Credit Card Processing Tips For Small Businesses

Jul 22, 2020

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.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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