Ideally, each of your customers would pay with cash – it’s the simplest and safest option for getting paid. Unfortunately, we live in a world where credit cards have become ubiquitous – everyone’s got one, and they’re probably using it more than they should.
As a business owner, you shouldn’t waste too much time thinking about the prudence of credit cards and how they’re affecting society. Instead, you should make sure you’re open to as many forms of payment as possible, as doing so will pave the way for the largest amount of customers.
To handle credit card payments without any issues, you’ll have to utilize a decent credit card processor – one that offers the most for the lowest possible fees. There’s plenty to choose from, so here’s an overview of the best processing options depending on the type of business you’re running.
Credit Card Processors
PayPal: The ‘largest’ online bank, PayPal is a favorite of sellers who do much of their business on the internet. If you’re running an online or semi-online business (accepting orders for goods through your online store, for example), PayPal definitely ranks among the top credit card processing options. Among its chief benefits is the ease of setup, both for the buyer and the seller – it might not take longer than minutes to get rolling, and you probably won’t experience issues or hiccups despite the ease of entry. With that said, PayPal isn’t as feature-rich as some other credit card processors. Scratch that: it’s got plenty of features, but it charges extra for most of them. Wanting to use everything that PayPal offers can amount to hundreds of dollars of additional monthly fees, so be sure to read the small print carefully.
Payline Data: There’s a good chance you haven’t heard of Payline: it’s not nearly as known as some other processors, which is a shame considering its set of features. While Payline often advertises itself as a processor for small businesses, this doesn’t mean you’ll get charged extra if your credit card-derived earnings are a bit higher. Just the opposite: the more you earn, the higher the discounts available to you. Like PayPal, Payline is fairly easy to set up and work with both online and offline, although choosing features is much simpler – instead of going through every single optional feature, Payline offers a couple of plans depending on the type of business you’re running. Add to this the absence of extra charges when dealing with certain credit companies and you have yourself a credit card processor for the long run.
Square: Are you getting paid on the go? If so, consider making Square your choice of credit card processor. Square excels at handling credit card payments that aren’t done inside a brick-and-mortar store: swipes performed ‘away from home’. Moreover, Square boasts some of the best business plans out there, each with a customized set of features designed to completely take the hassle out of credit card processing no matter your line of work and how often you’re getting paid.