If you’re a business in Australia, you can almost guarantee that you’ll need to provide customers with the option for online credit card payments. After all, Australians are used to paying for things electronically and are increasingly demanding convenient payment options such as PayPal and Apple Pay.
But what’s really important is that you choose the best solution for your needs. So, how do you decide? We take a look at some of the options available to you.
Merchant Accounts: A merchant account is a type of business bank account that allows you to accept payments from customers via credit or debit card. It’s an important part of your online payment setup and needs to be linked to your website or online store. Merchant accounts are typically provided by banks and may come with associated fees, such as setup and transaction charges.
Payment Gateways: A payment gateway services acts like a bridge between your website or online store and the merchant account. It securely transmits customers’ information to the merchant account provider so that the customer can be charged for their purchase. Most payment gateways also offer additional features, such as fraud protection, recurring billing, and reporting.
Third-Party Payment Services: This is a simple way to accept credit card payments online. Third-party payment services provide a fast, easy solution that can be set up quickly. However, they may come with additional fees or restrictions on what types of transactions you can accept. Popular payment services include PayPal, Stripe, Square, and Apple Pay.
Point of Sale (POS) Systems: POS systems are typically used by physical stores but can also be used online. They allow customers to pay with credit cards in-store or online. The customer enters their credit card details at the checkout process and the merchant receives the payment directly. POS systems come with advanced features like customer loyalty programs and detailed analytics. If you want to offer credit card payments as part of a wider range of options, EFTPOS terminals are an excellent option.
Should You Offer Credit Card Payments to Customers?
Offering credit card payments can be extremely beneficial for your business. It allows customers to make purchases quickly and easily, without having to rely on cash or checks. Additionally, it provides increased security for both the merchant and the customer. Customers can dispute charges if they feel they have been billed incorrectly, which helps prevent fraud and chargebacks. Offering credit card payments also allows you to take advantage of other features, such as customer loyalty programs and detailed analytics.
When deciding whether or not to offer credit card payments, it’s important to consider the fees associated with setting up a merchant account and processing transactions. Many merchants are reluctant to accept credit cards due to these additional costs, but the benefits usually outweigh the costs. By accepting credit card payments, merchants can significantly increase their sales and customer base while improving the efficiency of their operations.
Also, you will find fee-free EFTPOS solutions that allow you to surcharge customers to avoid paying transaction fees yourself. If you want to accept credit card payments, solutions are available to you, so explore this world today!