The payments ecosystem is growing and changing at a fast pace. It’s becoming more and more complex day by day, and the merchant services industry is growing along with it. Today, being able to accept credit cards is so much important for small businesses. This is the path leading to success.
Credit Cards and Credit Card Processing
Modern consumers expect to be able to pay via credit cards anywhere they go. In this day and age, cash isn’t always the king. According to a 2016 survey by a US credit card processor, 40% of respondents chose credit cards as their preferred payment method, 35% selected debit cards, and only 11% responded they preferred cash. The number of customers surveyed was 1.000. The survey showed that the consumer preference for credit cards had increased by 5% over the same survey results from 2015. The results for debit cards dropped by 6%.
It’s interesting to note that credit cards were starting to be used in the 1920s by several companies. They became more popular among businesses in the 1930s. The first credit cards issued by banks date back to 1946. American Express and Visa first started circulating cards in 1958.
You, as a small business owner, should find a reputable payment processor to apply for credit card processing for your business. Consider applying to eMerchantBroker, the top high risk payment processor in the US. EMB isn’t only a reputable payment processor, but also a respectable business funding provider. EMB offers the lowest possible rates and the best terms for high risk credit card processing. EMB is rated A+ by the BBB and A by Card Payment Options, and is also one of Inc. 500’s Fastest Growing Companies of 2016.
Credit Card Processing Tips for Small Businesses
Businesses that aren’t able to accept credit cards won’t be able to successfully fight the competition in today’s marketplace. Below you can read several credit card-related helpful tips for small businesses.
- Research well to find a reputable payment processor to turn to for a merchant account so to be able to accept credit cards.
- Look for a payment processor that offers freedom to customers so you can make the necessary adjustments instead of being locked into a long-term contract.
- Know the rules and follow them precisely so to keep your merchant account in good standing and avoid fraud.
- Never complete a sale and call a transaction complete without a valid authorization.
- Use signs stating you accept credit cards. Add them both to your websites and shop décor.
- Have a clear payment descriptor attached to your transactions. It should include your merchant name and other important details concerning your business.
- Make sure to have a clear refund policy and that your customers are well aware of it. Your policy should be displayed at the point of sale and be clearly printed on all receipts.
- Deal with all customer service issues in a timely manner.
- Detect potential credit card fraud earlier so to protect your business from chargebacks associated with fraud.
- Keep detailed records of credit card transactions.
- Have a great customer service allowing your customers to get in touch with you easily.
Credit card processing is essential for small businesses. Turn to a reliable and trustworthy credit card processing company to enjoy the best for your business.