Each year, the United States government issues nearly $100 billion to EBT programs like the Supplemental Nutrition Assistance Program (SNAP). EBT makes it easy and secure for beneficiaries to purchase essential goods, including food and garden supplies. On average, SNAP beneficiaries receive $126 per month.
If your business doesn’t accept EBT, then you’re potentially losing thousands of dollars in revenue every month. Learn how to start taking EBT so you can grow your customer base and increase your profits.
Get a USDA Account to Start Taking EBT Payments
Before you can accept EBT payments, you need to get a USDA account. You can start by filling out the USDA eAuthentication form online, but it’s easies to have your credit card processor help you through this.
Once you get a USDA account, you have 30 days to complete and submit an application for SNAP’s Online Store and Farmers Market Application. The application requires information about your estimated sales, so have those numbers handy before you start.
Your store can only accept EBT payments for certain types of products. Since most people use EBT for their SNAP benefits, you’d think that you could accept payments for any food-related purchases. Like many things involving the government, though, it’s not that simple.
Instead of worrying about whether you’re staying within EBT and SNAP guidelines, choose a merchant service that employees EBT/SNAP experts. The partnership will make sure that you always stay on the right side of the law, so you can avoid fines and keep benefiting from EBT payments.
EBT works a lot like credit card payments, which means you need processing equipment before you can accept money from your EBT customers. You can get a card reader from the government, but it tends to take a long time. Since you want to start taking payments as soon as possible, you should use a third-party processor that can send you the right equipment within 24 hours.
Once you have your EBT reader, you can start accepting payments from more customers. As a result, you can attract more customers, earn more money, and protect yourself from fraud.
Some other blogs you may be interested in on this topic are http://insight.getvms.com/ebt and http://insight.getvms.com/you-cant-afford-to-not-get-a-pos-for-your-small-business