subject: Merchant Credit Card Machines Are a Quick Way to Accept Payment [print this page] Merchant Credit Card Machines Are a Quick Way to Accept Payment
With most households possessing at least one payment card, it is very important that you are able to take credit as a form of payment. However, there are also a lot of things that you need to keep in mind if you are interested in making use of a credit machine to accept money for goods or services. While there are many benefits, there are also a few disadvantages that you need to be made aware of. In addition to this, there are certain practices that you will need to keep in mind in order to help make your customers as comfortable as possible.
The first thing you need to remember when you are pursuing merchant credit card machines is that credit is one of the fastest methods of payment possible. A credit payment can be processed within seconds, allowing you to have the same swiftness of paying with a debit card. By removing the need to write down the card numbers and details, you can get instantaneous results without having to do the manual entries that used to be standard when accepting credit payments. However, you need the proper infrastructure in order to take advantage of this form of payment. You will need an appropriate merchant account to process the payment and store your funds until you can transfer the money into your own business banking account.
However, merchant credit card machines do have disadvantages. Chargeback and fraud are much more common with credit cards than they are with debit accounts. While there is fraudulent debit activity, credit cards are more commonly targeted because you do not need a pin with most credit cards. The lack of a pin often makes credit cards less secure than debit cards. It is very important that you keep a close eye on chargeback and fraud rates, as this can negatively impact the status of your merchant account. If you run too high of a chargeback or fraud rate, you run the risk of having your merchant account closed. Without the merchant account, you will be unable to process payments. Every payment card and bank has rules and regulations on what are allowed chargeback and fraud percentages. You should take the time to find out what those percentages are when you set up your merchant account.
Because customers are so worried about fraud associated with merchant credit card machines, there are a few practices that you can do to ensure their comfort. The most simple and easy way of ensuring customer comfort is to position your machines in such a way they can watch the entire process of swiping their credit cards. A common method of fraud is to double swipe a card. By placing two machines side by side, it is possible to make a copy of payment card data. Customers are aware of this practice and prefer to have their cards swiped over the counter where they can see. This is a free and easy method of ensuring customer comfort. Just plan to make certain you can allow your customers full view of the card swiping process if they desire. This will help ensure that you do not lose any business.
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