Home Finance Know the Ins and Outs of Accepting Credit Card Payments

Know the Ins and Outs of Accepting Credit Card Payments


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If you’ve done some serious online shopping in the past then you’ve probably noticed that almost all online stores accept credit card payments. Actually, accepting credit card payments is quite the norm these past couple of years. A lot of people are very much enthralled with the power of the “plastic money”. Who would not be when you can practically buy everything you want with just a swipe of your card.

If you have business and are seriously considering if you should start accepting credit card payments, the first thing you need to know is that you should have a machine or processor to facilitate the payments. There are a lot of stores, both online and stand-alone stores, which sell credit card terminals and you’re job now is to look for the best credit card machine that would allow you to process your customers’ credit card payments in the first place. Once you’ve got that covered, the next thing you need to learn is the interest rates applied on credit card purchases. Basically, you’re not the one who’s going to compute for these rates. It’s the job of the bank that issued the credit card. However, as a merchant, you need to be aware of the current interest rates because that would determine whether customers will keep coming back to you or not. If high interest rates are applied on items you sell, then most likely customers won’t patronize you. Customers are always after the lowest interest rates.

Lastly, you need to be aware of the latest credit card scam. One prevalent scam is identity theft and as such, it’s possible that the customer in front of you is not the real cardholder. Even if the bank gives you an approval code, it’s not a guarantee that you’re dealing with the cardholder itself. So you need to be very diligent when verifying and if you’re uncertain, ask for other IDs that bear the picture and signature of the cardholder. Also, if the customer makes a large purchase and asks for it to be delivered to an address that sounds fishy, verify with the bank if the address they have on file matches the one given by the poser.


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Pinx January 25, 2011 - 6:41 am

buti na lang wala akong credit card. my dad learned his lesson well… although these credit cards have made all my siblings and me through college, pero halos maubos ang buhok ng dad ko sa kakabayad! hehehe… having one is so tempting! 🙂

shydub January 25, 2011 - 12:52 pm

i dont shop with credit card kasi i dont have one hehhe.

Mone January 26, 2011 - 2:56 pm

i have one but rarely used takot ako sa interest 🙂

Willa January 26, 2011 - 10:01 pm

I’m very thankful na wala na kaming credit card, debit card na lang, talagang sakit lang yan sa ulo.

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Mommy Liz January 27, 2011 - 9:22 am

We’re not safe anymore, anybody can hack our credit card number and use it.

Martine January 27, 2011 - 10:53 pm

Hi! Newbie mom here 😉

I am more wary of my credit card use now. In the past, my husband and I would use the card to earn reward points, still paying before the cut-off each month. We’d use it as more of a transaction tool for our purchases; we would never charge an amount to the card that we could not pay in full before each cut off.

Despite this, using a credit card can get addicting. The long and the short of it is that we got into a little debt. We stopped using the card for months until we’d paid the debt in full. Since that time, we’ve not used the credit card AT ALL; it’s just there for emergencies. Instead, we use debit cards, which are as convenient except that you only spend the money you know you have.

Mrs. Shoppiness January 28, 2011 - 10:42 am

I don’t have credit cards. Banned ako jan ha ha. Debit card I do have though. I’m not a very responsible shopper.

Tina January 28, 2011 - 11:26 am

I dont like credit card anymore.. up to now, I am still paying my old debts.. pero pag tapos na ako sa payment.. malamang like ko na naman.. joke!


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