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Small Business Ideas Forum

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Old 10th November 2011, 12:34 AM   #31

Join Date: Oct 2011
Posts: 12

If you decide to start accepting credit cards educate yourself first to stay out of trouble. Merchant accounts come with regulations and responsibilities. Ignore it and you might find your funds on hold for several months usually for as long as chargeback threat exists. By signing contract you are giving bank permission to create ďReserve accountĒ at any time and at their solo discretion. These rules are not to hurt business but protect the industry from fraud.

Read and understand fine print (use magnifying glass if necessary) or get somebody to help. Do not sign contract with early termination fees or amount of liquidated damages to compensate termination expenses. Do not agree to any monthly minimum or annual fees. Take actions to prevent chargebacks.

There are a lot to learn and I donít know any processor who is educating their customers. Donít get me wrong. Iím not saying that accepting credit cards is bad idea; just you need to know what you are doing and know it well.

Back to the topic, I donít think that established local liquor store should start accepting electronic payments. All frequent customers already know about cash. It might increase sales slightly but mostly will convert some cash customers into credit. Cost of accepting cards and risk you are automatically taking will not outweigh benefits.

Last edited by Victor196; 10th November 2011 at 02:35 AM.
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Old 15th December 2011, 05:02 PM   #32

Join Date: Nov 2011
Posts: 7

The reason I like to use my credit card is that if I pay it off every month, it cost me nothing, and they give me cash back on my purchases. This way I can make money off the banks that many people are currently mad at.

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Old 21st December 2011, 01:11 PM   #33

Join Date: Aug 2010
Posts: 62

Accepting credit cards is a given.

Now it is necessary due to debit cards and the transition to a paperless society.

The real question is... Who I need to use and why?

Depending on your business type and ticket average you will need to ask or be explained many questions. Most companies will not offer up the info. Your specific business type can make the difference in a 1% rate and a 7% rate.

You will also need to ask what other things the company can do for you. If you need a loan down the road are they able to accommodate that?

Can they issue gift cards and how quickly?

Do they offer check processing, ach processing, etc?

These are all valid questions for a merchant service provider.

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Old 22nd December 2011, 10:01 AM   #34
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Posts: 185

How do you go about finding the best merchant service providers in your area. I remember the 1 time I had to get a credit card processor I went through Cost Co.'s provider I believe and it always seemed like the fees were terribly high. I think mobile banking will become even bigger then credit cards sometime in the future so I hope that technology catches up soon. I am hoping something like Bit coin will go mainstream so all these outrageous transaction fees these processing companies and banks charge will be erased or at least diluted to some degree.

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Old 23rd February 2012, 02:23 AM   #35

Join Date: Feb 2012
Posts: 8

People have a tendency to spend more buying impulsively, when they have credit cards. The simple fact that they are able to purchase something which they have to pay for later gives instant pleasure. Itís a grave problem.

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Old 16th April 2012, 01:35 PM   #36

Join Date: Dec 2011
Posts: 43
Default Why Accept Credit Cards?

youre a business owner and youre worried how much the customer wants to spend?

all kidding aside ,
in these days this is how stuff works

so either take cards or risk having ur business go to your competition

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