Accepting credit cards
Question
What credit cards will my business be able to accept?
I have a small business and want to increase credibility, customer convenience on sales by accepting credit cards. Statistics say accepting credit cards can increase sales by 30 to 100% .What credit cards will my business be able to accept?
3 years ago - 3 answers
Best Answer
Chosen by Asker
As a business, the four major credit cards are the ones that you can accept. Visa, Mastercard, American Express and Discover. When wanting to set up an account, you must first consult with the acquiring bank to asses your business. This will allow the merchant to asses what kind of fees and charges you will be required to pay for each transaction (they take a percentage of each total sale.) They will review: your business history and performance business accounts your forecast turnover average transaction values transaction frequencies the type of goods you sell the proportion of transactions you expect to receive by phone or online your suppliers' details how you deliver your goods or services It takes between one and four weeks to open a merchant account. The process may take slightly longer for start-up businesses and banks may want to see additional information such as a business plan and cashflow forecasts.
Source(s)
by Bryan J
3 years ago
Asker's Rating: 
Other Answers
Go to ewebsmith ... for free information
by emmettgolf- 3 years ago
There are many options available depending on what type of business you have. In addition to the top 4 : VISA/MC/Discover/AMEX, you may also have Diners Club if you have a resturaunt. If you have a convenience store offering gasoline, you may also want to consider Fleet cards such as Fuelman and Voyager. There are a few requirements for new businesses to complete before they can process cards: Business License Business Bank Account Fair Credit if you have retail business Good credit if you have Internet business For the major accounts (Visa & MC) your pricing will differ greatly depending on the type of transactions you take. Such as: How you take payment: Mail, telephone, In person Swipe What type of customers do you service: Business or Individual What ever the case you can expect to pay somwhere between 2.50 - 3.00% of the dollars you sell through credit cards. You will also find that most proceesors will charge you for the equipment to process the cards. I have found a proceesor who provides great rates and FREE equipment placement: www ...
by Cliff P- 3 years ago