If you have finally decided to accept credit card payment from your customers, you are definitely in the right direction. This enhancement to your business will surely increase your customer sales and boost your reputation. In this article, let’s talk about credit card processing tips to enjoy the most benefit and avoid unnecessary costs.
Before signing up for a merchant account, be sure to read and understand the fine print. Pay attention to the specific fees associated with the credit card processing service.
For example, some merchant account providers may hide the cancellation fee should you decide to deactivate your account. The fee may cost you anywhere from $250 or more, depending on the merchant account provider. Furthermore, get to know the exact cost per transaction as some companies may charge you with hidden fees.
If you don’t request for this fee to be waived, you may have to pay it once you have signed up the contract. This is why it’s very important to understand the terms and conditions, particularly the fees before opening a merchant account.
Compare Credit Card Processing Companies
Remember that the policies and fees vary from one processor to another. Compare at least three or four credit card processing companies to be sure that you will be making the right choice. Find out what each provider offers. Find out the specific fees charged. It’s also a good idea to ask your business contacts such as your attorney, accountant and suppliers for possible recommendations.
Watch Out for Fraud!
Accepting credit card payments from customers, both online and offline poses the threat of credit card fraud. You can avoid being a victim of fraud by taking careful steps to make sure that the bearer or user of the credit card is truly the genuine owner of the account.
When a customer purchases from your shop in person, take the extra time to verify the authenticity of the credit card. Ask for additional ID such as a driver’s license or other valid identification to make sure that the card has not been stolen. See to it that the signatures on the ID, the receipt, and the credit card match.
For online transactions, require the customer to enter verifying information to make sure that the account is not being used without the account holder’s consent.
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About the Author:
Melanie James has spent the last 14 years working with businesses to implement quick, effective and inexpensive changes to their businesses to increase productivity and their bottom line.