how can i take payments by credit card?

Question

What do I need to do to enable my business to accept payments by credit card? This would be over the phone, not on line or in person.

Who do I speak to? What are the charges? What equipment will I need?

Not sure if the costs outweigh the benefit of being able to deal with companies who I wouldn't want to give trade credit to!

thanks

Answer 1

Is your business a web based business? Do you sell off a website? Paypal offer very high rates for their services and often cause problems with payments regarding user accs etc. I would not recommend them. I have a retail company and are currently started our online shop - we have been recommended a company called worldpay. However, in our shops we use a company called Streamline who are affiliated with the high street bank Natwest. They charge different amounts depending on the method - i.e. a debit card is charged 55pence per transaction no matter what the transaction amoutn is. However, with credit cards we are charged up to 3 per cent of the sale by the processors. We then pay a monthly rental for the card terminal of approximately £25. You can take payments over the phone with these terminals easily - and they print out a neat receipt to then send to your client. I would advise you go and see your business bank manager (if you have a business acc) and discuss the options. However - remember you do not have to use the processor affiliated with your bank and use this to your advantage. All of the rates are negotiable so shop around and play them off eachother.
Hope this has helped.

Answer 2

Paypal is fine for online transactions, but you said this would be over the phone. Your best bet is Charge America, www.chargeamerica.com.

It's a card processing service that's designed for new/small businesses. You don't need any equipment, all you need is a touchtone phone or cell phone. When someone gives you their credit card info, you just call an 800 number, key in your merchant number, the credit card number and such and the charge is authorized right over the phone. Funds are deposited into your account within 24-48 hours. There is a 1 time setup fee of $99 ($94 if done online), the monthly maintenance fee is $5.95. There is a 96% approval rate, no need to have a storefront (many require a physical business location and send people out to verify it) and you can have funds deposited into either a personal or business checking account.

I believe this is the best route for new/small business. And if you are serious about doing business, you need to accept credit cards. Research has shown that business that accept plastics increase their sales by 30% - 50%.

Best of luck.

Answer 3

You have lots of options - firstly speak to the bank as they can quote on the services and charges they offer. If you want to do online selling think of one of these:-

www.paypal.co.uk
www.nochex.com

alternatively do an internet search to find the most appropriate service for you - some charge a set fee, others commission, etc

Answer 4

Talk to your bank - they should give you all the info you need, as well as costs and charges etc. Hopefully you will have a business bank manager - if not, ask for one!

There is also paypal if you can't be bothered to go to your bank!!

Answer 5

www.streamline.com

This company provides merchant services for your business and is part of RBS. Alternatively you could speak to the provider of your business bank account as they will probably offer this service too.

Answer 6

Talk to your bank - they will be able to advise what equipment and accounts are needed, and what the costs are.

Answer 7

Get a paypal account at http://www.paypal.com

Answer 8

Talk to your bank manager

Answer 9

http://www.paypal.com/

Answer 10

go to www.paypal.com