How to accept credit card payments

Customers increasingly want to make payments with physical credit cards or with their mobile phones. Learn about how your business can accept payments and keep up with customer expectations by understanding the various ways to accept credit card payments. 

Ways to accept credit card payments

There are many ways your business can accept credit card payments from its customers. For example, your business may have a physical location, or it could be more mobile and have a digital presence. Either way, you will find that there are technology and hardware solutions available to assist you in reliably receiving payments from your customers safely and efficiently.

In-person or in-store payments

Keep in mind that, to accept credit card payments in-person or in-store, usually requires a Point-of-Sale (POS) system with a card reader, or a credit card terminal that can process transactions. This form of accepting payments is ideal for businesses with a physical location, such as a restaurant or a retail store. 

Accept online payments

If your business has its own website, it may be able to accept online payments if the website includes an online payment gateway. This form of payment is usually most appropriate for businesses that provide digital services and eCommerce features, such as an online store. 

Mobile payment processing

With NAB Easy Tap, you can easily turn your Android device into a payment terminal. Having the ability to take payments anywhere through an app can benefit small businesses, for example, at market stalls and trade shows. 

Over the phone

This method of accepting credit card payments is particularly relevant for businesses on-the-go, such as delivery-based restaurants. Your business will still require a payment terminal, Point-of-Sale (POS) system, or an online payment gateway. However, it’s important to be aware that there are significant fraud risks associated with accepting credit card payments over the phone. Learn how to protect your business from card fraud and payment scams.

Recurring bills and payments

If your business accepts the same payment or payments from the same people repeatedly, it may be necessary to set up recurring payments, such as a direct debit. For more information on direct debits and how they can improve your cashflow and reduce admin effort, visit Billing and Recurring Payments. 

Learn about the benefits of accepting credit card payments

It is essential for businesses today to accept credit card payments through a variety of methods to ensure that their customers can make simple, safe, and efficient payments.

Below outlines common reasons why your business should consider accepting credit card payments. 

Increased sales

Customers typically prefer credit card payments because they’re faster, safer and a more convenient payment option, especially with contactless payment methods. It also removes geographical barriers, as any business can easily accept credit card payments from almost anywhere in the world. Customers are more likely to make impulse purchases with a card than cash for security or fraud protection and reward points.

Expand your client base

Accepting credit card payments can support building your client base as it can make your business accessible to customers who prefer card payments.

Level with the competition

If your competitors accept credit card payments, customers may choose to spend with them due to the convenience.

How to start accepting credit card payments

Here are the steps you need to take for your business to start taking credit card payments:

1. Decide which cards to accept - Mastercard, Visa, Apple Pay, Google Pay etc.
2. Select a payment provider.
3. Set up a merchant account.
4. Choose a payment gateway.
5. Install a card reader or terminal.
6. Display signage so customers know you accept card payments.