Paul McNeal over at the Teen Business Forum blog posted a great blog about what you need to accept credit card payments.
If you’re a young entrepreneur or small business owner, chances are you’ve overcome plenty of obstacles already. Whether your baby face, inexperience, or busy schedule got in the way, it’s easy to make mistakes in the beginning and learn as you go.
When you’re just getting started in the business world, you will likely face a lot of rejection. Investors will shy away from your ideas, funding will be slow, and you might find it difficult to get banks on your side.
Start-ups and first time business owners are often considered “high risk” entities and many financial institutions fear setting up accounts or allowing traditional payment processing solutions.
Luckily, there are companies that set-up high risk merchant accounts for businesses that otherwise might never get off the ground. Read on for seven recommendations for what you need to accept payments for your first business.
1. A smartphone
These days, a simple smartphone goes a long way. You can download apps to track sales, to chart progress, and to accept payments on the go. A smartphone can work as an in-store or mobile payment processing tool so you can accept cash or credit from anyone, anywhere, at any time.
2. A Square card reader
The Square register app allows small businesses to accept transactions anywhere. As long as you have a smartphone or tablet computer, business owners can download the app, plug in the card reader, and start accepting payments with no set-up fee and without getting locked into long-term contracts.
Read more here…
I really like my Square card reader. I really saw my book sales increase when I started taking credit cards at conventions and presentations.
Paypal and Intuit (makers of QuickBooks accounting software) also have card readers that work with your smart phone or tablet.
Carol Topp, CPA
P.S. If you haven’t checked out Teen Business Forum, go there today. It has a great forum for you to discuss business with other teen entrepreneurs from around the world. Right now, the forum is by invitation only and for entrepreneurs age 13-