Cheapest Way to Accept Credit Cards

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    Use Your Bank

    • Check with your bank about accepting credit cards. Many large banks make it easy for individuals to accept credit cards without contracts or high fees typically charged to corporations. Ask your bank teller about the services available online that enable you to request money from friends, family or businesses. The money will be directly transferred into your account, with a small percentage taken as a processing fee. Talk with your bank if you own a small business, as it can provide you with affordable merchant services including a credit card terminal free of charge.

    Use Paypal

    • Use Paypal for online stores, donations and other personal financial needs. Set up an account with Paypal by simply providing your name, address and financial information. When someone pays you with a credit card, the money shows in your Paypal account until you withdraw it. For credit card payments, Paypal only takes a small percentage from 2 to 8 percent, depending on the type and size of the payment. Place a Paypal button on your website or send a Paypal request via email to customers and clients. The person paying does not have to have a Paypal account to pay with credit.

    Use Your Cell Phone

    • Use your cell phone or PDA (personal digital assistant) to accept major credit cards for a small fee. Purchase the application or software for your particular phone or PDA, install it and you're ready to start accepting credit cards. Depending on the frequency of transactions and the number of cards processed, the fees vary from transaction to transaction.

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