Helping your small business think big
The importance of credit card payments for businesses is far-reaching, even for tiny businesses. Research has shown that it can increase in-store sales and boost your customer’s chance of making ‘impulse buys’.
For small-business owners, setting up these systems can appear overwhelming but just think, if your local grocer can do it, So can you.
Safe2Pay has put together some simple tips to help you get credit card ready.
Before you run out and buy any old POS system lets run through a few necessary steps to get you started.
- Firstly, find a merchant account provider- the right merchant account provider with the right payment gateway. Nowadays there are plenty of options. Look for an account service and merchant processing company that are comfortable dealing with small businesses and able to tailor their features to suit your unique model. Safe2Pay offers a simple one-stop-shop when it comes to ensuring the perfect partnership and can tailor the experience perfectly to your needs.
- Decide which payment types you wish to accept
Take a hard look at your customer data and ask yourself some simple questions, for example:
- Do you want to allow digital wallets?
- Do you need processing for all credit card types?
- Will you accept debit cards?
Start off with basic concerns unless you already have a clear idea of your customers wants and needs.
- Move into the online world
Choosing whether you should take your whole business online or not depends on your current business model as well as your plans for the future. An online business is much easier to grow when you can accept a variety of credit cards as well as other payment options. As you establish your merchant accounts and shape your thinking about accepting credit cards, ask questions about the range of channels that you’ll have access to and what this means for the growth of your business.
Choosing the right hardware
Now that we’ve covered the basics let’s get into the fun stuff, hardware! Currently, there are four basic way to accept credit cards and the right one for you will depend on the unique needs of your business. These systems include:
Point-of-Sale (POS) Systems:
A POS system is a tool used to accept credit cards and is commonly used by retailers. A mobile POS system is also available and uses a third-party device to accept credit cards. While there are many advantages in going with a POS system, like integrated bookkeeping tools and sales reports, you will pay a little more for the added convenience and extra services that it offers. It’s important to note that the POS System, although one of the most familiar, may not be the easiest tool for a small business.
You will need:
- Credit card reader or a POS system
- A Merchant Account
- A payment gateway such as Safe2Pay
Mobile Credit Card Processors:
A mobile credit card processor is essentially an app on a smartphone or tablet combined with an extra facility that allows you to accept credit cards, wherever you are. This type of setup is best for a small business that does business on the go. Another possible application is for retailers that want to swipe debit or credit cards away from the register.
You will need:
- A Mobile Credit Card Reader
- A Smartphone or Tablet
- A Merchant Account that has mobile payments
- A payment gateway like Safe2Pay
Online Credit Card Processors
To accept credit cards for an online store you need an e-commerce platform that supports a secure checkout. Depending on your merchant account solution, you might need a payment gateway to accept and process payments. This would suit online businesses.
You will need:
- An e-commerce platform
- A Secure payment gateway
- A merchant account that supports online payments such as Safe2Pay
Over the Phone and Invoices:
To accept credit cards for phone sales or invoice payments, or to set up automatic recurring charges for memberships or services, you need a virtual terminal. Most payment gateways include a virtual terminal in their service. It allows you to log into a secure screen, enter or key-in your customer’s payment information, and process the charge over the internet. The charge is instantly approved or declined. If approved, your merchant account provider deposits the funds into your account, generally within 1-2 days.
You Will Need:
- An Online Virtual Terminal such as Safe2Pay that allows merchants to process mail order and telephone order sales
- A Merchant Account with a secure payment gateway
Understanding the challenges of credit card payments
Although setting up your business to accept online payments comes with clear advantages, there are some payment challenges that small businesses in particular need to be aware of.
Chargebacks: Chargebacks can happen when a customer disputes a charge made with their card, the merchant reverses the transaction and the customer receives their money back. Chargebacks protect the consumer from any unauthorised transactions. However, for a small business, too many chargebacks can be extremely detrimental to both their funds and reputation.
Fraud: Fraud is becoming increasingly frequent in Australia as we transition towards higher levels of online payments, online customers, and online merchants. Although large-scale fraud is not such a pressing concern for small businesses, it is still important to be aware and equipped.
Cover yourself by using safe2pay as your payment service. This will ensure you have the highest level of security in the e-commerce sector of Australia, with a patented payment gateway platform. As well as one of the cheapest options with no monthly fees or fees charged for disputes or refunds. leaving you more time to focus on what’s important.
We know that getting your business prepared to accept online payments may seem like an overwhelming and frustrating endeavour right now. However, it’s essential to the future success of your business. Make your business foolproof by understanding the basic principles and choose the right company that’ll take care of you!
Contact Safe2Pay online or contact us on to learn more.