Entries tagged with “PCI DSS”.
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Mar 3 2015
With so many payment processing solutions available in today’s markets, it can certainly be tough to wade through the waters to find the best system that will provide the best possible services for your small business. If you will keep certain factors in mind, it will not be difficult for you to find the right payment processor for your small business.
What Do You Need?
Whenever you have to fulfill a particular need, you have to correctly identify what that need is. Do you have a business model? Take a look at your business model and take some time to predict where your business may be six months from now, or further down the road.
You are going to realize that many times having a terminal sit on the counter of your store is not always going to get the job done. There are various methods of payments and other technology available that make it easier to accept payments. There are more opportunities to shop online and use mobile payments.
These methods are more convenient for both sellers and buyers. You will also need to determine if you will accept payments from all debit card and credit card types. When you narrow this down, you will save yourself both time and money.
With any major purchase that you have to make for your business, you need to complete your due diligence before you make any final decision. Research the market and the industry to better determine what all of your options are. You can read online feedback and reviews so you can get an understanding what other people have to say about the products.
What Can You Afford?
There are numerous options available to you that are affordable. You can find options that are inexpensive and effective in the services they provide. Whatever processor you decide to go with, you should make sure you can afford the price. Pay close attention to any hidden fees and hard costs.
You will also want a payment processing service that will be able to provide you with effective customer support whenever you need it. You will want a company that will allow you to actually speak with someone who can be there for you when something major happens.
To find out more about this service and how you can get help, contact us today.
Mar 2 2015
It my be tough for many small businesses to offer their customers an option to pay with their credit card or debit card. However, just because it may be tough does not mean it can’t be done. Your small business still has the opportunity to get the competitive credit card processing deals that the other businesses have. How can you achieve this? Follow these small business financial success tips.
Accept Credit Cards
Although it may cost a bit more to accept a credit card, some customers prefer to use their credit cards over any other payment method. If you tell customers that they can not use their credit card, you can miss out on big business. As a small business, you can not afford to miss out on repeating sales.
Choose A Payment Provider That Has Stability
Since there are so many complexities surrounding the security and infrastructure in payment systems, there are now payment and technology providers that are all different in their size and depth. You will want a payment provider that will be able to process debit cards, e-checks, gift cards, and a variety of other payments. You will also need point-of-sale, mobile capabilities, the ability to accept phone payments, web payments, and other features that will fit your needs.
If you have a business plan, that does not necessarily mean you will have success. However, if you do not have a plan, you will certainly have a greater chance of failing. You have to execute all of the ideas that you have put in place. Contact us for assistance in executing all of your financial and business plans.
Feb 27 2015
Finding the right payment processor can certainly be a daunting and overwhelming task. Every provider will have different guidelines, contracts, and fees. Since these things are all different, it is important that you understand all the subtle differences so you will make the right decision.
It is always a good idea to set aside some time to compare all of the payment processors before you make a critical decision and choose one. When you think about it, the payment processor that you choose can determine the amount of revenue that you will bring in. Before you implement a payment processor or switch from your old one, here are some questions that you want to keep in mind when comparing payment processors.
What Kind Of Rates Do You Have?
Sometimes there are different charges, rates, and fees for different cards. Some customers will have their rewards cards, their business credit cards/debit cards, their personal credit/debit cards, and other cards. You should know what type of fees you will have to pay for every transaction.
Do I Have A Limit?
Some payment processors give you limits on how much your business can process. This can certainly cause some problems, especially if you did not know this beforehand. Your customers may not be too happy with the limits either. This is why it is important to ask questions before making a final decision on a payment processor.
There are different fees and rates depending on how a payment method is entered. What kind of rates or fees will you be charged with if a specific credit/debit card is swiped? What about keying in manually? If you accept a payment method over the phone, fraudulent activity is possible. Since there could be a possibility of fraud, the fees for processing can go up. When using payment methods online, there is also a risk of fraud. In this case, the payment processing fee will go up as well. For these reasons, you will want to make sure you understand what kind of rates you may see.
Finding the right questions to ask different providers of payment processors is a big task. When you ask the right questions and get the answers, you should also try to take a test run. Whatever provider you feel will meet the needs of your business is the one you should go with. Contact us for help in making this big decision.
Feb 25 2015
Protecting yourself from hidden fees is one of the most important parts of getting set up to accept money from your customers. This is true whether you do business online or in person, so it’s important not to gloss over the details as you look at the options available. Here are some of the things to do to avoid bad surprises:
1. Read every statement. Some processors are shady enough that they’ll add fees to your statements that weren’t in your contract. Make sure to check every single month to make sure this isn’t happening. Also, be sure to watch the specific transactions that are listed to make sure that there haven’t been any errors that cost you more transaction fees than you should be paying.
2. Switch from dishonest processors immediately. If you catch a processor doing any of the things in point one, it’ll only get worse over time. Jump ship and switch processors. The hassle of setting up another account will be less than the hassle of continuing to fight with the company every month.
3. Watch out for “bad credit” processors. Quite a few companies will deal with people who have bad credit, but if they advertise for that specifically, they’re looking for desperate people. If a company thinks that someone would have to be desperate to deal with them – they’re right!
4. Read every word of the contract. This should go without saying, but in this day and age, people are used to accepting EULAs without reading them. Break that habit. Payment processors advertise the good parts of their deals, but they hide the bad parts in the dense text of their contracts.
5. Don’t feel like you have to use a traditional payment processor. The days of needing a merchant account to process credit cards are over. Check out the other options. Some of them have extremely low fees and no surprises.
For more ways to avoid tricky payment processors and their hidden fees, just contact us. We’ll be glad to tell you all you need to know to find good alternatives to dealing with dubious processors and confusing fee schedules.
Feb 20 2015
Fraud prevention can seem like an overwhelming subject for those who run small businesses, especially if they’ve just opened up shop. Fortunately, there is no need for the massive layers of security or huge teams that are often associated with giant companies. Instead, fraud prevention for small businesses is best done by using common sense and a careful eye.
Find Out What Country Orders Really Came From
This is a big help for preventing fraud. Sometimes, an order will come through that seems to be from a legitimate location, but something might seem just a bit amiss. Perhaps the order is for more items than are usually sold, or there’s a comment in broken English, or there’s some other tip-off that all is not what it seems. That’s when you need to use the IP address of the customer to see where the order really came from. If your shopping cart software provides this information, just copy it and paste it into a reverse IP lookup site. A Google search will reveal plenty such sites. Once you enter the IP into the lookup site, the site will tell what country it’s located in. Don’t ship if it isn’t the country the customer gave in the order.
Check Your Records
If someone irately writes you demanding a refund, do a simple record check and make sure that the person ordered anything from you. Sometimes it’ll turn out that they did not. Of course, a dedicated criminal won’t just go away when you tell them that, so your next step is to tell them that you don’t give refunds until you have the item back. Don’t let them wear you down on that policy. Refunds given before items arrive are nothing but gifts for criminals.
Use a Merchant-Friendly Payment Processor
Many criminals work their frauds by demanding refunds from their credit card issuers instead of from you. Some payment processors always mindlessly side with the “customer,” and crooks take massive advantage of such policies. Look for a processor that is not so “customer-centric” that they end up becoming your adversary. Of course, you’ll still need proof that you upheld your end of the deal, so be sure to use trackable shipping.
For more tips on fraud prevention, just contact us. We’ll be glad to help you thwart criminals and ensure that all of your merchandise is not only bought, but paid for.