Accepting credit card payments for small business

Thursday 1st of December 2022

Accepting credit card payments for small business

If you own a small business, you may be wondering if you should start accepting credit card payments. After all, cash and checks are still popular methods of payment, so why bother with credit cards?

The answer is simple: In today's digital world, more and more people are using credit cards for their everyday purchases. In fact, a recent study found that credit card use has increased significantly in the past year, with nearly 60% of respondents saying they use their credit cards more often than they did just 12 months ago.

What's more, credit card payments offer a number of advantages for small businesses, including increased sales, improved cash flow, and enhanced security. Here's a closer look at each of these benefits:

Increased Sales

When you accept credit card payments, you open up your business to a whole new group of potential customers—those who prefer to pay with plastic. By giving your customers the ability to pay with their preferred method of payment, you can boost your sales and grow your business.

Improved Cash Flow

One of the biggest benefits of accepting credit card payments is that it can help improve your business's cash flow. With credit cards, you get paid immediately—which means you don't have to wait 30 days or more for a check to clear. This can be a huge help when it comes to covering unexpected expenses or taking advantage of opportunities as they arise.

Enhanced Security

Another benefit of accepting credit card payments is that it can help reduce the risk of fraud and theft. When you accept credit card payments, you're protected by the Payment Card Industry Data Security Standard (PCI DSS), which is a set of security standards designed to protect businesses and consumers from fraud and data breaches.

Easier Accounting

Keeping track of cash and checks can be time-consuming and difficult. With credit card payments, however, you can easily track and manage your finances using accounting software like QuickBooks or Xero. 

Builds customer loyalty

Credit cards offer rewards like cash back and points that can be redeemed for travel, merchandise, or gift cards. When you accept credit card payments, you give your customers the opportunity to take advantage of these rewards, which can help build loyalty and repeat business. 

How to get started accepting credit cards for your small business

You may be wondering how you can start accepting credit card payments. The good news is that it's easier than you think! In this section, we'll walk you through the steps you need to take in order to start accepting credit card payments for your small business.

1. Get a merchant account.

In order to accept credit card payments, you'll need to open a merchant account with a bank or other financial platform like peerwallet. This is different from a regular business bank account or financial registration, and it will allow you to process credit card payments. When you're shopping around for merchant account providers, be sure to compare fees and terms before choosing one that's right for your business.

2. Choose a payment processor.

Once you have a merchant account, you'll need to choose a payment processor that supports your type of business. There are many different types of payment processors out there, so it's important to do your research and choose one that offers the features and support that you need. But to keep it simple for you, you also choose a payment processor that offers your a merchant account as well like peerwallet.

3. Set up your equipment.

In order to accept credit card payments, you'll need some type of point-of-sale (POS) system. This could be software that integrates with your existing accounting software or business platform. Be sure to choose a system that's compatible with your chosen payment processor or better still, go with a system that offers all-in-one.

4. Train your employees.

Once you have everything set up and ready to go, it's important to train your employees on how to use the new system. They should know how to properly process payments and handle customer questions or concerns about credit card payments.

How to get started with peerwallet for your small business

If you're looking for an all-in-one solution that offers both merchant account and payment processing, peerwallet is a great option. We offer competitive rates, support for a wide range of businesses, and 24/7 customer service. Plus, our platform is designed to be easy to use, so you can get started accepting credit card payments right away.

To get started with peerwallet, simply sign up for a free account and follow the prompts to set up your business profile. Once you've completed your profile, you'd need to complete your verification and then integrate peerwallet into your business platform. Once you are done, you'll be able to start accepting credit card payments immediately. And if you have any questions or need help getting started, our team is always here to support you.

You never have to worry about boundaries, support, and scaling your business. With peerwallet, you have a wider reach to international markets, local markets, and other businesses.

Conclusion

Credit card payments offer many benefits for small businesses, from building customer loyalty to increasing sales. And with peerwallet, it's easy to get started accepting credit card payments for your business. So why wait? Sign up for a free account today and start taking advantage of the benefits of credit card payments for your small business.