Are you ready to accept payment by credit card at your store? If your clients have been paying by cash and check up to now, they may be hoping that you will switch over to a credit card payment system, since so many consumers pay with credit for just about everything in their lives. The average credit user carries four active cards, although only one may be used most of the time. But if you don't accept credit payments, your customers are likely to find vendors that do and you will lose their business along with their good will. To advance your business into the electronic age, here is what you need to do.

A merchant account will equip you to accept payment by credit card at your store. Whether you sell consulting services or toasters, you can be approved for a merchant services account and begin to accept credit payments in a variety of ways. First, find a bank or lender that will offer you a merchant account when you demonstrate proof of a solid credit history, the ability to make monthly payments, and a company that operates an ethical enterprise. When approved for a merchant account, you can choose the type of credit payment option that will best suit your company needs and customer interests.

For example, if you want to accept payment by credit card at your store only, you can simply buy or lease a credit card processor for the cashier's use at checkout. These come in a variety of models, some with terminal and printer combined, and typically cost a few hundred dollars. Customers can have the option of paying by credit instead of by cash, although some merchants eliminate the cash or check option completely after implementing the credit card payment process. Keep in mind that you will need to budget the accompanying fees for this merchant account service. Fees may include application costs, setup expenses, monthly gateway or discount rates, and so on. In addition, you will have to pay monthly transaction fees that may cost anywhere from 15 to 25 cents each. Or you can pay a low monthly interest rate overall. Service and maintenance costs may be extra, so budget for these as well.

When you post signage that lets the public know you accept payment by credit card at your store, customer visits and purchases may increase. People often spend more with a credit card than they do with cash, so you may want to advertise sales items that will bring clients into your store where they can check out related items as well. Post the credit card payment sign in a prominent place so they won't have to ask, since some people are embarrassed to do so.

In addition to accepting credit payments at your store, you may want to later install a digital credit payment system or even one at a company Website on the Internet where customers from any location in the world can shop and pay by credit. Your customers are sure to appreciate your efforts to accept payment by credit card at your store.