In this article, we are going to be talking about how a business can take card payments without paying fees. Also, we will discuss the best way for businesses to accept credit card payments is.
How can a business accept card payment without fees?
Whenever a business takes a card payment, either make a payment, there are some fees involved in the transaction. The fees are taken by the bank, Card Company, processing company, and the card network on which it runs. In some states in the US, you can add this fee to the total of your customer bill, but you have to inform them.
There are a set of laws that you can follow to do this process, so you should consult a lawyer before doing this. There is a huge disadvantage that customers will not be likely to come to your website and take goods. The best way to implement the charge is to list it in your pricing sheet.
There is also an alternative that payment above a certain limit will not have to pay any charge. While those under the limit will be charged for the fees required to process the transaction.
What is the best way for businesses to accept card payments?
There are most of the processor in the market which will send you a free card reader for your phone. This card swipe is sent so that it can only scan the magnetic reader in black on the back of the card. It is a tip for the business firm to take an EMV chip-compliant card reader. This will help the business to make transactions from an EMV chip card, and that too very fast.
It is very difficult for a person to fool the EMV chip reader with a fake card or a stolen card. EMV readers are a must as these are the new cards that are made for debit as well as credit cards. If a person uses a fake card o swipe and gets away that it become a liability for your business.
It is because the card owner can ask for a refund if he sees a wrong transaction from his card. This is not free but is affordable and comes in between $20 – $50 in the market itself. The mobile reader is with an NFC (Near Field Communication). This allows the reader to take card less than is tap to pay system from the chip cards.
How to accept card payments without a merchant account?
You will need to set up a new account which is the card processor account. This account can be created new and from just a little amount of money from any processing company. This account will allow you to take payment by credit cards, debit cards, and online payment.
This is not a costly account to make and maintain. This is very useful and cost-cutting for small businesses. Even if processing fees are higher, they will not have to pay monthly and ECI compliance fees. This can help businesses tons to save more money and use it somewhere else.