How to Become a Vendor That Can Accept Visa
Plastic money has greatly replaced paper money. Most people now prefer to pay through their cards instead of carrying bundles of cash. It is also a safer method against stealth because the card can be blocked the moment you realize that it is not with you. Visa card is most widely used credit card. Customers now expect businesses to make arrangements for accepting a visa card to increase their convenience. It also makes business transactions very fluid because the payment directly gets stored in your bank account. So it is very important for a vendor to have visa card arrangements so that the customers can make a purchase even when they do not have cash in their wallets. This also promotes sales because no customer will back off due to low cash. Another major benefit is that customers can buy your products online using their visa card. Our step by step guide tells you how to become a vendor that accepts visa.
Instructions
-
1
In the first step, you need to partner up with an acquirer, which is a financial institution like bank that looks after your visa transactions. Make sure that the acquirer is registered with visa and also understands you business. Compare the rates of the different acquirers in market and then choose one which offers reasonable discount rate. Another factor that you have to look at is trust and credibility. Your acquirer should be credible enough to be relied on with sensitive information that are critical for your business.
-
2
Draw a carefully scrutinized contract with your acquirer. Get an imprinter machine and place it near your payment booth. The imprinter machine is the one where the cards are swiped to be charged. You can buy this machine online or from a local store.
-
3
Understand the transaction process. The customers pays you in form of a credit card. You swipe the card. The acquirer gets the information verified from the institution that issued the card to the customer for adequate balance. It makes the funds available for the transaction. The payment is made and you have a new sale. The imprinter machine also gives out two copies of receipt; one for you and the other for themselves.
Same goes for online transactions. The only difference is that instead of a card swipe, the card numbers are entered.
