When credit cards were first introduced, only the largest and most successful companies could afford to open merchant accounts.
Thanks to the rise of e-commerce and mobile credit card processing, any business can now accept virtual payments — regardless of industry or size. What once was a competitive advantage has quickly evolved into an absolute business necessity.
American shoppers love prepaid cards. In 2012, U.S. consumers used prepaid cards to make $99.5 billion in purchases — a 19 percent increase from just the year prior. In 2014, total prepaid spending could exceed $200 billion, or roughly five percent of all retail purchases in the country.
Whether you’re a busy solopreneur, a boutique shop owner, or an event planner with employees who depend on you, accounting software is a powerful tool in your small business toolbox. But if you’re like many cash-strapped small businesses, maybe you’ve decided to skimp on software.
Credit card processing for small business has gone from being a “nice to have” service to something essential. In today’s marketplace, convenience is king. Offering a full range of payment options can make the difference between a sale and a lost opportunity, between building business with an existing customer and having your business leave for a competitor.
As a business leader and credit card merchant, there are several key terms you should be familiar with when it comes to payment processing and merchant accounts. Below are just a handful of terms that will keep you in the know. Find a complete merchant glossary at http://www.bluepay.com/glossary.
• Address Verification: A security service in which the merchant verifies the cardholder’s address in order to deter fraudulent transactions, usually during card-not-present transactions like Internet or phone sales.
Don’t assume that your business is too small to start a merchant account. Expanding your business capabilities to include credit card processing, electronic payments and online sales can help take your business to the next level of success. Discover the many opportunities available with credit card processing for small business: