How to Setup Payment Methods in a Small Business
Operating a small business can offer several rewards as well as problems. Deciding how you want to accept payments from your customers means understanding the fine print of merchant accounts, banking, protecting your business from credit card fraud, and providing for refunds and charge backs. Setup of payment methods in a small business is not difficult once you decide how to process payments.
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Instructions
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Payment Methods
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Contact several merchant account companies and ask about the transaction fees, fraud protection, charge back fees, monthly minimum fees, equipment fees, and the equipment installation before setting up an account. Sign the necessary contracts.
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Set up a business checking account. This will allow you to accept checks, money orders, and cash. Make at least weekly deposits.
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Set up a PayPal Merchant account. The benefits include online invoicing, accepting credit cards from your website and by phone, and the fees are less than most traditional merchant accounts.
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Develop an invoicing system for customers offering 15- or 30-day options. Send reminders about three or four days before the due date.
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Install a shopping cart with PayPal or Google Checkout on your website or blog. Customers can order directly from your site with credit cards or Echecks. You can include a "Bill Me Later" option.
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Tips & Warnings
Decide which payment method is right for you. Using PayPal and Google Checkout can minimize the fees, make it easier to issue refunds, and offers some protection from credit card fraud. Installing the code into your web page is easy. Offering your clients several ways to pay can increase your business.
Insure yourself against fraud and insufficient funds checks. Have a plan to cover the losses that can occur. Before you decide on a merchant account, read the small print and look for hidden fees.
