There are many services available that will allow you to accept credit card payments, and choosing the right one will depend on where you do business. Some businesses will need to accept credit cards in a brick and mortar location, on the go, and online. Others may only need to sell online. There are comprehensive services that will allow you to accept credit cards everywhere, and piecemeal services that let you avoid paying for services that you don’t need.

1. Invoice Software
what is the best option for you?
by FitSmallBusiness.com

2. This guide is organized in two parts
1. The first part covers the “Comprehensive Solutions,” which will
let your business accept credit cards anywhere and everywhere.
2. The second section outlines “Piecemeal Solutions,” which are
designed for businesses that only need to accept credit cards in
one or two locations.

3. Part 1:
Comprehensive Solutions

4. Merchant Account Service
Providers
The most conventional and widely used
method of accepting credit cards, but it can be
the most expensive. They are banks or
financial institutions that provide the services
and equipment necessary to connect your
business bank account with your customer’s
credit card company.

5. “Merchant Account” as part of their
service, which acts as a temporary
holding account for payments waiting
for approval from the credit card
company. Once the payment is
approved, the merchant will transfer
the payment, minus their commission.

6. PROS
Great user experience for both brick and
mortar and Internet stores. Most providers
will sell or rent all the equipment you will
need, and an online shopping cart that
integrates with your website. Also, the name
of your business will show up on your
customer’s credit card statements.
CONS
The cost. Make sure to identify and
compare the monthly statement fee,
monthly minimum fee, monthly gateway
payment, transaction fee, and transaction
commission. Also pay attention to the
contract duration and rate hikes.

7. Consider a Merchant Account Service if:
● You sell a lot of products in a brick and mortar location.
● You sell a lot of products online.
● You want a single, integrated user experience across all platforms.
Top Merchant Account Service Providers
Intuit Merchant Services
Flagship Merchant Services
Merchant Warehouse

8. Hybrid Online/Mobile
Payment Services
Some services, such as PayPal and Square,
offer payment services that allow you to
accept credit card payments both online
and in person using a mobile device. These
don’t require a merchant account, and can
be more affordable than a full Merchant
Account Service.

9. PROS
CONS
It may be less expensive than a full
Merchant Account Service Provider,
while giving you the ability to accept
credit cards in all the same locations.
The online nature of these services also
makes it easy to monitor your account,
transfer funds, and track analytics.
The cost. Make sure to identify and
compare the monthly statement fee,
monthly minimum fee, monthly
gateway payment, transaction fee,
and transaction commission. Also pay
attention to the contract duration
and rate hikes.

10. Consider an Online Payment Service if:
● You sell a lot of products in a brick and mortar shop, online, and on the go.
● You want a cheaper solution than a full Merchant Account Service Provider
● Cost is more important to you than a seamlessly integrated user experience.
Top Hybrid Payment Services:
PayPal - Square - Intuit

11. Part 2:
Piecemeal solutions

12. Not everyone needs to accept credit
cards in person and online. If you do
all your sales in a brick and mortar
location, you may find that a Mobile
Payment Service is perfectly
adequate. Likewise, if you run an
online business, an Online Payment
Service can provide an inexpensive
and quick solution.

13. Mobile Payment Services
A relatively new way to start accepting
credit card payments through a
smartphone or tablet. They will provide
you with a card reader that connects to
your smartphone/tablet, and an app that
allows you to process the payment, take a
signature, email or text a receipt, and
track analytics.

14. How it works:
The only major difference is that you
will use a smartphone/tablet to
process the order instead of a
conventional card swipe or point of
sale terminal.

15. PROS
The flexibility they offer in terms of payment
location. It can give your business the ability
to accept payments on the go, at places like
markets and fairs, or allow your brick and
mortar sales associates to individually
process credit cards away from a cash
register.
CONS
They require smartphones or tablets to
operate, so if you do not already have this
technology, you may be facing high startup
costs. Fee structures for mobile payment
systems can vary widely, so they can end
up being quite expensive. Many mobile
payment systems do not include online
shopping cart integration.

16. Consider a Mobile Payment Service if:
● You sell a lot of products on the go.
● You want all your sales associates to be able to independently process credit
cards.
● You do not sell anything online.
Find a Mobile Payment Service Here:
Intuit Gopayment - Square - Paypal

17. Creating your Invoices

18. Online Payment Services
Some services, such as PayPal and Square,
offer payment services that allow you to
accept credit card payments both online
and in person using a mobile device. These
don’t require a merchant account, and can
be more affordable than a full Merchant
Account Service.

19. PROS
CONS
The major benefit of an online payment
service is that they allow you to accept
credit cards online with minimal cost or
setup time.
The user experience may be branded
by whatever services you use. This
means that the customer is rerouted
to the service’s website, which can
bother some customers.

20. Consider a Online Payment Service if:
● You only need to accept credit cards online.
● You want to avoid paying for services that you don’t need.
Find an Online Payment Service Here:
PayPal - Checkout by Amazon - Google Wallet

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