The coming years for merchant account credit card process will be focusing on mobile processing.
Considering the rising popularity of field communication, quick response codes, and mobile payment system, the future of payment processing industry would be technology-driven.
Today consumers prefer to pay for their purchases using either debit or credit card rather than paying cash because of convenience. This is applicable whether people are buying in stores or shopping online.
The customers that carry cash to pay for their purchases are also limited to the amount of money they have at the moment.
Therefore, it will be the advantage of the stores that process payment using credit card to make sales in the absence of cash.
Moreover, these business owners are privileged of having several ways of processing payment with merchant account credit card process.
Ways in Credit Cards Payment Processing Using New Mobile Money Technology
Near Field Communication For Mobile Payment Solutions
Corporations such as Google are getting into payment processing industry utilizing the NFC technology that is embedded in Smartphones.
Accordingly, Google has partnership with Mastercard and Citi with the expectations that the smartphone would replace the traditional wallet, discount cards, holding payment schemes and even the personal identification.
Mobile Credit Card Payment Processing – Square, GoPayment and Isis Payment
The Square and Intuit’s GoPayment are leading mobile phone credit card payment processing technology. These two are expected to dominate mobile processing in the coming years.
Square actually announced that they already reached over a million accounts, which even surpassed some analyst expectations.
The GoPayment on the other hand are making their way internationally starting in Canada.
Steps involved in Putting up Merchant Account Credit Card Process
Offering credit card payment process in your business provides substantial increase in sales.
Maintaining the system is relatively inexpensive and is very simple to set up.
In making the payment scheme to work, business owners would need a merchant account, checking account and an efficient wireless credit card device.
The following are the steps to follow to set up the credit card payment processing system:
Conduct research for a card processing service or free online payment processing.
Since there are hundreds of companies offering credit card processing services, you have to be sure in getting the very best deal as much as possible.
It is common that most of them charge a monthly fee and other fees.
Your purpose is to choose the one with the lowest fees.
Set up a Merchant Account Credit Card Process through merchant card processing companies
Your company can commence the set up of the merchant account upon the finalization of your choice of merchant card processing companies.
Be ready of the required information including name, contact number, address, bank account number, and social security number to provide to the merchant card processing company.
Settle for a card processing terminal when setting up credit card processing terminal
Several types of terminals are available for your card processing utilization.
The latest and most popular are wireless terminals that are considered most efficient in handling the payment process.
Synchronize the terminal with the merchant account credit card process.
Every processing service varies in performing the credit card payment task.
Usually, it requires input of the merchant account number and programming of the provider’s contact number on the machine.
Arrange the card terminal in your cash receiving area for the best secure credit card processing
However, this may not be necessary if your terminal is attached to mobile devices such as Smartphones or computer tablets.
Being a business owner with the best choice of efficient card payment processing system, you are all set to succeed.
Coupled with the new technology, merchant account credit card process is embarking with great processing system that is sufficient for every merchant needs.