As a business owner, the difference between winning and losing can be microscopic at times.
Millions of business owners across the entire United States compete to win a slight edge in their market or over their competitors.
Sometimes the best offense is a strong defense, and in today’s world, accepting credit cards in the most efficient and secure way possible can also be the difference between winning and losing.
5 Tips to Streamline and Secure Online Payment Processing
Here are five tips to help you streamline and secure your payment processing program if you take Card-Not-Present Payments:
1. Have a purchase agreement or some sort of bill of sale
This will help fight chargebacks where the cardholder claims that it was not them, or that they did not authorize the transaction.
My friend Keith owns a business and he got stuck with a fraudulent purchase from a con artist, and because he had no purchase agreement or any record of the sale, American Express ruled against him in the chargeback battle.
2. Key in the AVS (Address Verification) info when you run the transaction
This also helps you win chargebacks. Theoretically the only person who should know the AVS Info (Zip Code/Street Address) is the cardholder themselves.
One of my mentors was paying way higher fees than he should have been simply because he wasn’t typing in AVS info as he collected payments.
3. Have the ability to send invoices to your clients
Giving them the freedom to click, enter in their own payment details, and pay, will help you close more sales, and also helps against fraud
A client of ours was only running cards over the phone and it made it hard to collect payments. He started sending invoices and he saved about a half hour per day, and got paid faster by his clients.
4. Never let them sign in store after paying over the phone
Fraudsters do this all of the time. They have a stolen card, say they’ll sign it when they get in, and sign it with a fake signature - all the while leaving the business hanging out to dry when the actual cardholder files a dispute.
Joanna, a consignment furniture store owner got burned for $1,400 because someone paid over the phone with a stolen credit card, came in and picked up their desk, signed the receipt, and then drove off with the desk.
Because she didn’t ask for ID when the purchase was completed, she was held liable for the chargeback and was out $1,400.
5. Stop paying processing fees
In today’s world, consumers are accustomed to paying the Cash Price or the Card Price on an invoice or a bill. This is known as Dual Pricing, and having it setup compliantly and correctly can help save your business thousands of dollars per month.
A well-renowned Business Coach decided to stop paying credit card fees, and his business saved over $1,000,000 per year in processing fees!
If you have the right payment processor, solution, and team behind you with your merchant account(s), it makes it easier to win.
Rate Tracker | Our Trusted Partner
Nowadays, with cash going away, and Payments, becoming digital, the right payment processor/solution for your business can make it easier to win and grow.
That’s why we have partnered with Rate Tracker and highly recommend them to our clients. To upgrade your current payment, and processing program and bulletproof your business, click here to speak with someone from Rate Tracker.
To get started, please click here now!
*Thank you to Rate Tracker owner Adam Niec for the information and training for this blog*