Methods for Accepting Credit Card Payments
As an Australian business, it is important to provide customers with multiple payment options. In years gone by, cash was the only option available. Now, customers expect businesses to accept credit cards and many other payment methods. There are numerous ways to accept credit card payments and each has its own advantages. Credit cards are one of the most popular payment methods in Australia, so don’t ignore it this year.
The first way to accept credit card payments is through a merchant account. Merchant accounts enable businesses to process transactions directly into their bank accounts. The two types of merchant accounts available are direct merchant accounts and third-party processor accounts.
Direct merchant accounts require businesses to have a physical swipe machine, apply for a special card processing license and pay a fee to their merchant account provider. Third-party processor accounts require businesses to use their partner’s payment gateway, which is usually free
The second way to accept credit card payments is through payment gateways. Payment gateways are online payment systems that allow businesses to accept and process credit card payments without the need for a physical device. Payment gateways are usually provided by third-party companies, such as PayPal or Stripe, and they require businesses to sign up for a merchant account with these providers. Payment gateways also typically charge small transaction fees.
The third way to accept credit card payments is through a virtual terminal. A virtual terminal allows businesses to process credit card payments online, over the phone, or through mail order. Virtual terminals are usually provided by third-party payment processors and require businesses to sign up for a merchant account in order to use them. Virtual terminals also typically charge a small transaction fee for each sale.
With the growing fee-free EFTPOS payment culture in Australia, EFTPOS terminals are becoming increasingly common. EFTPOS terminals allow businesses to accept payments directly from debit and credit cards, without having to worry about transaction fees. Why? Because customers pay this through a surcharge.
As time goes on, EFTPOS machines are quickly becoming the most popular choice for businesses looking to accept credit and debit payments. They’re also becoming increasingly compatible, allowing customers to use their existing cards from different banks to make payments. EFTPOS machines are secure and easy to use, so customers don’t need to worry about their data or payment security. Furthermore, they also offer integration with existing systems, analytics, and back-office tools which can help a business streamline its operations.
With all these methods to accept card payments, you can choose one that suits the needs of your business.
Why Accept Credit Card Payments?
Accepting credit cards is a great way to encourage more sales and provide customers with an easy and secure payment option. Additionally, businesses can benefit from increased customer loyalty and repeat sales as customers are more likely to purchase if they feel their payment is secure. Furthermore, credit card acceptance provides businesses with the opportunity to offer loyalty or rewards programs, which can further drive sales.
To get started accepting credit card payments, you will need to choose and sign up with one of the solutions listed earlier in this guide. Once you have a system in place, you can accept credit card payments and keep your customers happy!