The Wonders of Credit Card Processing
Owning a small business can be a risky thing to do. For some it may even seem like certain doom is lurking around every corner. With competitive markets, bank foreclosures, and the risk of going bankrupt a small business owner must do what he or she can to stay in business. One sure fire way to ensure your company will flourish is to take full advantage of credit card processing and obtaining a merchant account from your local bank.
To acquire a merchant account for your business you must speak with your local bank customer service representative and find out if they offer merchant accounts to small businesses. If they dont offer merchant accounts you can still receive credit card processing service from third party companies who offer it at a similar rate as the banks do.
After speaking with a bank representative and if they inform you that you are being considered for an account you must then present your work space. The bank will need to verify that you are conducting business, so they will send a bank staff member to observe your office space.
If the bank feels your office space is adequate you must then file in some important paper work. The bank will need copies of the tax returns from the previous year. They will also require complete access to your companys bank account so they can withdraw or add funds accordingly.
Most banks will charge 2-3% tax on all transactions. You are basically paying them to let you accept bank cards. While this may seem unorthodox remember they are providing you with a service as well. Also be careful with some companies. They may want to charge you a higher tax on your transactions. Dont be suckered in to paying a 5% tax. Keep your options open and always have more than one company to choose from.
After obtaining a merchant account you will be able to take full advantage of credit card processing. Now you can receive various forms of payment for your service or business. A customer is very likely to pay for an item with a debit card rather than with cash. Online banking has made electronic money storage very simple and has almost made the need for carrying cash obsolete.
Not taking advantage of credit card processing is almost irresponsible. Without it you are guaranteed to lose business. People will simply walk out of your establishment when they find out you only accept cash (if you havent set up a merchant account yet).
Taking advantage of credit card processing is crucial to keeping your business open. With a merchant account you will see an increase in business. Anyone without an account will surely see a decline. - 23212
To acquire a merchant account for your business you must speak with your local bank customer service representative and find out if they offer merchant accounts to small businesses. If they dont offer merchant accounts you can still receive credit card processing service from third party companies who offer it at a similar rate as the banks do.
After speaking with a bank representative and if they inform you that you are being considered for an account you must then present your work space. The bank will need to verify that you are conducting business, so they will send a bank staff member to observe your office space.
If the bank feels your office space is adequate you must then file in some important paper work. The bank will need copies of the tax returns from the previous year. They will also require complete access to your companys bank account so they can withdraw or add funds accordingly.
Most banks will charge 2-3% tax on all transactions. You are basically paying them to let you accept bank cards. While this may seem unorthodox remember they are providing you with a service as well. Also be careful with some companies. They may want to charge you a higher tax on your transactions. Dont be suckered in to paying a 5% tax. Keep your options open and always have more than one company to choose from.
After obtaining a merchant account you will be able to take full advantage of credit card processing. Now you can receive various forms of payment for your service or business. A customer is very likely to pay for an item with a debit card rather than with cash. Online banking has made electronic money storage very simple and has almost made the need for carrying cash obsolete.
Not taking advantage of credit card processing is almost irresponsible. Without it you are guaranteed to lose business. People will simply walk out of your establishment when they find out you only accept cash (if you havent set up a merchant account yet).
Taking advantage of credit card processing is crucial to keeping your business open. With a merchant account you will see an increase in business. Anyone without an account will surely see a decline. - 23212
About the Author:
Article by Amy D. Perry she writes about the ways a small business can use Credit Card Processing as well as Online Credit Card Processing get both services at the best rates on the internet only at americardpayment.com
posted by X - Men @ 2:43 AM
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