How to Accept Visa Cards for Business
Though it costs money for a business to accept credit cards, the convenience it provides customers actually generates revenue. Online retail, in particular, is dependent on credit cards. Visa is one of the world's most recognized brands and is carried by most American credit card users. Getting your business to accept Visa is an important step that involves opening a special bank account designed for receiving funds from credit card transactions.
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Instructions
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Open a merchant account. If your business doesn't already have a merchant account, you will need to open one in order to accept credit cards of any type. Visa recommends the banks in its acquirer list or you can inquire with your current bank.
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Buy, rent or lease a terminal. For physical store locations, it will probably be necessary and most convenient to have a credit card terminal where customers can swipe their card. This maximizes convenience, efficiency and security for you and the consumer. You can either acquire a terminal through your merchant account provider or from a separate company.
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Accept online cards. It's also possible to authorize card-not-present transactions for online sales. Your merchant account provider will have more details on the necessary technology, including software, secure socket hardware and fraud detection systems.
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Advertise your acceptance. Place Visa decals in your windows and at point-of-purchase location(s). You can also place print ads or online banners to let your customers know you accept Visa for their convenience.
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Tips & Warnings
When choosing a merchant account, consider the associated fees, particularly the percent of sales rate and per-item fees. Also be sure to understand any associated monthly minimums, which could generate additional fees, and chargeback processing procedures. The decision to buy, lease or rent a card terminal should depend on the costs, as well as your particular needs. Consider whether a vendor is willing to upgrade, repair or replace the unit if it becomes necessary.
