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Industry News

An SME's guide to setting up payment processing

By Pivotal Payments

05/08/2009 - Many small businesses know that accepting credit cards is crucial for their success, as stores and companies that do not have credit card processing capabilities are often viewed as inconvenient - or worse, less than legitimate.

For SMEs that do not have payment card processing but are interested in implementing it, the first step is getting a merchant account.

A merchant account, which provides a location for credit card payments to be deposited, can be established through a bank, a third-party provider or an independent sales organization.

The next step is to choose a payment processor. When investigating options, businesses should consider the flexibility of payment options - are there long rental contracts or is the point-of-sale (POS) equipment available for purchase? - as well as the ease of integration, PCI compliance, merchant support availability and back-up services.

Payment card processing does more than simply enable a business to accept credit and debit cards - it expands the potential customer base and boosts sale volumes, and even impacts the merchant's credibility, making it a worthwhile investment by far. ADNFCR-2514-ID-19299174-ADNFCR

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