Why Accept Visa Credit and Debit Cards?

First, getting started is easy. Second, there are some distinct benefits to accepting credit and debit cards at your business.

Convenience is king.

Let's face it—your customers won't always have cash in their wallets. Give them another purchasing option that makes their life easier (it'll make yours easier too).

Faster access to your money.

With a credit card purchase, money is funded in just a few days, rather than the up to 7 business days it takes with paper checks. And when cash flows faster, you can do more for your business, like make improvements or add inventory.

Preferred by consumers and businesses alike.

Over the past ten years, people's use of electronic payments like credit and debit cards has increased by 400%.¹ Keep your customers happy and loyal by accepting credit and debit cards and help your sales rise.

Easier and more reliable than checks.

Credit cards don't bounce, but checks do. Bad checks totaled $33 million dollars per day in 2006.² Plus, instead of spending time depositing checks at the bank, you can focus on what matters most—your business.

What You Should Know

¹ Recent Payment Trends in the United States Federal Reserve Bulletin, 10/08

² American Bankers Association, 2007

Easily Integrate Credit and Debit Cards into Your Business

Let's start by explaining merchant acquirers and what they mean to your business.

To begin accepting credit and debit, you need to go through a merchant acquirer. They'll handle your customers' card authorization, make sure your money ends up in your account, send you a statement every month, and serve as intermediary should a customer have a dispute with a charge. There are literally thousands of merchant acquirers to choose from—so it's key to choose the best one for your business.

Be sure your merchant acquirer understands your business.

There are many ways to accept credit and debit cards these days. Online, face-to-face, on the go, and over the phone. Once a merchant acquirer understands how you'll be operating, they'll start you with a service that best fits your business.

Be sure you understand the fees involved.

Typically, the bulk of your monthly fee will consist of the following:

• Monthly service fee. This fee is set by the acquirer as a minimum threshold of card transaction fees they expect to collect per merchant account on a monthly basis.
• Monthly minimum charge. Sometimes there is a minimum amount that you will need to pay per month.
• Authorization fee. This fee is charged when an authorization is obtained for a transaction.
• Discount rate. In addition to the per transaction fee, merchants are charged a percentage of the entire transaction amount.

You can learn more about pricing at www.merchantcouncil.org.

What to be aware of.

Remember to take teaser rates, cancellation fees, equipment charges, and fee changes into consideration when comparing acquirers. High-pressure sales tactics and guaranteed approvals are also things to watch out for.

Getting Started

Finding the Right Merchant Acquirer

First, gather information from a range of merchant acquirers.

Select one of the links to the right to find out more about some featured merchant acquirers. And, just like anything else, shopping around is best before buying.

Have the following on hand when you're ready to apply to a merchant acquirer.

• Basic business information. Name, type of business, address, phone number, establishment date.
• Processing information. Estimate how much you expect to process, and how you'll be processing (face-to-face, online, etc.).
• Identification numbers. Federal Tax ID (if you have one) and your social security number.
• Bank information. Business bank account and routing number.

Questions to ask a merchant acquirer to help you find the right one for your business.

1. What are your discount rates and charges for each type of transaction?

• Ask the salesperson to walk you through calculating the fees you would pay for a $100 charge in each of the ways you plan to accept cards (in person, phone/mail, online)
• Ask which types of cards get automatically downgraded (some potential types include: rewards, corporate, international)

2. What are your other fees? (Some potential fees include: annual, set-up, application, monthly service fee, monthly minimum, statement, support, cancellation, and gateway access.)

• Ask if there is there a contract and if so, ask what the terms and cancellation fees are.

3. How quickly will the funds reach my bank account?

4. Can you provide me with three small business references?

5. What is your customer service number?

• BONUS TIP: Call the number to find out how long the wait is.

Start accepting credit cards today and reap the benefits tomorrow.

We hope this information was helpful and will serve as a helpful springboard to accepting credit cards at your business. For even more detailed information about merchant acquirers, please visit www.merchantcouncil.org.