If you’re business is not offering credit card payments, you could potentially be losing out on a tremendous amount of business. Because of the options you give customers by offering credit card payments, it creates a wider customer base. However, the first step to offering credit card payments through your business is setting up a cbd .
A cbd is a bank account that is established by your company to receive the payments from credit card purchases. Simply done, right It is a little more extensive than it comes off as, especially if you are accepting credit cards online. However, it is well worth it to set up a cbd because of the potential increase in your business. Generally, you will also need to lease equipment and software when setting up your cbd . The reason for this is to ensure you and the customer that the transaction flows to your operating account.
If you are looking to accept credit cards online, you will need to sign up with a payment gateway. The payment gateway will allow you to accept credit card transactions online. When selecting your payment gateway, it is vital that the gateway is compatible with your software so that the transactions go through. Some of the more wellknown payment gateways include Paypal, SECPay and authorize.net. When you are looking for the right financial institution to help you set up your cbd , make sure to research indepth. There are a number of financial institutions that can offer you a cbd , but you are going to want to go through an institution that has experience with small businesses.
The reason being is that you are just starting out, so the institution will assist you with setting up your cbd far better than any other financial institution. The next phase of setting up your cbd is the application. Each financial institution varies from one another, so you can receive word of your application from anywhere between hours to weeks. If you are starting an internet business, it is far more difficult to be approved than a retail store because of the higher rates for charge back and fraud.