Monitor Transactions Every Day
Make it a practice to review your accounts and transactions on a daily basis. No one knows your industry as well as you do! Keep an eye out for anything that appears to be off or suspicious.
Credit cards are still the most popular payment method in the United States, despite the rise of other payment methods like Google Wallet and Apple Pay. If you run a business, whether online or in a physical location, you almost certainly accept credit cards. (Who doesn’t these days?) If you accept credit card payments from customers, you must use a credit card processing service to process the payment.
Unfortunately, as the sector has grown, so has the number of unscrupulous tactics, hidden fees, and other restrictions. These heinous tactics frequently target small enterprises, startups, and e-commerce websites.
Eddie Tech Solutions can help you with that. We can assist you in selecting the best credit card processing service for your company so that you can accept payments easily and save money.
As your company begins to use a credit card processing service, you’ll need to consider the initial expenses, fees, and equipment that your company will require. Eddie Tech Solutions can assist you in selecting the most appropriate credit card processing provider for your company. A service that is appropriate for a coffee shop that swipes credit cards hundreds of times per day may not be appropriate for a larger-ticket business that only handles a few major transactions per month, such as a car dealership or a piano store.
If your company has a physical location, you’ll need point-of-sale terminals, tablet and other mobile credit card readers, and swipe and dip card readers (or a combination of these!) You might also consider a virtual terminal if you run an e-commerce business.
So, how are payment transactions carried out? You should understand how money goes between your customer and your organization as a business owner. In this section, we’ll answer all of your credit card processing questions.
Payment processing is divided into two stages: authorization, which involves approving the sale, and settlement, which involves depositing the funds into your account. The following are the steps involved in processing a credit card payment:
The length of time it takes for a credit card payment to be processed is dependent on a number of factors, including the bank with which your merchant account is associated. A payment, on the other hand, can take anywhere from 24 hours to three days to process. The above-mentioned processes in credit card processing can be time-consuming!
Perhaps you’re wondering if there’s a method to process credit cards for free, so saving your company money. There are several processing providers that don’t charge any fees. These services, however, are not actually “free.” Instead, you simply pass the fees on to your clients. This indicates that in order to conduct business with you, your consumer will be charged more. Zero-fee processing services are not the solution for your business if you want to keep your clients pleased and loyal.
We understand how vital it is for you to secure yourself and your business as a small e-commerce enterprise. Here are a few things you can do to protect yourself and your company from payment fraud.
Make it a practice to review your accounts and transactions on a daily basis. No one knows your industry as well as you do! Keep an eye out for anything that appears to be off or suspicious.
It may be a good idea to set limits for the number of purchases or total amount your business will accept from one account in a single day, depending on what you sell. While this may appear to decrease your earnings, it can also limit the amount of online fraud your company is exposed to.
To keep yourself safe, you might want to use an address verification method. An address verification system checks the numeric elements of a credit card’s billing address to the credit card company’s address on file.
The three- or four-digit security code on the backside of a credit card is familiar to everyone. However, you may not be aware that businesses are prohibited from storing CVVs alongside client names and credit card details. This is why these security codes work so well.
Fortunately, most transactions go off without a hitch. But what should you do if you get a chargeback? A chargeback occurs when a customer files a dispute with their credit card provider and requests that the transaction be reversed. Here are some suggestions for preventing and avoiding chargebacks in your online store.
Customers are less likely to file a dispute or a chargeback if they can contact you directly about a problem with their purchase. Make sure to include an email address and a phone number that can be reached from multiple locations on your website.
If you receive a message from a client who is unhappy with their product or service, make sure to answer swiftly, politely, and professionally.
If a client insists on filing a chargeback with their credit card provider, try to address the issue between the two of you first. Some processors, such as PayPal, include a dispute resolution facility where buyers can file a complaint. This enables you and the customer to collaborate on a solution.
It’s critical that your return policy is easily accessible and understandable on your website. You don’t want your clients to complain about being unable to locate your policy.
The first step in figuring out who your international market clients are, where they reside, what products they like, and how they purchase is to figure out who they are.
When you decide to expand your company internationally, you’ll need to figure out how you’ll collect payments from international clients. In general, consumers prefer to make purchases in their own currency. Some worldwide payment providers allow you to list the cost of your products in a range of currencies. It’s also crucial to pick a payment processor with a good track record for security.
Unfortunately, there is no one-size-fits-all solution for determining which credit card processing provider is the most cost-effective for your small business. Stripe, PayPal, Authorize.Net, Flagship Merchant Services, and Intuit Quickbooks are some of the alternatives we recommend to our clients. However, for one firm, the cheapest and greatest service may not be the best for another.
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