The vast majority of purchases made today are done using credit and debit cards. Fewer people are carrying cash around, meaning it’s harder for small companies to continue operating if they don’t accept cards. If your company is to succeed, you must be able to accept payments using debit and credit cards.
Here are some tips to help you make the most of credit card payment processing services:
Integrate it into the accounting system – To streamline the record-keeping, it’s smart to integrate your credit card processing into the accounting system. All payments should be logged into your accounting software automatically. That way, your accountant will be able to stay abreast of your incoming cash and keep your taxes in order.
Set up a safeguard against fraud – The accessibility of online payments has led to an increase in credit card fraud. If you want to reduce the risk of fraudulent activity, you need to set up safeguards on your website or in your store that prevent fraud. For example, require the security code for every online purchase. Set up your website and physical store to be as thorough in checking customer’s ID and credit card data to prevent fraudulent purchases.
Become PCI-compliant — Payment Card Industry (PCI) Compliance ensures you have the latest “safe practices” to protect your customers and business from credit card fraud. Just like you’d use an antivirus or antimalware program to protect your computer, you need anti-fraud measures in your website and physical store to be PCI-compliant. Thankfully, there are guidelines to follow to meet compliance.
Use the latest encryption – If your databases aren’t encrypted, you run the very real risk of being hacked and having all of the credit card and personal data for your customers stolen. End-to-end encryption (E2EE) is an important part of any credit card processing service. Make sure you use the latest encryption, which will protect your databases and reduce the risk of hacks and credit card theft.
The more accessible, the better – When it comes down to it, people use credit and debit cards because they make the purchasing process easier. It’s all about ease of use and accessibility. The more payment options you can accept, the better it will be for your business. Look into alternative options like Apple Pay, PayPal, e-checks, and less common ATM cards. Your customers will thank you!
Credit card payment processing will make it easier to sell your products. After all, so few people carry cash these days that most of your sales are done using a credit/debit card. By adding card processing, you provide your clients ease of use that will translate into better sales and happier customers!