Credit card processing is an essential step to ensure that you are able to comply with your customers’ needs and wants.
Because we want safer and more efficient transactions for our beloved customers and clients. After all, why should we be in business—if we can’t make life easier for them, right?
But how do we make that possible?
Simple. Let’s offer more options for them.
More payment options for your clients and customers EQUALS better business for you.
Let’s face it: our target markets have different behaviors, characteristics and attributes.
Some like to pay in cash, while some love using “plastic” when paying for their purchases.
Now, as a business, what should you do?
Should you stick with the old-school “cash only” transactions? Or should you be more updated and be available for credit card and debit card payments as well?
Well, if you ask me: You should always provide more options for your customers and clients. Otherwise, they might get turned off with your business.
Here’s a scenario: A customer wants to buy the rarest Michael Jordan shoes in your store. However, he doesn’t have the cash with him—but he’s sincerely begging you to accept his credit card payment.
What should you do?
Should you just outright refuse him, saying: “sorry—no cash, no sale”?
Or should you be the more approachable business owner and just accept the credit card payment?
Well, in the end, the choice is yours.
But please note though: If you are in the business of selling (whether products or services), you need to be always prepared for any eventualities. You need to have what it takes to cater to the demands and requests of your customers. Otherwise, they’ll find someone else who can.
Simply put: You need to be the complete solution to whatever they may need.
And if that means accepting credit cards, debit cards and getting someone to help you out with credit card processing, then so be it. Make your customers happy—and you will be a happier (and more profitable) business owner.
Credit card processing: What are the details that I need to know?
If you’re double-guessing on whether to accept credit cards because you think it’s going to be a big pain in your schedule and finances, think again.
Credit card transactions don’t have to be that complicated—but there are certain areas that you need to be careful of.
One of the more important things to look out for is security.
As you can see, there are thousands of reports about data breach and credit card fraud on a regular basis. And unlike before where it’s the banks who issued the credit cards that are ultimately made liable for the losses (they’ll be the ones made to pay)—currently, stores who accept payments from counterfeit or stolen credit cards may be held liable, if they do not to comply with certain standards.
As of October 1, 2015, small businesses are required to use EMV readers when accepting credit card payments.
EMV readers are actually used to read (obviously) EMV smart cards, which are actually credit cards that have built in chips for enhanced security. These microchips are actually designed to store data, which in turn, can help minimize security risks, such as data breach, credit card fraud and other related issues.
Now, you might be wondering: These credit card processing tools seem expensive. What if I don’t invest in EMV readers?
In that case, you might have a problem in your hands. A big one.
As mentioned earlier, stores who accept payments from counterfeit credit cards (because they did not have EMV readers) will be the ones made to pay for the unauthorized purchases. That’s point one.
Point two: small businesses who have not complied with these standards will also be penalized with hefty fines.
Yes, that may seem unfair to small businesses—but that’s just the way it is. If you want to be in business, you need to comply with what has been set by the law.
So, what should you do?
Are you contemplating of closing shop just because you don’t have EMV readers?
Don’t do that!
Just get the help of a payment service specialist to help you out. Learn all there is to know about credit card processing and running an efficient business… for free! RedFynn is a business intelligence company with all the years of expertise and experience you need. Want help with your business? Call (888) 510-9871.
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