Some people may need help to run a small business. They must stay up with the advancements of the age, such as payment systems. Many individuals nowadays use credit cards as a form of payment. As a result, some business owners must have credit card setup for small business.
This article explains why small companies should handle credit cards, how to decide for your needs, and where to acquire the finest credit card machine. Without further ado, let’s delve into the discussion!
Credit Card Definition
A credit card is a payment card in which the owner or cardholder loans funds from the cardholder’s bank to purchase or pay for products and services. The card’s shape is thin and made of plastic or metal. Moreover, a credit card offers a loan with a fixed interest rate that the cardholder must repay within a set time frame.
For example, Visa, American Express, Discover, and Mastercard are the example of credit cards. Furthermore, credit mergers, banks, and financial companies provide credit cards.
Nowadays, many people choose credit cards because of the offers such as travel points, hotel rooms, cash back for buying, and vouchers to big stores. So, they mostly use credit cards as their primary payment.
In addition, many business owners have started providing machines to help their customers with that method. Regarding this case, an entrepreneur should create a credit card setup for small business.
Why Credit Card Setup for Small Business is the Best Choice?
From 2020 until 2022, the usage of credit cards has risen to 15%. As a result, 83% of Americans use and own credit cards, which keeps growing, as experts said. So that is why having a credit card setup for small business is essential. Also, it could be a significant opportunity to gain more consumers.
Furthermore, since many individuals use credit cards, they are more inclined to buy things or utilize services with credit cards as payment options. When you own a small enterprise, you must carefully control your expenses. Supporting modern customers is another option to preserve and affect your company’s expenses.
However, there are other reasons having credit cards for small companies is crucial. Moreover, here are some benefits why credit cards are essential such as:
1. Get Rewards
Many credit cards offer special rewards like cashback, discounts, merchandise, gift tickets, travel, etc. For example, American Express Platinum offers 5X points for significant spending on business trips. They provide membership points for flights and hotel rooms through AmexTravel.com.
2. Help Your Business Expenses
Having a business requires you to be able to manage your company’s cash flow. However, cash is also necessary to maintain your business’s supplies and equipment.
On the contrary, you must spend more money to earn more money. So credit cards exist to help you pay for the things you need for your business first. Furthermore, many company owners use credit cards to meet their demands.
3. Growing Client Satisfaction
According to Community Merchants USA, a study shows businesses could grow double as before if they are using credit cards payment. In addition, allowing customers to have credit bank card payments also gives them improvement experience. Also, you can save more money and time because it is more effortless.
4. Avoid Improper Payment Conflicts
We never know what will happen later with your small business, like having a problem with a client’s payment history. Unlike ACH (Automated Clearing House) or check conflicts, credit card issues are significantly easier to manage and perhaps win. It supports receipts and determines whether the transaction sends correctly.
Decide on How You Accept Credit Card
Before processing credit card setup for small business, you must also decide the methods you will use—in-person, mobile, or online payments. Then, to provide this payment, the business owner must have specific hardware for merchant accounts and software to process online payments.
Specifically, the hardware is a payment processor for transferring data, and a payment card reader capable of accepting credit and debit card information is required, such as POS (Point of Sale). Also, QR Code is another option for in-person payment. The customers only need to scan the code on the payment app.
Next, for online payments, you can use PayPal as the best option by using their payment gateway. It allows clients to send their payment card details in an authorized manner. As a result, it is primarily up to your business to decide which credit cards to accept.
3 Best Credit Card Companies for Small Business
Many credit card companies give many perks that other others do not. To be more specific, below are the three most excellent credit card machine companies that can assist your small business:
The first company that is best for startups is eHopper. This company offers a built-in payment processor. Then, the price starts from $39.99 for a monthly payment with no contract. Contrarily, you need to pay $29.99 monthly for a one-year plan. However, their actual price depends on the type of terminal.
eHopper has many terminal card options. This credit card company also makes various payments, such as cash and EBT (Electronic Benefits Transfer), debit, credit, split payments, and more. Moreover, people like this company because offering free fees for processing.
2. PayPal Zettle
PayPal is one of the famous payment providers. Many people all around the world use PayPal as their payment option. One of the main reasons is that they offer low cost. They offer $29 for the first cost, then $79 for your other purchase. Also, PayPal Zettle does not provide monthly fees and only requires one to buy the software.
In addition, PayPal Zettle also allows contactless transaction payment for Google and Apple Pay. Also, following the era of smartphones, they send invoices through SMS (Short Message) and text. Their best provider is the fast contactless payment which is only up to five seconds.
The following company that offers the best credit card payment services is Square. They allow payments for debit and credit cards. Also, they provide contactless charges for Apple and Google Pay.
Similar to PayPal Zettle, there is no monthly payment for the services, and you need to pay a little higher for processing. However, for the Plus and Premium, you need to pay $39 to $129, depending on the type of hardware.
From all of the best company of credit card setup for small business, you also need to consider other things related to your company’s needs.
Get Your Credit Card Setup for Small Business Now!
Now, you already understand how credit card setup for small business works for your needs. If you want to gain more customers, you can use the credit card method since we live in the modern era. Then, get your credit card provider now for a better future!