If you’re a small business owner, you’ve probably contemplated going down the credit card route. It’s a fast, simple and effective method of accepting payment, and provides customers with an additional option to paying hard cash. A lot of people who have decided against it, and even a lot of those who have elected to invest in credit card processing, are confused about what it exactly is and how it works. Before we get into how it works, though, let us address what exactly it is for those of you for whom the concept might still be ambiguous to a certain degree.
So credit card processing is basically a service that banks along with specialist credit card firms offer to business owners, whereby the business owners can accept payments electronically, and not just as paper money. The set up for a credit card processing system involves a merchant account, which is basically like a bank account that acts as the focal point for all the ins and outs of the credit card based transactions.
Then you have the actual machine that can be used to swipe the credit card (which can be wired or wireless depending upon your preference), and optionally you can even go for e-commerce solutions, that allow you to accept credit card payments via the internet or phone even. Now that we’ve established what credit card processing is, let’s take a look at how it actually works.
To do this, we’ve got an infographic, who form a part of the aforementioned specialist firms whose sole domain is the credit card business. So take a look at this simple, straightforward infographic to understand how the money goes from the customer’s account straight to yours within the time span of 2-4 working days that’s how it works, nothing too complicated or confusing about it is there? What’s one of the greatest bits about credit card processing is that apart from giving your customers an alternate payment option, it also frees up money which would otherwise have been tied up in the process of cheese and drafts, going through the slow, tedious journey of processing that banks seem to employ, which holds your money back.
Money that could be very useful in terms of reinjecting to the business or just increasing your general cash reserves. Now that the world of credit card processing is no longer shrouded in mystery, doesn’t it make sense to have this payment option as part of your business repertoire? The benefits are many, and well documented, and your business will get a massive boost if you do choose to invest in this convenient service.