Accepting Card Payments - Steps Required

Accepting Card Payments - Steps Required

Setting up the necessary bank account and equipment to enable you to accept card payments is a quick and straightforward process.  In most cases your system can be up and running in less than a month.  The main things you need to do are:

• Open A Merchant Account to process card payments
• Install the necessary equipment. Most card payments are processed using terminals or integrated tills where cards are swiped through or inserted.  Customers then provide a PIN (personal identification number) or signature to authorise the payment.  Your acquiring bank (the bank that provides the merchant service that allows you to take card payments via the web or a terminal) will provide you with a terminal on a monthly rental basis.  Any new equipment should be designed to accept Chip and PIN transactions where customers enter a PIN to verify purchases.
• Connect your terminal or integrated till to a standard telephone line so that transactions can be processed.  This can be an existing phone line but most businesses use a dedicated line.

Merchant accounts allow you to accept all major debit and credit cards, including Visa, MasterCard, Switch/Maestro and SOLO.  To accept and process a number of major charge cards - including American Express and Diners Club - you must reach a separate agreement with the charge-card company.  Your acquiring bank may be able to help you with an application.

Before accepting card payments, it's crucial to make sure your employees are trained in how to:

• Use the terminal.
• Avoid fraud - See Fraudulent Card Payments Safeguards.
• Respond to any problems, such as a card not swiping properly or the terminal failing.
• Use a tool which identifies the appropriate payment arrangements for your business on the Electronic Payments website (registration required).