Hi folks Dave Waring here again with fitsmallbusiness.com in today's video we
look at the different ways that your business can start accepting credit
cards do you need to accept credit cards online only do you only need to accept
credit cards over the phone or in person do you need to accept credit cards on
the go the answers to these questions will determine whether you need a
comprehensive solution or a piecemeal solution which will allow you to avoid
paying for services you don't need there are two main types of comprehensive
credit card solutions a full merchant account service provider or a hybrid
online mobile payment service both will let you begin accepting credit cards in
person and online but the prices and user experience will vary merchant
account services are by far the most conventional and widely used method of
accepting credit cards but can also be the most expensive merchant account
service providers are generally banks or financial institutions that provide the
services and equipment necessary to connect your business bank account with
your customers credit card company the advantage of using a merchant account
service provider is that they provide a seamless user experience for both
brick-and-mortar and internet stores also the name of your business will show
up on your customers credit card statements which is not always the case
when accepting credit cards through mobile or online payment systems the
main drawback for merchant account service providers is the cost there are
a number of fees associated with these services which makes it extremely
important to shop around and read the fine print of all contracts for an
overview of the top merchant account service providers see our full article
on the topic which is included in the description section below this video
some services such as PayPal and square offer payment services that allow you to
accept credit card payments both online and in person using a mobile device
these services do not require merchant account and can be a more affordable
option than a full merchant account service
the major advantage of accepting credit cards using a hybrid service is that it
may be less expensive than a full merchant account service provider while
giving you the ability to accept credit cards in all the same locations the
primary disadvantage of a hybrid service is the user experience may not be as
seamless is more important to you than a
seamlessly integrated user experience for a full overview of the primary
hybrid solutions see our full article on the topic which is included in the
description section below this video depending on your business you may be
able to cut costs by avoiding paying for services you don't need if you do all
your sales in a brick-and-mortar location you may find that a mobile
payment service is perfectly adequate likewise if you run an online business
and online payment service can provide an inexpensive and quick solution if you
go with a mobile payment service they will provide you with a card reader that
connects to your smartphone or tablet and an app that allows you to process
the payment take a signature email or text a receipt and track analytics the
major benefit of mobile payment systems is they give your business the ability
to accept payments on-the-go at places like markets and fairs or allow your
brick-and-mortar sales associates to individually process credit cards away
from a cash register however fee structures for mobile
payment systems can vary widely so they can end up being quite expensive also
many mobile payment systems do not include online shopping cart integration
so you should go with a hybrid mobile online payment service if you want to
accept credit cards online for more on the other benefits and costs of mobile
payment solution see our full article on the topic which is included in the
description section below this video the most well-known example of an online
payment service is PayPal but Google and Amazon also offer payment services most
services offer different payment levels that will determine how much they
integrate with your existing website the major benefit of an online payment
service is that they allow you to accept credit cards online with minimal costs
or set-up time the major drawback is that the user experience may be branded
by whatever service you use you can learn more about online payment services
in our full article on the topic which is included in the resources link below
this video that's our video for today for more great advice on how to start
and run a successful business be sure to visit us at fitsmallbusiness.com today
thanks for watching