Many shoppers are now moving with credit cards instead of cash because it’s actually easier to make payments using this card. They expect every store all over the world from corner bakeries to local gas stations and their favorite websites to accept payment through this means because it’s stress-free. Today, as a business owner, if you are not willing to accept credit cards, no matter the size of your business, you will lose many of your customers to competitors who accept this means of transaction. Although the major setback to the use of credit cards is fraud and chargebacks, the following tips will help you manage the use of credit cards as a means of payment for your small business.
#1: Get the right payment processor
Don’t make a mistake of believing all payment processors are working alike. They are actually different in terms of their rates, fees advantages, and disadvantages. So before choosing a payment processor, take out time to shop around and make a comparison of available options to get one that is suitable for your small business operation. You can as well follow my usual recommendation and buy your small business pos system from Digitech.
#2: Consider options for adjustment
It is wise to get a merchant account that allows easy adjustment to suit your business operation. Some merchants will require lengthy procedures to make a cancellation. Don’t hesitate to ask questions and request adjustments when some requirements are not pleasing to you. Sometimes you can say “no” and move on to other flexible options.
#3: Know the rules
Matters involving cash requires great care so you don’t run at loss. Make sure you know the protocols of the credit card processor you are settling for. Know the rules backward and forward and ensure you follow it to prevent fraud and keep your business in good standing. Some payment processors will require permission before making purchases online in cases where the credit card is not physically present. Make sure you ask if that is required and know if additional information such as digital signatures, IP address and social media profiles will be needed for a secured transaction.
#4: Get authorization before completing a transaction
There are many options available for making payments including prepaid cards, gift cards, prepaid and the well-known credit cards. Shoppers love it when they can make transactions with plenty options but you as a small business owner needs to be careful here. Ensure you get authorization before calling a transaction complete to avoid running into trouble with fraud or not getting paid.
The use of credit cards is innovative and is useful in ensuring an easy transaction but ensure you make careful considerations before choosing a merchant account provider or payment processor.