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.