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PrintCredit Card Opportunities
In addition to government contracting, there is a whole new area of opportunity that isn't included in the figures above: credit card buying, often referred to as "micro-purchasing."
In Fiscal Year 2005, the federal government spent an additional $17.8 billion in credit card purchases. Yes, you read that right, $17.8 billion in business just using that little old piece of plastic money. Since 1984, when credit card purchases were first authorized, the number of credit card transactions has grown from 4.2 million to 25.3 million in Fiscal Year 2005. This means that, on average, over 69,432 transactions were placed each day. The amount of dollars spent with credit cards by government personnel, not just official government buyers, grew from $1.6 billion to almost $17.8 billion.
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Here's more information on how to establish a merchant account so you can accept credit cards.
The government most often uses MasterCard or Visa, but does use others like American Express and Discover. If you decide to set up your account for either MC or Visa, you should be OK. It is best to shop around because the charges vary significantly. Something else to consider is using the newer wireless systems that allow you to use it where needed without being hard-lined to a given location. Depending on the usage level, it may pay to buy the hardware rather than rent. Choose the most cost-effective method for you.
