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How to Accept Card Payments as a Small Business Owner

A woman paying for her purchase at a small business with a mobile point of sale device.

When you allow your customers to pay with credit and debit cards, you can reap the benefits in a number of ways. From giving your customers more ways to pay to streamlining your overall payment process, card payment can be a busy business owner’s best friend.

However, if your small business has yet to add the option of card payments, it can be an intimidating transition. In this guide from Landmark National Bank, you can learn how to start accepting card payments for your small business.

Determine How You’ll Accept Card Payments

Before you begin the actual process of adopting card payment options for your business, you should determine exactly how you want to accept card payments. There are three ways to accept card payments

  • In-person card payments: Most common when you own a brick-and-mortar shop.
  • Online card payments: Can accompany in-person payments or be used alone through online stores.
  • Mobile payments: An add-on option that can be used for both in-person and online payments.
  • Over-the-phone payments: Take card payments verbally over the phone without a physical card in person.

The type of card payment option you choose may vary depending on your business type. Restaurants, for example, may require over-the-phone card payments for deliveries or pick-up orders, while in-person and online payments may work better for boutiques and shops.

Regardless of what kind of card payment option you choose, you can learn more about each type below.

How to Accept In-Person Card Payments

Choose a Merchant Account or Payment Service Provider

There are two ways to accept in-person card payments: with a merchant account, or with a payment service provider. A merchant account is an account that is directly connected to a bank and authorized to accept card payments for your business.

Payment service providers are companies that allow you to accept card payments without having to go through the bank. Common payment service providers include PayPal, Apple Pay, and Stripe.

While payment service providers tend to have lower processing and transaction fees, they may have difficulty handling a larger volume of transactions. Both merchant accounts and payment service providers are excellent choices for small businesses.

If you haven’t already, you’ll also want to open a business bank account for money to be deposited into.

Install Payment Terminals in Your Store

Once you’ve opened a merchant account or chosen a payment service provider, you’ll need a card reader and point-of-sale (POS) system to accept payments. Landmark National Bank is partnered with Clover®, a convenient payment technology provider. With Clover’s POS systems, you can make your transition to accepting cards easier. Clover’s payment technology offerings include:

  • Clover® Go: Makes it simple for you to accept card payments while on the go, and can be paired with the Clover® mobile app to set discount rates, tip rates, and tax rates.
  • Clover® Flex: Allows medium-volume businesses to track cash payments, send paperless receipts, and export basic reports.
  • Clover® Station: Recommended for high-volume businesses, such as bars and restaurants, and allows you to create dynamic floor plans, manage your wait staff, and more.

Interested in choosing Clover® as your point-of-sale system terminal provider? Visit a Landmark National Bank location near you and learn more about your options today.

How to Accept Online Credit Card Payments

If you own an e-commerce shop, restaurant, or any business that accepts online orders, having a digital storefront is a must in order to accept online card payments. To create a digital storefront, you’ll need a secure, online card payment processor.

Whether you already have a website in place, or you’re still building it, the Clover® Virtual Terminal is an excellent option for online-only shops. Take payments online, any time, without hardware.

Just like in-person payment processors, be aware of the fees that come with an online payment processor option.

How to Accept Mobile and Over-The-Phone Payments

Mobile Payments

As mobile payment systems, such as Apple Pay and Samsung Pay, become more popular, offering a mobile payment option is important for businesses. Consider choosing a card reader that has a mobile payment option built-in, such as Clover® Go.

Over-The-Phone Payments

Taking an over-the-phone payment is a relatively straightforward process. When a customer calls your shop or service, they will read their credit card information aloud to you or one of your associates. As they read, you enter the number into your POS system or mobile payment device. You’ll need the full card number, expiration date, billing ZIP code, and security/CVV code. Depending on what kind of system you use, you should also send your customer a receipt via text or email.

Start Accepting Card Payments Now with Landmark National Bank

At Landmark National Bank, we want small businesses to thrive. That’s why we provide a range of business banking solutions to help you take steps toward accepting online payments. When you choose one of our merchant accounts, we can make it easier for you to accept card payments for your business.

Through our partnership with Clover, you’ll be able to connect your card reader and POS system directly to your Landmark National Bank merchant account for quick and easy transactions. We also offer online cash management with fraud protection tools.

Visit your nearest Landmark National Bank location and chat with one of our friendly banking associates. Start accepting card payments for your small business today!

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