Return to: Starting a Craft Business 101
Accepting credit card payments is very important for your business. In fact, it's almost a necessity in today's marketplace. Mail-order sales, phone orders, craft shows and of course, selling crafts online, all benefit from "taking plastic". While it's true that people will still buy your products if you do not accept credit card payments, you will greatly increase your chances of a sale by giving the customer the option of charging purchases.
Even though most people will agree that it's a good idea to accept credit card payments, many crafters are hesitant to begin this process because the steps involved can be confusing at first. Added costs such as transaction fees and set-up fees can also be a deterrent, but the benefits far outweigh the time it takes and the charges involved in accepting credit cards.
Steps Involved in Accepting Credit Card Payments
- Contact the bank where you have your checking account for details on opening a merchant account. (If you do not already have a checking account for your business, you should establish one.)
- Comparison shop for other companies that perform credit card transactions. Be careful though, there's a lot of fraud out there these days!
- Read all pricing details to assess all the charges that will apply to transactions. (Usually, you will want to go with the company that provides the lowest per-transaction fee, even if you have to pay a small set-up charge.)
- After deciding which company you will use, fill out all account set-up paperwork and pay any required fees. Many companies will run a credit-check on you before opening your merchant account.
- Learn how to process card charges according to the instructions you will receive upon account activation.
