Maybe you have started a new business or startup and you are wondering how to accept credit card payments from your customers. Or maybe you have an established business but haven’t yet made arrangements to accept credit card payments but now you want to. The process can seem to be difficult if you are trying it first but it is not. We have brought to you a guide to help you set up a system to accept credit card payment for your startup or business.
But before we learn how to set up a system to accept credit card payments, we need to know why it is important to do so.
Why Should You Set Up A System To Accept Credit Card Payments
People are shifting toward digital payment methods nowadays. Digital payment options provide a sense of security to the customer and it is also very easy to pay through digital methods. Whether shopping online or offline, people nowadays prefer digital payment options to pay for the services/products they buy. Therefore, it becomes essential to set up systems to accept digital payments.
Now, let us see how to set up a system to accept credit card payments from your customers.
How To Accept Credit Card Payments
To accept payments from credit cards, you will need a machine called ‘Point of Sale or PoS’ machine. The poS machine is a small device that allows customers to pay to your account directly from their credit cards. Every bank offers PoS machines to licensed merchants. In this article, we will see how to apply for a PoS machine in the State Bank of India (SBI), but the process will almost be the same for all the other banks.
1. Go To PoS SBI Website
Simply Google search ‘SBI PoS’ and open the first link. Here you will find about 8 different types of PoS Machines which are:
- Desktop GPRS
- Portable GPRS
- Mobile PoS
- ECR Based Terminals
- Bio-Metric Desktop GPRS
- Bio-Metric Portable GPRS
- NFC Enabled Terminal
You can also read the benefits of installing a PoS Terminal for your business on the page.
2. Apply For PoS Machine
The next step is to apply for a PoS Machine. Just click on the ‘Apply Now’ button below the ‘New Merchant’ label. You will be asked to fill out a form asking details about you and your business. Fill the form and submit it.
If your application is approved, your details will be shared with the nearest branch of SBI. You will be asked to go there with your documents. Your personal and your business’s documents will be checked and verified.
4. Installation of PoS
After your documents have been successfully verified, a person from the bank will visit your store and set up the payment terminal. He/she will also tell you about the functionalities of the machine and tell you how to use the machine.
And that is it. You have successfully set up a method to accept credit card payments from your customers. Please note that there are only one-time installation charges for the PoS or ‘Point of Sale’ machine and no bank will charge you anything apart from that. All the payments made by customers are directly transferred to your account with no additional fee. This is a very simple process. Therefore, any business, whether large or small should set up PoS for credit card payments.