| Accepting credit cards offers a number of benefits to | | | | understand how to take advantage of the most |
| merchants and consumers alike, and can provide a | | | | cost-effective options. For example, swiping a card |
| dramatic boost to merchants' sales and cash flow. But | | | | directly through a POS terminal results in a lower rate |
| that boost can be diluted somewhat if the merchant | | | | than entering a transaction manually. Similarly, it's |
| doesn't pay attention to the various factors that | | | | important to settle transactions daily, to train |
| influence the fees associated with accepting electronic | | | | employees how to close out daily transactions, and to |
| payments, or rushes into the market without carefully | | | | use fraud-prevention measures such as the Address |
| researching the many available options and choosing | | | | Verification Service (AVS) to significantly reduce |
| the best partner. | | | | chargebacks and other charges associated with |
| Fortunately, a little research and paying attention to | | | | fraudulent transactions. |
| how payments are accepted and processed can | | | | Reduce Chargebacks - Chargebacks reverse |
| provide tremendous benefits to merchants hoping to | | | | completed transactions and carry fees that you want |
| reduce their payment-related expenses: | | | | to avoid. Make sure you file and retain sales slips so |
| Be Wary of Bargains - As you're shopping for | | | | you can respond quickly to chargeback requests, |
| payment processing services, it's cheaper in the long | | | | reconcile batches daily to avoid duplicate processing, |
| run to choose an established industry leader than a | | | | make sure the business name on your receipt |
| cut-rate provider who may not be able to meet your | | | | matches what your customers will see on their |
| needs, or who compensates for low rates with a | | | | statement, and respond to customer service inquiries |
| buffet of hidden fees. Check the fine print, and | | | | quickly to reduce the odds of a customer disputing the |
| remember that the cost of payment processing | | | | transaction. |
| affects your bottom line, and the quality of your | | | | Following these steps and paying careful attention to |
| payment provider reflects on your business. Your | | | | payment methods, procedures and security |
| customers are going to blame you for shoddy service. | | | | requirements will pay considerable dividends in |
| Understand Your Rate Structure - How you accept a | | | | improving your productivity and profitability, and |
| payment can influence the associated fees, so | | | | reducing payment related fees. |