Tattoo Studio Merchant Accounts
Are you a tattoo studio owner looking to transition from a ‘cash only’ policy to accepting card payments? The process may seem daunting, especially considering the unique nature of the tattoo industry. In this ultimate guide, we’ll walk you through the crucial aspects of finding suitable card processing for your tattoo studio and how electronic payments can streamline your business operations.
Understanding Tattoo Studio Merchant Services
When applying for a tattoo merchant account, the structure of your company is vital. If you operate as a sole trader, each artist will need their own merchant account. However, some limited companies act as the merchant of record, handling splits before settling with individual artists.
Choosing the Right Tattoo Studio Payment Processors
Not all payment processors accept applications from tattoo studios, but those that do often offer reasonable rates and long-term processing. To increase your chances of approval, provide all necessary documentation, including ID, proof of residency, transaction history, cash flow forecast, licensing documentation, and an incorporation certificate.
Breaking Down Tattoo Studio Payment Fees
Fees for accepting card payments at your tattoo studio consist of fixed fees (e.g., terminal hire, authorisation fee, PCI compliance) and percentage costs per transaction. Compare merchant accounts based on their pound-for-pound value, and consider switching accounts every few years to optimise costs.
Navigating Tattoo Studio Credit Card Processing
Most card transactions in tattoo studios are face-to-face, so selecting the right hardware is crucial. Terminal contracts typically last for a minimum of 12 months, with options to either lease or purchase the machine upfront. Consider whether you need a chip and pin machine for off-site tattooing at events.
Dealing with High-Risk Merchant Accounts for Tattoo Studios
If your payment processing has been declined or terminated, you may need an alternative solution. Experts at Merchant Advice Service HQ can assist in finding suitable long-term accounts tailored to your tattoo studio’s needs.
Exploring Online Payment Processing for Tattoo Studios
For studios taking deposits for bookings or bespoke designs, online payments offer convenience. Options include pay by link, email invoices, website payments, social media channels, and Mail Order/Telephone Order (MOTO) via a virtual terminal.
Understanding Tattoo Studio Payment Gateways
To process online payments, your studio needs both a payment gateway and a merchant account. A payment gateway facilitates online transactions, integrating with your website and chosen merchant account provider.
Fast Settlement for Tattoo Studio Merchant Accounts
Tattoo studio owners often prefer quick settlements. For a small monthly fee, card payment funds can be received the next working day, improving cash flow and facilitating timely commission payments.
How Merchant Advice Service Can Help
Navigating the intricacies of setting up card payments for your tattoo studio can be overwhelming. Merchant Advice Service HQ’s experts can guide you through the process, ensuring you find the best solutions tailored to your unique business needs. Contact us today for personalised assistance.
For more advice like this, visit our blog page!
