To start accepting credit card payments you'll need a credit card payment machine if you have a store and a credit card processing company and account.
The credit card processing machine processes the credit card and the credit card processor company takes care of the payment and then charges you a small fee for the transaction and then releases the payment to you after around a week or so.
You can also accept credit card payments through Paypal.
If you want to accept credit card payments, you can do it one of two ways: merchant accounts or payment service providers.
A merchant account is an account that you open with a bank to accept credit card payments.
The benefits of accepting credit cards include.
Legitimizes the Business.
Boost Sales.
Eliminates the Risk of Getting Bad Checks.
Improve Your Business' Cash Flow.
Provides Your Business With a Level Playing Field With Competitors.
Credit Cards Are Reasonably Inexpensive to the Business.
The benefit of taking a credit card is you increase your business and don't have to deal with too much cash.
Having less cash on hand lessens your chances of getting robbed and even if you do then you don't lose as much cash.
More and more people today are using credit cards for purchases so by accepting credit cards online or in person at a business increases your sales.
You can refuse to accept a credit card for payment.
However if you're operating a business and you refuse to accept credit cards then you lose out on lots of business as a lot of people use credit cards more than they do cash.
A lot of people also use debit cards so it's best to accept credit cards to increase your business.
The best business credit cards are.
American Express Blue Business Cash Card.
Ink Business Unlimited Credit Card.
Capital One Spark Cash Plus.
Ink Business Cash Credit Card.
The Blue Business Plus Credit Card American Express.
The Business Platinum Card American Express.
Bank of America Business Advantage Customized Cash Rewards Mastercard.
American Express Business Gold Credit card.
Capital on Tap Business Credit Card.
Bank of America Business Advantage Unlimited Cash Rewards Mastercard.
Credit cards make money for the credit card companies through the interest and fees that are charged.
When you use a credit card you are charged interest on the money that you spend and if you only make the minimum payments then the credit card company makes lots of interest on that money owed.
Multiply that interest by millions of customers and the credit card companies get very rich off of those interest charges.
Also some credit card companies charge annual fees and make more profit that way as well.
Credit card companies make money from interest, processing fees and fees charged to individual cardholders.
And it's not only cardholders who have to pay to use credit cards: Merchants pay for the privilege to accept credit cards at their businesses.
Credit card companies make money by collecting fees.
Out of the various fees, interest charges are the primary source of revenue.
When credit card users fail to pay off their bill at the end of the month, the bank is allowed to charge interest on the borrowed amount.
Some of the best credit cards are.
Best cash-back credit card: Chase Freedom Unlimited® Card.
Best rewards card: American Express® Gold Card.
Best travel card: American Express® Gold Card.
Best credit card welcome bonus: Chase Sapphire Preferred® Card.
Best no annual fee credit card: Citi® Double Cash Card.
The easiest credit cards to get are.
HSBC Visa platinum card.
HDFC Regalia credit card.
HDFC Bank diners club rewards card.
SimplyCLICK SBI card.
Axis Bank Neo credit card.
AmazonPay ICICI Bank credit card.
SBI Card Elite.
Before using your first credit card, here are some tips to guide you along the right path.
Set a Budget.
Keep Track of Your Purchases.
Set Up Automatic Payments.
Use as Little of Your Credit Limit as Possible.
Pay Your Bill in Full Each Month.
Check Your Statement Regularly.
Redeem Rewards.
Use the Extra Perks.