We live in a digital era, and customers are shying away from making payments using cash due to the apparent disadvantages. Making sure that your business can accept credit cards brings more benefits than just fantastic customer service. Customers expect to pay for goods and services everywhere using credit cards and small business are being challenged to integrate electronic payments into their systems. If your business does not accept electronic payment, you risk losing a considerable portion of your business to your competition. With the wealth of credit card processing company options available today, it might be difficult for you to find the best one for you. Here is a guide that will help you land a suitable credit card processing company for your small business.
Patience Is Key
It is vital to understand that it will take some time before you can fully integrate an electronic payment processing option into your small business. The payment of making an application and seeing it approved can be lengthy and hectic, and you need to be patient. The first thing you will be required to do is to spot a suitable merchant service provider. Most of these providers service a specific line of companies due to the issue of high-risk processing, and you need to find the best one. Do your homework well on the options at stake and ensure that you land on the best from the rest so that you do not end up regretting later. Each choice you make comes with a host of several other attachments such as the fees, advantages, demerits, and charges and you need to select one that is correctly aligned with your business.
Lean Towards the Flexible Options
If you have a small business, especially a new one that is still trying to find its footing in the market, it is always good to give yourself some room to play around when things start going haywire. Rigid policies should not govern a new business but ones that offer the desired flexibility when you decide to shake up things later on. It is evident that having the ability to accept credit cards is a fantastic feature for your business, but you should not wish to fix yourself into a particular contract from the word go. Some rogue merchant providers try to get businesses into agreeing into some lengthy agreements by attaching hefty cancellation fees that will hinder you from looking to other options when your current contract proves to be unrealistic for your business. Do not be afraid of asking for any tweaks or saying no to deals that will only hurt your small business.
Abide By The Regulations
When dealing with money and credit, it is always safe to follow the regulations to the latter. This is a significant part of your business and going contrary to the rules can have serious consequences that may affect your business. The protocols and regulations will always vary from one credit provider to another, and you should read through them carefully to ascertain that what you are signing up won’t fix you in a corner at the end. Taking an example, it is always good to understand whether you need some special permissions to process payments where the credit card is not physically available such as the online payments completed via phone. Most of the processors may specify that you obtain additional security information before processing such payments and you need to follow such specifications to the latter.
Validation Is Important
In today’s world, customers like to have a plethora of options when it comes to making payments. It is therefore in the best interest of your business to have options such as debit, prepaid and gift cards for your customers. However, availing these options gives you a challenge of being extra vigilant when receiving payments. You should never authorize any payment before obtaining a valid authorization. Not all of the people who are buying things from you are genuine, and some malicious people can spot loopholes in your payment processing system and use the lack of a concrete authorization to put you into trouble with fraud.
State Your Refund Policy
It is common to see small businesses ignoring essential things such as refund policies due to the magnitude of transactions that they usually run. However, you can never achieve full customer satisfaction, and a customer will want to return something they purchased, and you will realize the importance of a clear refund policy. Ensure that your business has a clear plan for these refunds and your customers should be aware of it. If you have it in place and customers are not aware, they might use the wrong procedures that will land you in trouble. Display your policy at your point of sale and print it on the receipts to avoid confusions.
Deal With Customer Issues Promptly
Customer complaints, and issues are a common thing when dealing with online processing solutions. They will always come, and you cannot avoid them. It is imperative to have a rolled-out framework of how to deal with these issues and ensure that they are handled promptly. Find out whether our payment processors offer notifications concerning impending chargebacks and fraudulent cases so that you can prepare for situations where customers dispute a particular charge. This gives you the time to deal with these customer issues and even gives you the chance to contact the customer and see whether the claim is valid and there is a chance of you ironing things out.
Keep Accurate Records
You need to be aware of how your accounts are, and this involves keeping a detailed record of all your financial transactions associated with your electronic payment processing system. It has been mentioned that electronic payment processing is not a straightforward thing and these records can come in handy when you are required to prove something or fight a chargeback. Some customers may try to take advantage of the chargeback system, and the records are something that will bail you out in such instances.
Finding a reliable payment processing solution such as The Southern Institute is not an easy task for small businesses due to the things involved. It is essential to take this part of your business seriously since it can be your lifeline. However, a reliable online payment processing system is an asset for any company and can really help you to scale up your operations.