The majority of people prefer to pay credit card now for their ease of use, safety and convenience.  Credit card use is increasing more and more due to online use by businesses with banks and with other businesses.  Your customer base will increase if you accept credit cards which will benefit both you and your customer because of readily available funds for both parties.  If you’re thinking of an online business, then accepting credit cards is a must!

With the increased use of credit and debit cards in today’s hectic lifestyle, credit card processing is a necessity for any business.  Make a well informed decision when purchasing your credit card machine.  Consider banks, third party credit card processors, independent sales organizatioons and financial service providers and associations.

Most restaurants and stores use credit card equipment today because of the wide use of credit and debit cards.   It can get confusing with all the selection out there, therefore if you’re in the market to buy some equipment, here are some simple tips to follow:

1. Ownership Vs Leasing

Credit card machines are a necessity of your business and therefore a good investment. The costs are range from 0 – 00.  Think twice before deciding to lease because this may cost you more than you bargained for by the time you make monthly payments that may add  up to more than the original cost of the equipment.

2. Backup POS Equipment

When purchasing a credit card machine, ensure that you buy a back-up battery so you can continue to do business transactions when the electricity has failed.

3. Technology

  Be sure to purchase a fast enough modem when you buy your credit card machine.  The credit card is supposed to be a fast and convenient way to do business so ensure it is working with a modem that will keep you and the customer happy by sending and receiving data faster.  You will initially pay more for it but it will pay off in the long run.

4. Visa & Mastercard Standards

Smart cards have microchips in them instead of a magnetic strip.  They include debit, credit and other information in the card.  Smart cards are the way of the future in credit cards and are becoming very popular.

5. Back-up software

Flash memory is a good idea to have in a credit card machine.  This stores the operating software and allows easy software downloads and installation.  Flash memory also increases the life of the machine.

6. It’s Not all About the Credit Cards – Debit too!

A lot of customers like to pay by debit rather than credit.  For this reason, you should purchase a credit card machine with a built-in PIN pad.  You could also think about a separate PIN keypad for customers to use so the credit card equipment can stay out of reach.

7. Knuckle Busters

If you are worried about power or telephone line failure, a sure thing to use for back up to keep your business moving is an Imprinter.  If you’re working outside your location while on the road or at a show or event, an imprinter is the way to go. This is a smart investment and will not hold up any business transactions.

If you are in the mail order or telephone order or e-commerce business it is crucial that you take precautions against chargebacks and unauthorized transactions.  If you do not it could cost you dearly because the burden of proof is on the Merchant when it comes to disputes.

The question becomes what can business owners do to combat this issue and growing problem. The number one thing business are advised to do is make use of the CVV (card verification value; a three or four digit number on your card). have customers include this number as they sign out for added security. This trick is free and reduces the risk of goods being purchased with stolen credit card numbers. If the CVV doesn’t match what is on file with the credit card company the transaction is flagged and declined. This is great but sometimes thieves do have the actual card and can easily step through this security measure. It’s a great feature but not foolproof.

The next step for a secure online transaction is to use the AVS (address verification service) feature banks provide free of cost. This feature requires that the billing address for the shipment match  the mailing address on file at the customer’s bank. This is great and really cuts down on fraudulent activities, especially with so many credit card numbers being stolen from one country and used in a second country. That being said, it is not one hundred percent either. Some fraudsters can find mailing addresses and figure out how to make the transaction work.

For the tightest security around you should use a sign-on-delivery service with ID verification. Coordinate this with your shipping company and you have a secure online option for your business.

Having a merchant account comes with added responsibilities and not following the proper rules can land you in hot water.  Be sure to follow the tips laid out in this article to help reduce chargebacks and potential fraud committed on your company.

Economic newspapers, magazines and news broadcasts all have a very gloomy tone to them recently. Financial experts and business people all think our economy is in big trouble. When you consider this negative perspective consider that every problem has a potential solution. Learn how having a internet merchant account can increase your sales and pull from all the doom and gloom.

To highlight this consider the following article discussing small business trends and the type of year they had: “The year 2008 is turning out to be a tough one for small florist businesses. Sales are down nearly 15%.”

When looking at the headline the question becomes are businesses motivating and encouraging customers to use their service? The research points towards online sales as a huge untapped resource. The sales from online business could potentially increase by as much as 12%. This is important for businesses to know, especially if they are feeling the tough economic times.  What is happening is people are using the internet to do some comparision shopping online to save money.  In result of this increase in search traffic sales have increased online, so it is even more essential to make sure your website(s) can accept a wide array of payments to capitalize on that business.

Companies using online payments options can verify that it does two great things for your business. It allows for improved cash flow and gives convenience to your customer (and the business too).This will, above all else, give you the opportunity to attract sales you may have missed before.

Something that is available to companies that do business on the internet is that promotions and events can be updated regularly and advertised to customers. This may be the advertising ticket that helps a small business stay successful through these hard times.

To increase sales and give your customers more options for payment is an easy choice to make as a business owner. To make the decision that much easier we are offering to set up, for free, your online payment system. No risk involved and it will give your customers even more reason to buy from you.