What You Should Know About Accepting Credit Cards
By accepting credit cards from your customers and clientele, your company can increase its customer base, maximize sales volume, and conduct business online efficiently. Accepting cards from customers provides them with yet another payment option; as you know, options make customers happy, and happy customers make your business more profitable. Many consumers choose merchants only if they’re currently accepting cards, for airline miles or rewards cards.
Merchant account providers like Vision Payment Solutions, called independent service organizations (ISOs), set up merchant accounts that enable your business to start to accept credit cards online; These are established with a financial institution and an ISO. Many merchant accounts link your company’s site to a payment gateway, enabling your business to begin accepting credit cards online. We provide equipment required to accept credit cards, and much more.
You will need to carefully consider whether you want to set up real-time or deferred processing when you start accepting cards. There are advantages to each option, depending on your business needs. Real-time processing enables customers’ cards to be accepted or denied immediately. With deferred processing, the order is sent to your business first so you can process it.
Processing and accepting credit or debit cards in real time is flexible: you can automatically or manually process your orders. Another useful payment option that you can set up with real-time processing is repeat billing, so that you can automatically charge your customer accounts at specific pre-set times. Most customers prefer real-time due to instant approval or decline. Also, if they are incorrectly entering information, they are notified instantly, and they can fix the problem.
Deferred credit card processing may be the best option for accepting cards if you only provide products offline. Your orders can be hand-examined to fix any issues before shipping. If you regularly ship products internationally, and the network of your customer’s card issuer has issues with time zone differences, you can manually approve sales rather than decline.
If you plan on accepting credit cards online, and you have a server, you need a shopping cart to display order forms where the customer can enter in their credit card information, billing and shipping addresses. The shopping cart will enable you to store customers’ order history.