Accept credit cards at your business

Why accept credit cards?


In today’s business environment you need to take advantage of every possible form of payment for your customers. Approximately 40% of today’s retail purchases are either by credit or debit card.

Consumers mainly use credit cards so they do not have to pay for purchases immediately. This also works in the merchants favor due the fact that most individuals spend more on purchases when using credit than cash. This figure is 20% or more. Yes there are fees associated with accepting cards, but for most businesses this amount is negligible compared to sales paid for by credit cards.

Another factor that drives credit card sales are the rewards offered by card companies on credit cards purchases. Many individuals will look to use their cards to help earn points and rewards for flights, hotels, goods and even cash back rebates from their card companies. This alone has pushed many to use cards that normally would not.

As a business owner, not accepting electronic payments and having your competitors due so will cost you business. If you offer the same products or service as someone else but do not accept cards as they do, consumers will not even bother with your offerings if they are looking to make a purchase using a credit or debit card. You will not even know that customer is lost because they will not even attempt a purchase at you place of business. Your bottom line will be affected without you even knowing how many customers you possibly could have had.

In these tougher economic times, credit card acceptance is a must for your business to attract as many possible customers. They need to purchase your goods and not your competitors.

Merchants Protect Yourselves When the Card Is Not Present

Card not present merchants need extra precaution against fraud exposure and associated losses. Merchants should follow these steps to protect themselves against fraud.

1. Obtain an authorization for the transaction
2. Verify that the card is legitimate:
1. Ask the customer for the card’s expiration date and include this when doing the transaction and obtaining the authorization. If the customer doesn’t have the address chances are they do not have the card on them.
2. Use fraud prevention tools such Address Verification System (AVS) and Card Verification 2 (CVV2).
3. Look for these warning signs of fraud:
1. First time shoppers
2. Orders that include several of the same items
3. Orders that include your most expensive items
4. Orders that want the merchandise next day
5. International orders, AVS does not validate non-US addresses
6. Shipping to a different address that is not the billing address of the card.
4. If you receive an order and an authorization but you’re still hesitant of the transaction always ask for more information or contact the cardholder to obtain information like the billing address or the name of the card issuing bank.

At Eagle Merchant Services we offer all or our merchant’s that latest tools to prevent fraud with our POS equipment and processing software.