What Should One Know about Credit card processing the Technology solution for payment?
4 min readEach business is different, especially with accepting payments. Your business ensures success with technology, and it is crucial for your success. It also pays to understand your needs and get the technology solution, credit card processing, at the earliest.
Invoices are a must for the majority of businesses. It is an essential billing part. Many businesses rely on manual processes to create invoices using excel templates. However this may appear to be an inexpensive solution, but there is time waste in creating invoices. However, there is another issue, and it is the lack of connectivity between data that may be detrimental.
What are the different payment forms?
Point-of-Sale
The solutions of Point-of-Sale are huge for retail locations and restaurants. These are integrated machines with a cash register, computer monitor, and online credit card processing unit. There is a need to research and pick one that offers the right features suitable to your business size and shape.
EMV smart terminal
The terminals of physical credit card processing are the best for any business with brick and mortar location. If you receive physical customers coming and they swipe the cards, this is the right solution. Importantly, make sure the machine your purchase features NFC technology-enabled and has full EMV. It means you can accept contactless payments such as Apple Pay and chip cards as payments.
Online Shopping Cart
Online shopping carts are essential for eCommerce platforms. Payment gateways power it. Having a store online is a way of increasing the visibility of a product. The payment processing through a shopping cart is now easy, and just a phone call is enough to get the payment gateway activated.
Mobile Payment Solutions
Mobile credit card processing is the best payment technology and suits the on-the-go business owners. It may be a game-changer, and you can find businesses receiving a mobile solution, while the large majorities use apps and mobile card swipers for field reps and trade shows to take on the spot payments.
API
API is a fantastic payment processing method for people looking for specific payment solutions. Some merchant services providers offer API technology to integrate into a proprietary application. Thus, credit card processing becomes perfect for companies looking for customizable features.
Compliance and Security
Accepting credit cards indicates you must handle the information of the customer safely. To ensure safety, it must be PCI ad EMV compliant, as per industry standards.
- PCI Compliance- It is a set of standards as PCI, Payment Card Industry, to safeguard sensitive information. It means ensuring security measures are appropriate while accepting credit cards. Thus, look for the best credit card processing provider offering PCI compliance as a part of the payment feature.
Businesses that are not PCI compliant are at the risk of paying a PCI non-compliance fee. It is not a fee connected to your merchant processor.
- EMV Compliance- EMV refers to the chip card technology. The chip technology provides the best security improvements. Your card has magnetic stripes, and your information is stored in it that the information is easy to copy for the scammers from the card.
Chips encrypt the card information with each use, and so the skimmer technology does not work. It cannot take away your sensitive data or make unauthorized purchases.
Chargebacks
Everyone likes to do things as per plan, especially with business finances. Thus, it is crucial to know the possibilities and how to manage with a chargeback. The chargebacks were to keep the consumers safe from fraudulent activity. It occurs when a consumer disputes a charge to the account. In case of a stolen or lost card, banks issue funds reversal, and your company is in charge of the chargeback cost.
On receiving a chargeback notice, the process takes time to complete, and the bank holds the funds. Only on receiving the proof of purchase by the bank, the chargeback takes place. Here are a few ways to avoid paying excessive penalties from chargebacks:
- Use an online credit card processing company offering clear payment descriptions and strong security standards.
- Follow proper procedures for credit card processing.
- Train your employees to find fraudulent activity signs at your business and prevent chargebacks.
- Provide customer service and promote your customers to resolve issues before escalating to the banks.
- It is best to have a contract on finding the best credit card processing services. You must get all the details in writing. It will minimize confusion about payment and delivery.
As you look for a perfect credit card processing company, you can enjoy doing business without trouble.
About Author
