Credit card processing can be a tricky if not overwhelming experience for merchants. The merchant services industry is ever changing as well and for a business it's hard to keep up with how that directly affects your bottom line.
Here are five tips for your online business regarding credit card processing.
- Know your merchant account statements. If you do not understand what you are receiving, ask you processor or better yet, give us a call and we can help.
- Always look for hidden fees and credit card charges on your account. These can range from membership fees to support fees.
- Understand that different cards have different discount rates. Agents typically quote the lowest rate possible knowing it's actually only a small part of your business.
- Audit your transactions. Check to see if the email address is relative to the customer name in some way. Do random call verifications for your customer orders to spot check for fraud. Any charge over $500.00 should get a call as well. Remember, it's better to be safe and cautious then risk losing product and sales to stolen cards.
- Make sure your credit card processing solution can help grow your company. You are looking for a strategic partner, not just a bill. We can help with everything from web design, optimization, advertising, customer service, fulfillment and real time support. If your current provider isn't picking up the phone and checking on you, then it's probably time to switch.
These tips if implemented can help to minimize loss due to unauthorized credit card transactions for your business. Just always keep in mind, it's not a race. Make sure your credit card processing solution is secure and monitored in order to help be successful in the long run.