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How to Use Credit Cards in Business
Any
business will cringe at the thought of what the banks
put them through to use credit cards. If you do not
know what I mean, then this article is for you!
The fact is that everyone online wants to use a credit
card or debit card to process their order. It is very
true in our society that the credit card is a way of
life, and if you do not offer that ability to accommodate
them, customers will move on to another website that
does allow them to use their cards. This society has
become driven by instant gratification and expects to
receive their products immediately, either by a download
or a short shipping duration. Taking credit cards as
a form of payment on the internet or offline should
be thoroughly understood. Read on to see what I mean
and how to protect yourself.
The
fact is that any merchant taking in payments is immediately
at risk for whatever amount is charged and MORE. The
banks will take the charge disputed along with a "charge
back" fee right from your merchant account, and
you better have enough in there that has cleared to
pay your own bills or you will be charged more for "overdraft
charges". Some banks are waking up to the fact
that it is not always the merchant at fault and most
merchants are more than honest in their dealings. There
is so much credit card fraud out there and since the
merchants are ALWAYS liable, you need to realize this
and take action to prevent as much disaster for your
business as possible.
First,
if you have your own merchant account, then you have
a lot of work to do when you receive a credit card order.
You must verify as best you can that the card, the name
on the card, the address, the cvv number verification,
and the quantities are all in order. You need to verify
the IP address of every order and see if it is within
the location of the card holder. A person living in
Toronto, Canada, probably would not be in Las Cruces,
New Mexico, charging products. This is a red flag but
not a deal breaker, some people DO travel. Caution needs
to be taken to protect your cash flow. As a merchant
you must get money safely into your account for any
goods or service you provide, so that you can become
a larger or more substantial independent business.
Do
not just take in cards and believe that everything is
going to be just fine now that you have the money in
your account, because it can come out just as fast,
or faster, than it went in. There is a real need for
you to understand a lot more than can be mentioned in
this article.
The
best way to receive all the tools and services you need
to protect yourself and to make your voice heard is
to check this website: http://www.merchant911.org This
is a group of dedicated individuals who have been working
for years to try to change banking and processing company
rules and regulations as relative to merchants, both
large and small. If you need any more proof of their
dedication, just read some of the press releases and
look at the tools they have assembled for merchants
to use.
Right
now is the time to start to protect yourself from credit
card fraud. If you have read any of the newspapers or
listened to any of the news reports, then you already
know you are at risk. There are reports of over 40 million
cards in the hands of criminals and thieves and they
will sell these cards or will use them in various illegal
methods. It's not hard to imagine that some day soon
you will be approached and asked to spend your time
and money to ship a product or provide a service with
these fraudulent cards.
Do
your part to keep America strong and allow your business
to grow and prosper, not be destroyed by thieves and
credit card sharks.
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