How to take payment by card in 2020
Almost every business nowadays are accepting card payment due to the reason that everyone wants to go cashless so that they don’t have to visit the ATM from time to time just to withdraw cash to make the purchase of something.
If you want to accept card payments, then you will have to choose a right provider for yourself as well as the payment processor which is trusted and used by many people also it should be fast so that you can take payments almost instantly just after swiping the card.
The processor is the lifeline of the card machine because if you don’t have a good processor which is very slow and nobody uses it, then the payment made will be very slow even if you have a signal tower nearby.
You also have to accept payment made by card as foreigners tend to pay by their credit card as they feel it easier than converting the currency and paying to everyone in cash.
Before just going and buying a machine directly under someone’s influence you yourself should research for a good payment processor provider and then try to make a fair deal with them.
There are mostly three types of payment processor available and trusted in the market:-
- Payment gateway:-
The eldest and traditional method of paying is from a payment gateway for which the business owner should have a merchant account also called as SUN.
There is a provider like Authorize.net (USA), SecureNet (USA), and eWay (USA and UK) these are the oldest providers available in the market who introduced the concept of paying by card machines.
An online payment gateway is a portal which is made and connected to your Merchant account which will make the payment and store it temporarily and then after sometime transfer it to your business account.
However, there are some charges incurred to the business owner to keep the portal on and healthy and also to keep it safe from hackers.
- All in one solution:-
These service provider like PayPal and 2Checkout provide an option where your account and gateway are connected as one which makes the setup of the payment easier.
They allow you to take all major credit and debit card payment just by either swiping the card on the POS machine or online directly to the payment gateway portal.
Many providers redirect you to a new webpage to make the payment, but in this, you have to select whether your customers should be redirected or remain on the website.
- Credit card payment simplified:-
The service provider like Stripe has removed much of the complex process of the payments made by credit card, and it is very easy and fast to pay by credit card.
With these simplified payment processors out in the market, you don’t have to necessarily have to create a Merchant bank account so that will result in a lower rate of fees.
I hope you get the information you were looking for.