For the small business owner Imagetrying to survive in today’s up-and-down economy, having every possible advantage at hand is certainly a requirement.

Being able to meet the needs of both present and potential customers is a critical part of staying successfully employed, be it running a large corporation or the local mom and pop shop. One such need is accepting credit cards, something that not all small business owners have come to terms with yet.

While some reports indicate Americans are trying to cut down on their plastic usage, allowing them to shed sizable credit card debts, it still remains a fact that many shoppers whip out the credit card when ordering both in person and online.

According to a MSN Money report, each American, on average, has three to four credit cards in their possession. As of 2011, it was estimated that there were some 575 million active credit cards in usage just in the United States.

With that being the case, is your small business set up to take credit cards and keep customers happy?

If not, here are some things to take note of as you consider trying the credit card route for your customers:

* Know your needs before shopping - Given that your small business is not necessarily like the one next door, make sure you know what you need prior to getting quotes. In the event you sell products and/or services solely via a website, you may not require the need to process POS (point of sale) or phone transactions. One option to look at is PayPal, which can offer business owners the ability to avoid start up fees, along with offering a number of ready-made tools whether you are a beginner or advanced merchant;

* Understand your own credit history - In the event your own credit card history is less than perfect, you could find yourself having trouble getting merchant accounts. Make sure before applying for one that you have reviewed your FICO score, can explain away any possible debt issues, and have all the necessary paperwork in place when applying for a merchant account;

* Shop wisely - Just like for customers, credit card accounts for merchants come at different prices and with different rules. Small business owners need to make sure they get a number of credit card quotes, read the fine print, and get some background information on the provider. Look at the company’s financial stability, track record, and any history of customer service issues/complaints;

* Get the proper machinery in place - Once your business is approved for a merchant account, make sure you have all your bases covered. Your credit card processing equipment should include a credit card terminal, which is the machinery where you receive the customer’s signature. This is typically done one of two ways, either through the customer or you swiping the card or providing you with the credit card number via the phone or computer. Once your bank okays the charge, it then alerts the credit card company of the charge. The credit card provider obtains the funds from the bank that issued, sends it on to your bank, then charges the customer. At the time the bank has the funds, it will put the money into your account (minus a processing charge);

* Protect against theft - With identity theft a big problem in today’s world, merchants need to make sure their customers’ credit card information is protected. If not, the customer can quickly lose faith in your ability to handle credit card transactions, meaning they are likely to go elsewhere for their shopping needs. Merchants should make sure they are in full compliance with PCI (payment card industry) in order to lessen the chances of customer data theft. It is important for merchants to have in place and maintain an updated firewall configuration to protect cardholder information, encrypt routing of cardholder information via open, public networks, and track and monitor all access to cardholder data.

While having credit card technology in place for your small business does take extra time and effort, the positives typically outweigh the negatives.

Remember, your goal here is to make things as easy and accessible as possible for the customer.

If you are not doing that, you can credit that mistake to losing out on potential business.