Accept Credit Cards

Video Transcription

Hi I'm Ira Bornstein, today we are going to be discussing Accepting Credit Cards for your business. Obviously for any retailer restaurant business, most of those businesses are currently accepting credit cards today. What they found especially in the retail sector is that tips are even measurably higher in those businesses, that is why many service businesses today are starting to accepting credit cards as well. For service business, what you are going to need to consider is, what business are you in, and what is your client where do your charging take place. What you can consider is, if your client comes to you, you may need something like a standard terminal for your credit card business and to accept credit cards. And, if you go to your clients, many of the new technologies that exist nowadays even from wireless solutions or smart phones solutions allows you to go directly to your clients reducing the need for quick and morbid business.

You may also need to consider volume considerations. Obviously you will need to accept credit cards if you do quite a bit of business, but there are many people nowadays who may do one or two transactions a month; and in those cases often something as simple as PayPal may be an affordable solution. If you start to do more than just a couple solutions a month, PayPal tends to be a more expensive solution and you do need to somebody's expertise for better pricing and better service.

Why do you want to accept credit cards? Again, as we discuss there are often cost considerations, volume considerations and most importantly it is what your client are starting to demand. Clients in today's Market place want as many payment options as possible. You also want to consider safety, security, things like carrying around a lot of cash is getting dangerous. It is more important and more valuable, more secure to process those transactions electronically. They are also easy to report on and easy to track.

Finally you have to consider your next step if you are going to be accepting credit card. For those making the decision to accept credit card, often going to your bank is the best first choice to go to, just to get a point of comparison. Often banks are not the most affordable solutions and maybe a little more expensive, but at least you will get a starting point. Once you do have that starting point, I encourage you to go to the internet, check out a lot of options using keywords that tends to focus around your specific business. And then once you found two or three different partners, contact each one of them, see what your best offer is from a pricing perspective, product perspective and a customer service perspective. Ultimately go with the one you feel more comfortable with. Thank you.