How to Accept Credit Card Payments for Personal Use? Get to Know Here

Credit cards are not a novelty because they’ve been around long. A few years ago, only certain people could have a credit card. However, technology development makes it possible for anyone to have it. Business owners usually have a merchant account to use it. But how to accept credit card payments for personal use?

Providing a payment method using a credit card is beneficial because it can reach a wider range of consumers. Business owners who use a merchant account to accept credit card payments usually have to pay a service fee that is quite expensive.

The good news is payment by accepting credit cards is now much easier because you can do it without a merchant account. Many providers have emerged and offer relatively low service fees. Furthermore, some providers provide services for credit cards and debit cards. Therefore, the payment process becomes much faster.

Compared to merchants who still use traditional credit card payment methods, the service process takes more time and is more expensive. So, let’s dig deeper into the information about accepting personal credit card payments to optimize your business.

Can You Accept Personal Credit Card Payments?

To make you clearer and surer, the answer is yes. You can use PSP (Payment Service Provider) as an alternative. The payment method works by using one account to collect all merchants. In fact, this method has proven to be effective in streamlining the payment process.

Basically, PSP has a way of working which is not much different from a merchant account. PSP is a bridge that receives and holds money from credit card transactions. If you want to use PSP, you can register and manage it online.

Further, having a PSP account does not require paying monthly fees. Instead, your PSP account can store and process credit or debit card payment transactions.

How to Accept Credit Card Payments for Personal Use?

If you don’t want to use a merchant account to accept credit card payments, you can use a third party as a solution. There are many third parties you can choose to run your business. What kind of third parties are they? Please take a peek below:

1. Square

The first third-party alternative that deserves to rely on is Square. Square supports small business owners because it has quite complete features. You can use Square on a smartphone because it has a bare-bones processing system. In addition, Square offers some key features as follows:

  • EMV and NFC are features that can read compatible cellular cards.
  • Square Accept is compatible with direct sales.
  • E-commerce business owners can rely on the Square Online Store feature.
  • In-person transactions will be more accessible with the Virtual terminal feature.

In addition, you can also use additional features such as inventory management, billing, and many others. The advantages of using Square are no need to pay PCI compliance fees, no monthly and annual fees, and no monthly minimums.

2. PayPal

Online shopping lovers are usually familiar with PayPal. It is a third party that bridges the first credit or debit card payments in e-commerce. Many business owners rely on PayPal as a card payment acceptor because it has a good payment ecosystem. PayPay offers excellent features as follows:

  • Provides features for local payments.
  • Business owners can use hosted payment features.
  • You can also use a contextual checkout button.

If you want to use the Virtual Terminal feature and Recurring billing available, you have to pay an additional fee. Even though PayPal provides a service fee for each type of transaction, the fee is relatively affordable.

3. Shopify Payment

The next solution for how to accept credit card payments for personal use is using Shopify Payment. Shopify credit card payment is suitable for e-commerce start-ups. Shopify also provides quite powerful features and works well with online businesses. Let’s find out its flagship features below:

  • PCI compliance services
  • Extensive developer tools
  • Integrated security
  • Shopify POS software is available
  • Omnichannel payments platform

Some advantages you will get if you use Shopify Payment are user-friendly interfaces and your website will look more professional. Shopify also sets a service fee for each transaction, which is still considered affordable.

4. Venmo

If you want to be more economical but keep your business transactions smooth, you can consider Venmo as a party when receiving credit card payments. Interestingly, Venmo can be a smart choice for very small business owners. The reason is that small businesses will only occasionally accept debit or credit card payments.

Today, many use Venmo as a peer-to-peer or money transfer service. If you are interested in using Venmo for your business, please check out the following features:

  • Venmo provides a direct payment system from the mobile app and QR code.
  • Venmo online payments can use the Braintree payment gateway or PayPal Checkout.
  • QR Kit available 

5. Stripe

The last recommendation for credit card payment recipients that you deserve is Stripe. This option suits those of you who provide a sophisticated platform for your e-commerce business. To optimize the ability to accept credit card payments, you need coding skills or develop it yourself.

  • Integrated payments platform
  • Advanced analytics
  • Reporting tools
  • Online shopping cart compatibility
  • Stripe Terminal for fraud detection

Like other debit and credit card payments, Stripe provides a service fee for each type of transaction. However, you don’t have to pay monthly fees anymore.

Do You Understand How to Accept Credit Card Payments for Personal Use?

In a nutshell, how to accept credit card payments for personal use is to use a third party. You can choose the third party recommended in the article above. Generally, all debit and credit card payment recipients use third parties to provide service fees for each transaction.

However, third parties offer varying amounts of fees. Fortunately, the service fee is still affordable compared to a merchant account. Another advantage of using a third party is that the transaction process is faster. 

Furthermore, the third party is also suitable for e-commerce business owners, ranging from small to international scale. Therefore, thanks to the fast process, ease to use, and affordable service fees, they will help the business run smoothly.

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