Advantages of Accepting Credit Cards for Your Retail Business

The ability to accept credit cards is important for your retail business today, especially as the number of customers who pay using credit cards is rising rapidly across the globe. As a retailer, you must ensure that your business is open to all potential customers – whether they choose to pay in cash or by credit/debit cards and e-wallets. To start accepting cards, you will need a merchant account, a business bank account, and a retail merchant services provider. A POS system, a credit card terminal, and a virtual terminal (if you want to accept card-not-present payments) are all you need for retail credit card processing.

A lot of customers now prefer to pay with credit and debit cards. If your retail business does not accept credit card payments, I am sure you might be losing business from such customers. With retail credit card processing, you can be sure that no opportunity to generate a sale is missed out just because you couldn’t accept

With your high risk payment processor, you can easily streamline and protect your business from potential financial risksRetail credit card processing enables merchants to accept card payments in a traditional brick-and-mortar store, such as a retail store, restaurant, etc. This is not the same as online credit or debit card processing that lets you accept cards virtually. When a customer pays using debit cards, funds are debited directly from the customer’s account whereas when a credit card is used for the payment, issuing bank makes the payment on behalf of the customer (and the customer has to pay it back later). This is why credit card purchases tend to cost higher fees for businesses.
For processing credit cards in a retail store, you need a business bank account and a merchant account. You’ll also need a retail merchant services provider such as PaymentUSA to mediate between your card issuing bank and you. This provider will ensure the money you accept through credit card transactions reaches your bank account. Remember, your merchant service provider can also set up your merchant account and enable you to accept credit card payments. Once the account has been set up, you’ll need the necessary equipment for accepting the payment.
(as already discussed above). Other benefits that come with high risk merchant services in USA include:

For accepting in-person payments, you will need a device to read customers’ card information. This terminal device communicates with the banks and networks that are involved in credit card transactions. Besides this, you may also use a POS (point of sale) system capable of performing several additional functions, such as payroll and inventory management.
If PaymentUSA is your credit card processor, you will get a virtual terminal and credit card machine – making it simple for you to accept online payments, in-person transactions, and mobile payments as well.
Using a retail credit card processor requires you to pay certain fees as well, including the following:

Interchange fees

Major card networks, such as Visa, American Express, and MasterCard, set up this fee to help companies recoup costs and offset risks. This fee is actually charged against card-issuing banks from where it is passed on to merchants like you.  Interchange fees may vary depending on various factors such as your business type, type of card being used, and how the card is presented, etc.

Assessment or service fees

The credit card networks take this fee. It is also called a network fee.

Markup fees

Payment processors charge these fees as they help them bear the risks and costs associated with managing your merchant account.

Flat-rate pricing

The processor charges a fixed cost for all credit and debit card purchases, irrespective of the card that is used.

Tiered rates

This fee is levied by the processor depending on the type of card and the way it is presented. The tiers are arranged by the transactions volumes in a business day plus the risks involved with each transaction.

Subscription fee

This is the monthly fee that the processor charges for providing merchant account services.

Cost of equipment

You may get free credit card machines and readers from your payment processor. Other equipment you will need for accepting credit card payments include POS systems with cash drawers, receipt printers, and other add-ons.  

Advantages of accepting payment cards for sales

To start accepting credit cards in your retail store, connect with PaymentUSA – the most sought-after retail merchant services provider.

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