How To Accept Credit Cards at Your Retail Store

In today's fast-paced digital age, it's nearly impossible for a retail business to survive without accepting credit card payments. Sure, some of your customers will likely pay with cash, but credit cards are becoming the 'norm' for transactions in the retail world. Restricting your business operations to cash-only transactions leaves tons of untapped sales on the table, most of which will likely end up going to your competitors. The good news is that it's relatively easy to set up a credit card processor in your store; here's how you do it:

Note: each credit card transaction typically costs a flat percent. Yep, there's no other way to get around it; if you want to accept credit cards as a form of payment at your retail store or business, you'll have to shell out a certain percentage for the transaction fee. The obvious benefit in receiving cash is that you don't have to pay the transaction fee associated with credit cards, which is why so many small businesses encourage customers to purchase using cash.

So, how much does a typical credit card transaction fee cost? It really depends on the particular merchant account. For instance, Intuit offers several different credit card processing options, one of which being the Point of Sale Merchant Service for rates as low as 1.69%. This means a customer you'll end up shelling out just $1.69 for $100 processed via credit card transaction. Of course, rates may go higher depending on method, type of card (Discover is higher), etc.

Authorize.net offers one of the world's most popular and widely used credit card services for retail stores and businesses. Their Virtual Point of Sale (VPOS) is designed to make credit card transactions a breeze. Store owners set up one of their card readers via USB cable to any internet-connected computer. It's completely encrypted for maximum protection, offering payment from a variety of cards, some of which includes Visa®, MasterCard®, American Express®, Discover®, Diner's Club, JCB and Signature Debit Cards.

Of course, there are fees associated with the Authorize.net VPOS solution, so take the time to educate yourself on their pricing before ordering it.

Some retail store owners may turn their heads at the thought of purchasing a credit card reader and merchant account service, but it's a smart investment that will pay off in the long run. By accepting credit card as a form of payment in your retail store, you'll attract a broader customer base, which in turn increases your sales and profits.