Unfamiliar with cards at Xmas?

No we're not speaking about Christmas cards; we are speaking about debit and credit cards. There are many new business owners that set up around Christmas time and quite a lot of them are cash only controlled simply because of the length of time they do business. These kinds of companies are often stores that sell Christmas items like wrapping paper and decorations, and typically the sort of shops that wouldn't do much business all year long; is perhaps a store or stall that sells calendars.

Nevertheless, there is absolutely no reason why these stores, alongside any other company just about to begin the process of trading, cannot accept credit and debit cards when it's very easy to do.

How easy will it be to start accepting card payments?

It's as easy as starting a merchant account and installing card devices where appropriate. Well, at the very least it should be easy. You should be able to setup a new merchant account, install the card terminals essential to start trading within a week. If it takes longer than this then you really have to get going and start the ball rolling to be able to get ready for those Christmas shoppers.

When you are up and running with card machines installed it is extremely simple taking payments. The payments are taken and the money is deposited immediately into your business bank account via your payment processor. The payment processing company takes their merchant fee for each transaction the card machine processes. These costs can depend on numerous things, from the length of contract you might have signed with the payment processor, to the type of card making the purchase; you want to discuss these service fees with your elected service provider.

How much does it cost to set up?

There are different prices for this from different payment companies so it is challenging to pin down a single figure. However, there really should be set up charge at all. The main charges involved in taking card payments should be the actual merchant fees you pay per transaction. However, some organisations try to you set up fees. You shouldn't really be paying anything to have your merchant account setup.

The only other premiums are the monthly lease costs for the physical card devices but these are usually rather low and they vary dependent on which terminals you ; they absolutely pay for themselves after you begin trading.

Why must I accept cards when its going to cost me money?

The question should not be "Why should i accept cards when its going to cost me money?" It should be:

"Why am I not accepting cards when it can make me a great deal more money?"

This is a serious question and involves a little thought. Nowadays the typical shopper has a card for payment purposes, either a debit or credit card. The fact also continues to be that the customer would prefer to make use of their card to pay for their items for a lot of reasons:

- It's safer than carrying a lot of cash.
- It is secure. With Chip and Pin technology card fraud is much lower.
- They're able to control their spending.
- They could spread the cost of Christmas with a debit card.
-They are enabled to buy things on impulse.

When you can provide your clients with these things then you are certain to make far more money than accepting only cash. If someone involves your store with absolutely no cash they are less likely to go to a cash machine in order to make a purchase and will more than likely buy their products somewhere else.

There is still sufficient time to get yourself a payment processing merchant account and be trading comfortably by Christmas if you choose the right vendor.

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