While many people and business owners talk about credit card processing, they rarely mention the fact that it is an investment that requires a few things – merchant account, credit card machine, software – to work. This article will focus on the software aspect.
Before purchasing credit card processing software, it is important to note that there are different types of software for mac and PC based processors. While there is no clear advantage to choosing one over the other, the operating system (macintosh or windows) may play a part in your satisfaction with either.
There are many companies that claim to offer credit card processing software and it is important to research each company and their claims.
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A payment gateway, or e-commerce service provider, authorizes payments for online businesses, retailers, and tradition stores/shops. It serves as a point of sale, like the ones located in retail outlets. It protects sensitive credit card information and ensures that information moves securely between a merchant and customer and between a processing company/payment processor and a merchant.
Reasons to have a payment gateway
A payment gateway helps with the transfer of sensitive information from a phone, website, or other online merchant to the processing company or bank.
It is important to note that a payment gateway is a necessary part of selling online and as such, great care should be taken when choosing a payment gateway.
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It has become very difficult to choose an appropriate credit card processing company due to the large number of companies that offer the service. Below are some things to look for when comparison shopping for processing companies.
Approval Rating
This refers to the percentage of approved applicants, the speed of processing, and the cost of applying. A good company will not charge an applicant.
Setup time
A good company that truly wants your business will process your application and setup your account in a matter of days. Some of the really good ones can do it in a day.
Customer Service
A reliable credit card processing company will offer customer services 24/7 by phone, online chat, and email.
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Mobile payments, can also be thought of as a mobile wallet, is set to become a common method for people to purchase goods. Rather than paying with a check, cash, or even credit/debit cards, the client will be able to use his/her mobile phone to pay for goods and services such as:videos, music, games, and other digital services
- bus/train tickets and other modes of transportation
- magazines, books, literary works, and other tangible goods
Although mobile payments are not very common, there are four models that are likely to be developed into final products. They areSMS transaction payments
- Direct Billing
- WAP
- Contactless
It may be beneficial to include mobile billing in your business because it should increase your customer base down the line.
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In 2001, the only credit card processing software for mac, Mac Authorize, was scraped. For this reason, many people have opted to use a PC for credit card processing. However, there are legitimate and legal ways to process credit cards on a Mac.
The easiest method is installing a virtual terminal on your mac. The terminal lets you accept credit card in the same manner as installed software and has a number of advantages.
It allows you to charge multiple credit cards simultaneously if you upload them with an excel spreadsheet. Since the terminal is online, if your computer crashes, all your information will be secure because the terminal does not store information on the computer.
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There are many types of companies and organizations that offer merchant services and it is up to business owners to properly research the type of company they want and choose one that adequately fits their needs.
Of all the merchant service providers, international companies are the riskiest. Their lack of physical presence within the country means that they are not regulated in the same manner or by the same rules as domestic companies. This means that if you have any problems with them, you may not be able to resolve it in a suitable manner. International merchant services should only be used if you have poor credit ratings or are being denied by domestic companies.
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The benefits of master card processing are numerous and will have a profound and positive impact on your business.
Due to the fact that credit card payments are electronic, your business will have less paperwork to fill out, less overhead charges, and more time to focus on what really matters; running and improving your business. Credit card acceptance will allow your customers to pay in a manner that suits them – credit/debit card – which will make them very happy and inevitably, loyal. In addition, master card processing also allows you to sell your products to people in various countries and receive payment in the currency you specified when setting up your merchant account. This eliminates the need to convert currencies, either on your part or the customers.
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With the hectic job of running a successful business, many business owners are reluctant to add credit card processing to their business arsenal, for fear of getting ripped off by processing companies. These business owners usually opt to go the route of paypal, which does not fully maximize the profit potential of businesses.
Avoid cancellation fees: Read the fine print before signing with a company to ensure that there is no cancellation fee (fees range $250 to thousands). If you find such a fee, ask the agent to take it out of the agreement in writing and ask for his signature. Avoiding these fees will allow you to experiment and change companies until you find one that suits your needs.
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With the increased use of credit cards, credit card processing companies are raising fees to maximize profit. While this problem may seem unavoidable, the following tip will show you how to get the most out of a processing company.
Compare companies- Research has shown that shopping based on comparison yields better results than simply accepting deals that appeal to you. Make a list of five companies that offer similar service and make a note of their pros and cons. Once the list is made, visit each company and during the discussion, let them know that you are comparison shopping and are not convinced that they are offering you the best deal. This will make them pull out discounts and lower your fees.
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It is not uncommon for business owners to report sharp increases in sales and profit when they start accepting credit card payments. With credit cards becoming the preferred method of payment for many people, fewer people go out with substantial cash in their possession.
Credit cards allow customers with a shortage of cash to buy your products and sort out their financial issues later.
Accepting credit card payments will also lower your overhead cost. For example, accepting a credit card payment of $40 will cost less than accepting an equal amount in cash. The credit card payment will eliminate the need and cost of drafting, printing, and mailing an invoice to your customer.
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