooner you’ll stop losing sales. Credit card processing is done by a third party, and there’s no hassle on your part to deal with.

Some processors tend to send the funds received from credit cards directly to your account when the transaction is put through. Other credit card processing companies tend to do daily or weekly disbursements where all funds are then transferred to your bank account. It’s up to you to find a credit card processor that suits your needs best. IF cash flow is an issue within your business you’ll definitely want to look at real time or daily disbursements.

How expensive is it?

Credit card processing isn’t expensive at all. A lot of business owners tend to take the view that it’s more expensive than accepting cash; but when you take into account banking charges for example, and the cost of having things like small change delivered, accepting cash isn’t as cheap as it would seem. The price you’ll have to pay for credit card processing depends on the kind of business that you run. Typically there will be a fee to have the infrastructure installed in your business, then there will be an ongoing monthly fee for the service. You’ll likely have to pay a commission on card payments too, to the company who process them for you.

Each and every credit card processing company charges a different rate so it’d be impossible to say exactly how much it will cost. That said, you will no doubt find that it falls in line with the cost of accepting cash as a payment method. Remember you can’t apply for our merchant cash advance financing if you don’t have credit card processing capabilities within your business, so it’s definitely worth looking into them.

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