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Main Credit Cards to Accept
When you are opening a merchant account for the first time, there are many options to consider. One of the biggest decisions to make involves the type of cards you want your business to process – there are many different credit cards on the market, and you want to make sure that you are accessible to a reasonable number of customers. Three cards stand out as being of the utmost importance.
Visa and Master Card
Both of these credit card companies have top reputations and established histories that give customers a strong sense of value and reliability. They are accepted throughout the world, making them terrific options for consumers who travel often and prefer not to deal in currency exchanges. They are also connected to various organizations and discount programs, allowing users to accumulate points, frequent flyer miles, rebates, and bonuses from other companies and service providers. These specialty programs instill a sense of loyalty in consumers, encouraging them to use one or two cards consistently to maximize the benefits the come with them.
Visa and MasterCard often come as a package deal for merchant processing purposes, and they are both essential to accept. Usually, they also offer the lowest rates, since they are extremely popular and will make up the majority of any business' transactions.
American Express
Amex is another popular credit card company. In competing with Visa and Mastercard, they also have rewards programs that encourage consumers to shop – and charge – with their cards. The American Express travel points system is well-reviewed and well-received by shoppers. They also offer a rebate or cash-back program that has many customers devoted to using Amex whenever possible.
Though they are not as widely accepted as the first two cards, we generally recommend them as well. They make a nice addition – and the loyalty of some of their customers will result in lost business for you if you fail to accept their cards.
One downside with this company is that the credit card processing rates are typically higher than with the other two. They are also separate as far as being optional – you don't have to accept Amex for most merchant accounts. However, a negligible difference in fees can often make a huge difference in your bottom line if you decline their cards.
Making Smart Choices
Ultimately, one of the main reasons you are choosing to have a merchant account is to make your business seem more accessible to more consumers. In doing so, you need to be prepared to open your doors to as many people as possible, and you need to be ready and willing to process the transactions they request from you. Accepting Visa, Master Card, and American Express payments is the first step in increasing your sales, supporting repeat business, and making your products and services appealing to clients new and old.
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