A Business Owners’ Guide to Taking Card Payments
- Federation of Small Businesses
- 4 hours ago
- 4 min read
Are you thinking about accepting card payments? If so, we’re right behind you – we’re convinced it’s one of the best things you could ever d o to help your business grow, attract more custom and improve your cashflow. Getting your business ready to accept card payments is a breeze nowadays, but there are still a few things it’s good to know in advance. Let’s take a look at some of the main points.
Various ways to get paid
One of the most important things to consider is how you’re going to accept card payments. The general rule of thumb is the more payment options you can offer the better, as customers like choice. So in addition to offering credit and debit card payments, it’s a good idea to accept mobile payments as it’s becoming increasingly common for people to pay using their phones. And nowadays it’s pretty much a must to take contactless payments if people are paying you in person as they’ve become used to how quick and easy this is compared with chip and pin. Depending on the nature of your business, it could also be a great idea to offer online payments as more and more people are shopping online. But we’re in no way suggesting that you should stop taking cash payments. Many customers still prefer to pay by cash, so don’t turn your back on that valuable revenue stream.
Card transactions step-by-step
Even though you don’t need to concern yourself too much with the ins and outs of a card payment, it’s useful to have a broad understanding of the steps involved. Below we set out the basic process.
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