The businesses need to install a system that allows them to accept the payments in various ways and through different payment methods. This is crucial for them because of the demands and expectations of the customers. One of these methods includes installing the credit card processing system.
Mobile wallets and credit cards are among the most used online payment methods. The customers prefer to pay using these due to various reasons. Credit card processing could be done through POS machines (swipe machines), payment gateway solutions, wallets, etc. Cash has become obsolete, and due to the various advantages of Credit Cards, a large number of customers prefer to pay with it. These advantages include convenience, the feature of spend now-pay later, reward and bonus points, easy EMI options, etc. This payment mode is responsible for creating the debt and charges an interest rate on the customers, but this same feature also provides them the convenience of payment.
Because of these underlying advantages, the business enterprises of all kinds have started credit card processing. It is necessary to keep up with the trend and stay ahead of the competition. Thus, this article discusses the tips to consider for businesses for credit card processing.
1. Credit Card Processor as per the type of your business
It is logical to use one safe credit card processing gateway as per your business type. Credit card payments are highly demanded, but it comes with the risk of frauds and chargebacks. The credit cards are so much in demand because of this safety feature to the customer. So, it is significant to choose the ideal system such as PayKun to protect you from such risks. If you are a high-risk business, then opting for the high-risk credit card processing payment gateway is the best option. Further, if your business is international, your payment processor must support the global credit card payments. Also, the protection of sensitive data is highly essential; with this, the credit card processing gateway’s security compliance becomes significant. For example, PayKun is PCI DSS compliant and follows the Advanced Encryption Standard (AES) so the fraudsters and hackers cannot steal or harm sensitive card data. The payment gateway needs to have smooth and robust tie-ups and partnerships with various banks and financial institutions to enable credit card processing at the international level. This would affect your global branding to a great extent.
2. Other payment options along with different types of cards
Furthermore, as there are various other payment method options available, the customers need these options while paying, and the business must have them. The reason for providing the alternatives along with the credit cards is that the customers have the other options to pay if any issue arises while paying with the credit card. Not only the other payment modes, but you also need to make sure that different types of card payments are supported. This can be easily made possible by using a payment gateway like PayKun.
3. Increase Customer confidence with the display of the card logos that you accept
The branding is vital; it is important to show the highly demanded and preferred card payment options on your site. This builds the trust of your customers and lures them to the checkout. Basically, showing the credit card processors’ logos on your website tells the customers that you accept the payments with their preferred credit card processing network. These also show that you are a genuine seller or service provider because the card payments service providers or partners would only provide their services to legitimate merchants.
4. Reports and Accounting
When you use a payment gateway for credit card processing, it becomes quite convenient for you when it comes to the accounting system. Not all the payment gateways can be flexible in installing the full accounting system software. The payment gateway like PayKun would provide the reports as per the customized period, these would be very useful in the accounting process for the business.
5. Precautions against the buyers concerning the friendly frauds
There are customers out there who would commit the chargeback frauds. In this type of fraud, the customer would purchase and receive the product or services; however, still, file the chargeback. Or the others would claim that they have not made the payment and the card was stolen or something. Various precautions such as Address Verification Service tools can be put into practice to beware of such customers. Also, under the Card-Not-Present Fraud, it is necessary to verify the customer’s address when buying the product. It should be matched with the billing address on file with the credit card company, further check the validity of three-digit CVV security codes, and make sure there is no system that the merchants can store these codes. But if these details are stolen, then the wrong transaction may also appear real.
Charges on credit card processing need to be reasonably levied by the payment gateway or the processors you choose. PayKun offers cost-effective services and also helps you with all of the mentioned tips. Sign up and start accepting credit card payments with other payment methods such as debit cards, wallets, net banking, UPI, and QR codes.