The Ultimate Guide to Credit Card Processing - Tweak Your Biz | Small business news; tips; networking

Posted by centurybizsolutions under Finance
From http://tweakyourbiz.com 3539 days ago
Made Hot by: bizyolk on March 18, 2015 12:34 pm

Even if you know next to nothing about credit card processing, you know it’s a subject that every business need to touch upon at some points. I hope that this guide provides answers to some of the questions you've always wanted to ask...

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Comments

Written by tiroberts
3534 days ago

Wonderful article. Well written with tons of great and useful information. Thank you.

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Written by chaddavis89
3537 days ago

What percentage of your sales uses credit cards? Do you know this metric?

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Written by chaddavis89
3537 days ago

Great response! I figured there wouldn't be an exact metric, but I was curious to see if there was and if you knew it.

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Written by centurybizsolutions
3537 days ago

Hi Chad,

This is a tough question. There actually aren't any percentages or metrics set for businesses even within same vertical. The reason for that being that every business is unique in the way it operates, the customers' profile, the product/service offerings, and many more factors that determine whether or not they accept cards and if they do to what percentage of their receivables. I can not imagine a coffee shop with less than 95% of payments made by cards and I cannot expect a government contractor to enforce credit card as their only type of payment method accepted.

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Written by centurybizsolutions
3537 days ago

Thanks for the comment, Lyceum.

It’s a good question: Are these people really asking themselves the right things when they see funny-looking charges? The thing is, it’s (probably) not as if the customers we’re talking about are lazy; they just really don’t remember where certain charges on their statements came from. The reason I mentioned transportation and limousines particularly is that remembering how some appointment was scheduled or how exactly you may have arrived at a certain place can get lost in the haze of a busy week or month, especially when alcohol is involved – which, political correctness aside, is sometimes the case with patrons of those industries.

Another thing is sometimes you’ll have a particular merchant – in the adult industry, let’s say – change their company name for your credit card statement, undoubtedly to avoid embarrassing you in front of your spouse or significant other. But, sometimes the disguise is just too good and you really can’t connect the dots on where the offending charge came from. This is the sort of thing you can unfortunately only relate to in retrospect, or from hearing enough stories about it 

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Written by lyceum
3537 days ago

How often do you think customers are feeling that they are experiencing "friendly fraud"? Have you said that to yourself: what is this charge relating to?

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