Five Frequently Asked Questions About Accepting Payments
We understand that accepting payments as a small business owner can be tricky, especially credit card and debit card payments. Here are five questions we get asked regularly about credit card processing from small business owners.
1. How do I accept credit card payments?
To accept credit card payments, also known as credit card processing, you need to get set up with a merchant ID from a merchant service provider like TransNational Payments. Next you will need to determine what method of accepting payments works best for your business, such as a point-of-sale system (POS)
, credit card terminal(s) or mobile payments
2. How fast are sales deposited?
Typically, the deposit schedule is fast — usually within 24-36 hours of the transaction or in one to two business days, however you want to look at it.
3. What are chargebacks?
Chargebacks happen when customers dispute a charge from your business with their card-issuing bank. When a chargeback occurs, the funds in dispute are held from the merchant while the issues is being resolved.
4. How can I accept EMV chip cards?
EMV chip cards
are processed differently than the typical magstripe cards. That said, you need an EMV-enabled reader to accept EMV chip card payments. While this might seem like a hassle, EMV chip cards are much more secure than magstripe cards, often saving your business time and money in the long run.
5. How can I accept mobile payments?
To accept mobile payments like Apple Pay, Android Pay and Samsung Pay, you need a payments reader equipped with NFC (near field communication). To use a mobile payments app for your credit card processing, we recommend working with a merchant services provider, such as TransNational Payments, who can help set up your business with mobile payment processing.