Irrespective of the size of a business, a business owner always seeks his customers’ convenience. Thanks to advancements in payment processing industry, digital transactions make it all easier and faster. It seems quite simple, to get a merchant account and set up your equipment and you are good to go. But that is not the story with merchant accounts for smaller businesses. Their operations are all together different from the larger counterparts. Smaller businesses include home based businesses, one man army and small group of people working on a venture. The challenges they face are tougher than large businesses, their journey to accepting card payments can be rougher. It is difficult for them to get the approval for the merchant account. They face the difficulty of losing money from the fee, stolen data and much more. Still, it is advisable to be in favor of payment process services as it is more of a necessity in the world of cut-throat competition. You can be on the winning side of the tug if you educate yourself with the below-mentioned loopholes.
- Your staff and you might not be well trained for handling credit card transactions. It is something to be done as per law. As per the law, you should be protecting your customers’ data and undoubtedly it is good for your reputation in the market. So educate your staff for right handling of credit card transaction abiding the law.
- Beware of the authentic credit cards. Now this includes both, the stolen credit cards and the fake credit cards. The magnetic strip of the stolen card would be tempered by the criminal, do authenticate the identity of cardholder before completing the transaction. Do make yourself aware of different types of credit card available in the market.
- It is commonly overlooked to-dos for credit card transactions. You as a merchant should match the signatures of the customer with that of the cardholder given on the back side of the credit card. In case it is not there, you should ask for the identification for verifying the Genuity. A good customer will always respect your concern.
- If you store the credit card details for later transactions you are violating a law. Credit card data can be stored securely and quite specifically. If you store it otherwise you will be exposed to liability for frauds and other financial risks.
- Accepting returns of items on credit card payment might land your business in situation losing money. Especially when it is done with a stolen credit card, the criminal cum customer comes back to fetch cash in name of return of items earlier purchased.
Figuring out the right payment processor for small business may ease all your stress. For that, you will have to keep a watchful eye on their operations. Choose an easy and predictable service.