Three Simple Ways to Accept Credit and Debit Card Payments for Your Business


Virtual terminal

Does your business accept credit and debit cards as payment? If not, you may be losing out on valuable business from your customers. While plenty of businesses get away with taking cash only (and sometimes checks), allowing customers to use their credit and debit cards in your store, restaurant, or other business gives them the chance to spend more than whatever cash they have on them — and you the ability to earn more. It also provides convenience for customers and gives you an easy way to keep track of consumer spending.

However, not all business owners know how to accept credit cards and debit cards in their stores. If you are wondering about how the process works, here is a quick rundown of some common payment acceptance methods for retail and other brick and mortar businesses:

1. PIN Machines: Perhaps the most common method of accepting credit and debit is the use of a pin machine (also called a chip and pin), which allows users to swipe their cards to pay. PIN machines typically allow for both credit and debit transactions, meaning that customers can either pay on credit or access their bank accounts. Customers can also use a credit option on their debit cards, if applicable. Each transaction has a small percentage taken out in order to pay a payment processing company; these companies provide a secure transfer of funds from cardholders to business owners.

2. Mobile Payments for Business Owners: Many businesses are now forgoing the traditional payment terminals for mobile payment solutions. Using mobile payments allows for business owners to accept credit and debit cards on a tablet or smartphone. These devices are equipped with a secured payment app and a card swiping accessory that clips to the tablet or phone. This can also provide business owners on the go with a quick and easy outdoor payment terminal. All business owners can benefit from the wireless capabilities that this technology gives them.

3. Mobile Pay for Customers: Finally, one form of mobile payments that is catching on gives consumers the ability to “tap” their phones on a mobile payment-ready PIN machine. While Apple Pay’s payment system has become a frontrunner in the mobile payments industry, other retailers and companies are working on developing their own mobile pay apps. These apps give users the chance to pay without exposing them to credit card number data breaches.

If you have more questions about accepting credit cards and debit cards in your store, be sure to speak with a payment processing provider to find out which options are best for you. You can also leave a comment below for more suggestions.

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