subject: Toy Store Payments via Card Processing [print this page] Toy Store Payments via Card Processing
How you accept payments in your toy store could have a great effect not only on your profits but also how your consumer will perceive your business. A toy store that accepts cash only payments will restrict their consumer base and potential profits.
Why begin Card Processing?
Debit card usage is rising; in fact payments by card have increased fourfold in the last decade. When you take into consideration that payments by card have risen four times as fast as all round spending this is quite a considerable increase. People choose to use their debit card for a number of reasons as it allows:
Quick access to funds.
Unlimited access to funds if the consumer has credit card or overdraft facilities. Attract the impulse buyer.
Safer and more secure transactions. Chip & PIN card processing technology has also minimized the risk that anyone could use a debit card that is lost or stolen.
It is therefore unsurprising that debit or credit card processing has grown to become the favored method of payment over the last decade or two. Payments by cheque have also decreased radically now that banks no more issue cheque guarantee cards. Without a guarantee card a cheque is little more than a promise written on a piece of paper which is why very few businesses accept cheques anymore.
How do I get set up card processing?
You need a card processing merchant account. Card processing services are offered through your bank or an independent card processing company,
The Banks.
The rates set by banks usually are much more than those of an independent card processing provider because they scarcely separate large and small businesses. Card processing fees which a large company may have no trouble paying, could cripple a smaller business.
Independent card processing companies.
The card processing companies usually provide lower card processing fees since they negotiate better rates from the banks fundamentally because they send higher amounts of business to the banks. Independent card processors often focus on SMEs (small and medium enterprises) since they have the ability to supply a more competitive service. Card processing rates are decided depending on the kind of business and the duration of contract that you sign up for; lower card processing fees can be obtained by signing up with the card processor for longer.
If your toy store doesn't enable card processing it is really worth speaking to your bank or an independent card processing provider and ask them to quote how much it will cost you to set up debit card processing.
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