The timely payment of invoices is crucial for small business owners. Accepting payments through credit card online is the simplest way to make that happen. However, while it may be convenient and quick, you may run the risk of endangering your customers’ security if you do not take caution when accepting card payments. You can also lose your earnings, valuable time, and resources if you do not keep track and secure yours and your customer’s credit card details safely. If you are interested to learn how to accept credit card payments, here are three frequent pitfalls to avoid!
Billing Customers with a Different Name
Have you ever viewed a transaction on your credit card statement that you were not familiar with? Typically, this is a result of the trading company billing customers under a different name. For example, your business may be named “Chocolate Bakes” but you bill your customers with your name, “Tim Cooper”. This makes it confusing for customers and may raise the possibility of conflicts. Therefore, you should always verify that your trading name is shown on statements to make sure you are receiving credit card payments that make sense to your customers. You should consult your provider if you are unsure.
Not Storing Credit Card Details Securely
Have you sign using an Excel file to keep your customers’ information? Despite your best effort in storing this information manually, it might not be worthwhile and in fact, can be very dangerous for you and your customers. By prioritizing card security, you can defend both yourself and your clients. Look for service providers who have undergone evaluation and certification against the PCI standard. You can safely accept card payments when you work with a PCI compliant provider, giving your customers confidence to make purchases.
Not Integrating Payments From Your Invoice
You could be complicating life for both you and your customers if you only accept bank transfers as payment. It takes time and is annoying to type account numbers and BSBs. Human error has a high probability of occurring and can cause money to disappear. Additionally, it implies that your clients must have cash on hand. In order to accept credit card payments with just a few clicks, look for payment providers that let you add a payment link to your invoice. Buyers will have greater flexibility and convenience as a result, which increases your chances of receiving payment sooner.
Why Choose Millenium Payment Systems
With Millennium Payment Systems, you can ensure your credit card payments are streamlined while you receive payments more quickly and securely. We accept all of the major credit cards, including Interac, Visa, MasterCard, American Express, and JCB. Whether if you are running a retail store, restaurant, or using mail and phone orders, Millennium Payment Systems is here to render our services. From competitive rates to our fully integrated payment gateways, we are committed to fulfilling your needs and work to provide you with the high-quality service. Contact us today to learn more about our services!