WHY ACCEPT CREDIT CARDS
As a Tier 1 Merchant Account provider, BetterRatesPro offers an array of advantages to companies: Reduced administrative cost, improved cash flow, quicker access to funds, the image of a modern, innovative company, etc. Consumers also like using credit cards as a form of payment because it is a simpler and safer method, no hassles with cash or delayed payments as with billing. Accepting credit cards can be a big decision for some businesses. For others, accepting credit cards can be their most widely used form of payment, including cash! Setting up a merchant account with BetterRatesPro is easy. Contact one of our representatives and they will walk you through the entire process
Is Accepting Credit Cards Worth It?
Not every business needs to accept credit cards. Many companies function perfectly fine with cash or billing and other payment terms. However, in order to sell your products or services successfully, most businesses should definitely consider looking into accepting credit cards. Accepting credit cards can make it easy for your customers to buy products and pay for services. The more difficult it is for customers to conduct business because credit cards are not accepted, the greater the chance of losing that customer forever!
Although the cost of accepting credit cards should be considered; conversely, so should the cost of not accepting credit cards. Will you be losing customers? Will you be inconveniencing your customers by not accepting credit cards? Do your competitors accept credit cards? Remember, today's consumers demand conveniences. If you are inconveniencing your customers by not accepting credit cards, you might consider that an obvious sign that accepting credit cards will be a smart business decision.
What do I need to accept credit cards?
In order to accept credit cards you will first have to establish a merchant account. The merchant account is an account established with a payment processor for the settlement of credit card transactions. The funds derived from the merchant account will need to be deposited into a checking account belonging to any bank of your choice.
If your business operates as a corporation, a business checking account in the businesses name is required. If your business is a sole proprietorship or partnership, the only requirement is the individual or partners' name(s) must be on the check. Meaning, in this circumstance, a personal checking account can be used in place of a business checking account but only for sole proprietorships or partnerships.
The next step in accepting credit cards is to choose a payment processing solution best suited for your business type; these include Real-Time Internet processing, retail swipe terminals, and computer-based processing such as software or our Virtual Terminal. Please feel free to contact us for detailed information on each available solution to help you determine which is best for your businesses needs.
Your credit card processing options:
Real-Time credit card Processing - This is our most popular solution for Internet businesses that accept credit cards. Real-Time credit card processing allows your customer to automatically and securely pay on your site using their credit card. Real-Time processing normally works in conjunction with a secured online order form or a shopping cart. Because the payment gateway encrypts the information prior to sending it out for authorization, secure certificates are not required for Real-Time processing.
Virtual Terminal - This solution is perfect for Mail/Phone Order businesses as well as web sites that process sales using a non Real-Time processing solution. Our Virtual Terminal is a secure solution that allows you to accept credit cards using any computer connected to the Internet, anywhere in the world, with no software to install! You simply access the Virtual Terminal and manually enter the credit card information. Our Virtual Terminal also includes access to Real-Time reports.
Retail Swipe Terminal/Credit Card Machine - This solution is most desirable for retail/storefront merchants who see their customers face-to-face. A credit card machine is an electronic device used by retail businesses to process credit card transactions. If the customer is present, they swipe or slide their credit card through the machine.
Point-of-Sale Software - With PcCharge software you can accept credit cards for retail/storefront business with the addition of a card reader. Or, without the card reader it is also a popular solution for Mail/Phone Order businesses. PcCharge software can communicated using a phone line or a high-speed connection.
After determining what payment solution best fits your needs, an application must be completed. The application/merchant agreement is the contractual agreement between you, the merchant, and our processing bank. The documents can either be emailed or faxed for you to review and sign. The business owner(s) or an officer of the corporation will be required to sign the documents in order to accept credit cards.
The following items will be needed.
1. Business checking account (see above for requirements)
2. A copy of a voided check
3. Copy of utility bill or statement with the Business Address.
4. Have a web site (if you are Internet based. A web site is not needed for retail storefront businesses)
5. A photocopy of your driver's license
BetterRatesPro will assist you in all stages of accepting credit cards. Your account representative will be available for any questions assuring a seamless setup process.
