What is Credit Card Processing?
Introduction
Credit Card Processing is simply having a merchant account that allows you to accept payment via credit and debit card for your products and services. The major credit card brands are Visa®, MasterCard®, American Express®, Discover®, Carte Blanche®/Diners Club®, and JCB. Accepting credit cards offers several advantages, the most notable being increased sales. Customers today are very accustomed to paying by credit card and find it inconvenient when that form of payment is not offered. When confronted by a merchant who does not accept credit cards, the customer will often either pay cash and spend less and then not return or leave and not make a purchase at all. Cash among consumers is no longer the preferred form of payment, they will choose check, credit or debit card over cash more often than not. Consumers simply like using credit cards and other non-cash forms of payment because they are a safer method, with less hassles.
After determining what payment solution best fits your needs, an application must be completed. The application or the Merchant Processing Agreement (MPA) is the contractual agreement between you, the merchant, and our processing bank. The documents can either be emailed or faxed for you to review and sign. The business owner(s) or an officer of the corporation will be required to sign the documents in order to accept credit cards.
The following items will be needed.
- Business checking account (see above for requirements)
- A copy of a voided check
- Articles of incorporation, business license or reseller license
- Have a web site (if you are Internet based. A web site is not needed for retail storefront businesses)
- Provide 2 trade references for MOTO/B2B and Internet only
- A photocopy of your driver's license
- For MOTO/Internet and all Card-Not-Present transactions the business must have existed for a minimum one year
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Do I really need to accept Credit Cards?
Not every business needs to accept credit cards. Many companies function perfectly fine with cash or billing and other payment terms. However, in order to sell your products or services successfully, most businesses should definitely consider looking into accepting credit cards. Accepting credit cards can make it easy for your customers to buy products and pay for services. The more difficult it is for customers to conduct business because credit cards are not accepted, the greater the chance of losing that customer forever!
Accepting credit cards definitely has a cost, which is the only reason that some businesses have elected to not accept them or discourage their use. Expenses are an unavoidable part of doing business and they should be watched closely. Nevertheless the key word is unavoidable; one cannot conduct business and sell products and services without a corresponding expense. The way to maintain a profitable business is to keep the expenses lower than the revenues - although this is an obvious statement, often we don't consider the fact that sometimes creating or increasing an expense can increase revenue. This is what must be looked at closely regarding credit card acceptance. You as a business are paying fees to accept credit cards, however, you may also be providing greater customer service and convenience to your customer which keeps them coming back and often spending more. The big questions to ask are: What is the cost of not accepting credit card? Are you losing customers? Will you be inconveniencing your customers by not accepting credit cards? Do your competitors accept credit cards? Remember, today's consumers demand conveniences. If you are inconveniencing your customers by not accepting credit cards, you might consider that an obvious sign that accepting credit cards will be a smart business decision.
Whether you decide to accept credit cards or not, be sure to consider all of the factors involved. Making an educated decision in the beginning will insure good decisions and a healthy growing business.
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Fraud Protection
While it is true that many fraudsters try stealing people's credit card information, with the right system and service provider it is becoming harder for them to do so. New security measures are being taken. For instance, AVS (Address Verification System) is now required for all online credit card purchases within the United States.
Credit card AVS is an anti-fraud verification system that helps merchants to verify a cardholder's identity. AVS stands for Address Verification System and is exactly that. It verifies the cardholder's shipping and billing address and matches the mailing address on file with the bank.
There are some limitations with credit card AVS. For instance, it cannot check international addresses. Many merchants do not accept credit cards from international customers for this reason. However, there are other payment options for international buyers.
Credit card AVS is now required for mail/telephone order and Internet transactions. Without it, there is a high probability for fraud. Fraudsters with stolen credit card numbers can easily make purchases online if there are no security measures or checks like AVS and CVV2.
In addition to AVS, there is now the possibility of SSL encryption security on each transaction. Also, the information stored in the payment processor's computer can be encrypted for added security. Credit card thieves don't even try to break into sites that offer secure online transactions. It's easier for them to hack sites that lack security.
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Virtual Terminal
It allows you to process your credit and debit card payments manually without having to use an electronic "POS" terminal. It includes all the functionality of a traditional terminal such as refunds and such and in many cases much more.
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Retail Virtual Terminal
This would be the solution for retail/storefront (brick and motor) merchants who see their customers face-to-face. A credit card terminal is an electronic device used by retail businesses to process credit card transactions. If the customer is present, they swipe or slide their credit card through the terminal which captures the data of off the magnetic strip on the back of the card and sends the transaction to the processor for authorization.
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Point-of-Sale (POS) Credit Card Terminal
This would be the solution for retail/storefront (brick and motor) merchants who see their customers face-to-face. A credit card terminal is an electronic device used by retail businesses to process credit card transactions. If the customer is present, they swipe or slide their credit card through the terminal which captures the data of off the magnetic strip on the back of the card and sends the transaction to the processor for authorization.
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Accept Credit Cards Online
This option will allow customers to your website to make secure and easy purchases at your site. It would require a payment gateway and shopping cart, which are both readily available and relatively low cost.
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What do I need to accept credit cards?
In order to accept credit cards you will first have to establish a merchant account. The merchant account is an account established with a payment processor for the settlement of credit card transactions. You will need to choose a payment processing solution best suited for your business type; these include Real-Time Internet processing, retail swipe terminals, and computer-based processing such as software or our Virtual Terminal. Please feel free to contact us, we will be happy to provide detailed information on each available solution to help you determine which is best for your businesses needs.
The funds settled from your credit card sales into your merchant account will be deposited into your checking account the next business day in most instances. If your business operates as a corporation, a business checking account in the businesses name is required. If your business is a sole proprietorship or partnership, the only requirement is the individual or partners' name(s) must be on the check. Meaning, in this circumstance, a personal checking account can be used in place of a business checking account but only for sole proprietorships or partnerships.
After determining what payment solution best fits your needs, an application must be completed. The application or the Merchant Processing Agreement (MPA) is the contractual agreement between you, the merchant, and our processing bank. The documents can either be emailed or faxed for you to review and sign. The business owner(s) or an officer of the corporation will be required to sign the documents in order to accept credit cards.
The following items will be needed:
- Business checking account (see above for requirements)
- A copy of a voided check
- Articles of incorporation, business license or reseller license
- Have a web site (if you are Internet based. A web site is not needed for retail storefront businesses)
- Provide 2 trade references for MOTO/B2B and Internet only
- A photocopy of your driver's license
- For MOTO/Internet and all Card-Not-Present transactions the business must have existed for a minimum one year
- click here to contact us to purchase
- click here to learn more about this product or service
- click here to learn more about credit card processing
- click here to review other products and services
- click here for main menu
I'm Ready to Accept Credit Cards!
We can have you up and running with a merchant account usually in a few days. We can provide all of the training, information and support you'll need. If you should have any questions or comments please feel free call us at 1-1.877.366.0504 or contact us at info@sunrisebusiness.com.
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