Payment processing is involved. You’re a business owner, not a payment processor so, how are you supposed to know the best way to process? Here are five credit card processing tips for your business to get the most out of your payment processing.
Display credit card information prominently
If you have implemented a credit card policy, you should post some signage on your storefront communicating that to your customer base. You can also post this same information on your website. Posting this signage can increase last-minute, impulsive buys. Merchant Services offering no term commitment solutions can guide you through the process of how to best communicate your policies to your customers.
Mobile devices and payments
Take advantage of using the mobile device to handle payment transactions with customers. Making this payment option available to your customers is advantageous when there is no specific brick and mortar central location. The device is great for business owners who conduct business on the go and transact with customers at a range of locations. The mobile credit card processing option allows you to accept customer payments from any location.
Make it easy to complete transactions online
If you are using online shopping cart solutions, people may feel very uncomfortable providing personal information above what is needed to complete the transaction. Customers feel more confident with the online shopping cart solution when they are provided with the option of subscribing to ongoing newsletters and communications. They are also more comfortable if at checkout they are only asked to supply the information necessary to complete the transaction using credit card processing. Give your customers peace of mind in knowing that you adhere to PCI security policies. Don’t make people open an account and supply additional information if they don’t want to do that.
Prepare for the risks associated with processing credit cards
There will always be a risk of credit card fraud. The unexpected chargeback is something all merchants should be prepared for when doing business online. Prepare for these risks by verifying customer identity and accept only EMV chip cards. Record the time of the transaction and banking institution information in case you have to follow up at a later time. Avoid redirecting people to another site if it is unnecessary.
Prepare for the inevitable chargeback
You can lose your Merchant Services if you don’t monitor the frequency of chargebacks you receive. Putting together a plan to prevent these from occurring is necessary to minimize risks of chargebacks. You want to keep receipts, order information, customer transaction data, and delivery confirmations for a minimum of 180 days. This is because a customer can initiate a chargeback several months from the date of the initial transaction, and you don’t want to be held responsible for the charge or have it count against you.
If you are a merchant that will be using payment processing for your business, following these steps will help you provide a safe and reliable shopping experience for your customers. You have to be capable of delivering the same shopping experience online and offline to consumers using different payment methods.