Business competition couldn’t be more intense in this day and age. No longer does a competitive edge have to do with whether or not a business can take credit and debit cards as payment. This should actually be the standard practice for any business that is serious about growing their venture to be profitable and scalable for years to come. A business that fails to provide at least the standard is positioning themselves to lose customers and eventually, their business.
Helpful Tips For Small Businesses That Take Credit Cards
If you are a business that is currently accepting credit cards or hope to do so in the near future, take a look at the following tips so that you can ensure that you are setting your business up for success.
- Shop around for the best payment processor: Before you can begin to take credit and debit cards as payments, you need to secure a reputable and trustworthy merchant account provider. Make sure that you thoroughly investigate their fees, rates, pros and cons. Read contracts carefully to make sure that they don’t have any additional hidden fees or outrageous terms and conditions.
- Approved? Great, now follow the rules: Every processor is going to have a set of guidelines and protocols that you must follow in order to protect yourself from fraud and maintaining good standing. Please follow them. You will find that certain processors will ask that you request more information such as IP addresses, digital signatures, or information from social media profiles if there is a potential for a “card-not-present” transaction.
- Never close a sale without legitimate authorization: Customers love the freedom of being able to pay in a variety of ways. Therefore, grant them that desire by accepting prepaid cards, debit cards, and gift cards, along with regular credit cards. But before you eagerly take the sale, make sure that you validate this transaction. If you don’t there’s a strong chance that you won’t get paid and or you could be walking into a fraudulent situation.
- Provide clear payment descriptors: As more consumers are making most of their everyday purchases online and via credit card, it’s only natural that they lose track of each transaction they make, for example, in a complete month. If they are not able to recognize a purchase on their statement, they will surely report it as fraud. Therefore, it is crucial to provide a clear payment descriptor. This should include the merchant name and other vital information related to your business.
- Deal with any customer service problems in a timely manner: Customer service problems are sure to pop up in any business. If you deliver swift and effective customer service, you are less likely to deal with a potential chargeback. See if your payment provider offers a notification feature of any pending chargebacks so that you are identified immediately. This way, you can address it head on, contact the customer, and make things right.
Final Thoughts
As a business owner, it will be inevitable that you will face challenges and run into problems. However, it is best to have some preventative measures in place to minimize any problems. Taking credit and debit card payments are convenient for both you and the customer, but this convenience comes at a price. By taking and implementing the aforementioned tips, you will be better equipped to handle your challenges with confidence and ease.