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Wednesday, February 8, 2012 11:31 EST |
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Credit Card ProcessingIn today’s fast-paced world, many people no longer even carry cash. Some deal exclusively with credit or debit cards and do not want the inconvenience of shopping somewhere where they must pay cash. This has led most businesses, whether they are physical storefronts, mobile businesses, or internet businesses, to accept credit cards from their customers. Statistics show that businesses experience up to a 15% increase in sales when they accept credit cards as a payment method.It is to the business owner’s advantage to not only accept credit cards as payment, but also to seek out merchant accounts that fit their business type and offer the best deal on processing charges. Retail merchants obviously experience the least amount of risk (due to the customer and credit card being present at the point of sale) and enjoy the lowest processing fees. Still, other types of businesses need not overlook accepting credit cards. Keyed merchant accounts are utilized by businesses that conduct phone or mail order business. Rather than waiting to receive money orders from customers, businesses can use a keyed merchant account to process their customers’ credit cards. Since the customer and credit card are not physically present, the risk of fraud is increased and processing fees are slightly higher. Address verification systems are commonly used with such accounts, as are card verification systems that verify the alternate set of numbers engraved on the credit card and encoded in the card’s magnetic strip. These are quite effective in reducing the risk of fraud. Mobile businesses can also benefit from the acceptance of credit cards as a payment method. Many customers that may have previously avoided shopping at a mobile business due to cash-only payment policies will appreciate a mobile business with a wireless merchant account. With a wireless merchant account, cell phones and wireless terminals are used to process credit cards. Customers can enjoy the convenience of credit card payment even at mobile businesses. In addition to the convenience of credit card processing, many customers also now demand the convenience of shopping online. With internet merchant accounts, businesses can combine the accessibility of online shopping with the convenience of paying by credit card in order to better accommodate their customers. Whether a shopping cart is used to direct website visitors to a credit card payment system where they manually enter their own information or a business accesses a virtual terminal where their employees enter customer-provided credit card information, internet shopping can be made much easier with an internet merchant account. As with keyed merchant accounts, internet merchant accounts utilize address verification and card verification systems to reduce the risk of fraud. This does, however, result in slightly higher processing fees for the business than would result from a retail merchant account. Providing the option of paying by credit card processing can increase business efficiency and expediency while also increasing the business’s customer base. Providing ultimate convenience for consumers also maximizes the chances that a business will retain its customers. Both the business and the customer reap the benefits of payment by credit card, resulting in an enjoyable business relationship for both. |
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