Giving your clients more payment options, including credit card, ACH and check, is easy with FINSYNC. 

By FINSYNC

Credit cards are quickly becoming a popular payment method among small businesses. They’re fast and convenient, not to mention paying by credit card allows you to take advantage of a number of perks and rewards. It’s also a great way to make sure that salaries and bills are paid on time, even in months when cash flow is a little tight.

Your own cash flow might benefit from accepting credit cards as a payment method as well. Few carry cash to pay for business expenses, and checks can take longer to process. With checks, you’re also relying on banks and the post office to expedite the process (which sometimes doesn’t happen). 

So, how can you accommodate your clients who want to pay by credit card — and improve your own cash flow management in the process? 

With FINSYNC, there are three simple steps to accepting credit card payments.  

Step 1: Apply For a Merchant Account

With FINSYNC’s payment software, you can accept both credit and debit cards. But first, you must apply for a merchant account, which is quick and easy.

The application takes no longer than five minutes. It’s smart to have the following information on hand to speed up the process:

  •     Legal business name
  •     Business category and type
  •     Ownership type
  •     Federal Tax ID (EIN)
  •     Business address
  •     Authorized signer information
  •     Bank information for your business

During the application process, you will also input the account where you’d like to receive payments.

Your business information will have to be verified. Don’t worry, it’s an easy, automated process that only takes a few minutes. Once you’re verified, you’ll be able to accept all major credit cards.  

What Is a Merchant Account? 

A merchant account is a type of bank account designated for credit and debit card payments. There are three parties involved in creating and managing a merchant account: your small business, a merchant bank, and a payment processor.

When a client pays you with their credit card, the funds are first transferred from their card to a separate merchant account before they are deposited in your business account.

Step 2: Send a Payment Request or Charge Card Directly 

Now that you’re all set up with your own merchant account, you can send out payment requests for your work. Here you have two options.

The first option is to send a payment request to your client and let them choose their desired payment method. All you need is an email address for your client. They will receive free access to the payment portal, where they can pay the invoice with their credit card.

Additionally, you can charge their credit or debit card directly if you have a pre-existing agreement with your customer. This is by far the most convenient way to pay and get paid. You will get paid much quicker, and your client only needs to provide their payment information once.

You can also use direct payment processing for one-time payments. All you need is the credit card information, which you can input manually and run the payment on the spot.

Accepting Credit Card Payments Through FINSYNC

All direct charges on your clients’ credit and debit cards are processed in batches. All that means is you won’t receive the payment in your bank account the moment a card is processed. 

Instead, all credit card charges are gathered and processed at the end of the working day. Once that’s complete, the total sum is deposited into your account. 

This is something to keep in mind if you’re selling physical products that need to be shipped, or you’re waiting to continue working on a project before you receive the next installment. It might take a few days before the payment arrives in your bank account. 

Eager to offer more payment options to your clients? Get a free trial of FINSYNC to start accepting credit card payments along with ACH and checks with minimal effort on your part.