In a previous post, we started with features to look for in selecting a merchant account provider. This covers payment processing and credit card security options for growing businesses.

Photo from sxc.hu user stelogic

After selecting your merchant account provider, it’s time to review which credit card processing options and products fit your business, and how these services will prevent credit card fraud. When comparing products, consider the following:

• What are your specific business goals and needs?
• Does your industry demand specialized services or products?
• How can you improve convenience for customers and employees?
• Is your payment process compliant with PCI security standards?

Processing Service Options

To figure out the right processing products for your business, look at your business needs and customer demands. Are you interested in expanding into the e-commerce space? Does your on-the-go schedule require a mobile processing capability? Do you deal mainly with mail order and telephone order transactions? A merchant processing solution can be customized for every business for the greatest return on investment.

Electronic invoicing: Capabilities used in addition to or instead of traditional paper billing, helping cut down on waste and mailing costs through online invoices and bill payment. Merchants can reduce late payments and offer more convenient, flexible account management and payment options for customers.

Mobile processing: The growing use of iPhones, Blackberries, Droids and other mobile devices brings a greater need for mobile processing. With mobile processing capabilities, you can process credit cards and debit cards from your cell phone – often with little or no additional hardware required.

Wireless processing: This service supports business on the go, so that you can accept credit cards without a brick-and-mortar facility or direct hookup. Hotels use wireless terminals to accept credit cards for room service, and drivers can accept credit cards for transportation services right from their vehicles.

Mail order/telephone order (MOTO) merchant account: Streamlines the transaction process for businesses that deal primarily with catalog, telemarketing and other card-not-present sales. Products include a virtual terminal, which allows merchants to manually enter credit card information securely from any computer, and process them in batches for faster service.

E-commerce merchant account: Allows merchants to accept credit cards for products sold online, integrating with major online shopping carts for efficient, convenient checkouts.

Retail merchant account: Ideal for merchants with point-of-sale processing needs, such as more efficient card-present transactions. Retail customers expect speedy checkouts that are as quick and easy as swiping a credit card. Retail merchant accounts provide access to updated credit card terminals and software.

Restaurant merchant account: Allows merchants to accept credit cards at fast food, short order, casual or fine dining establishments. Features may include tab transfers and easy gratuity, among many other options that help wait staff focus more on foodservice and less on bills.

These examples should give you an idea of the basic types of processing services available. A provider can work with you to customize an account to meet your needs.

How to Ensure Secure Credit Card Transactions

Credit card fraud becomes more complex as technology advances. Compromised data leads to devastating consequences, including a loss of credibility and money.

To cut the risk of security breaches and protect businesses and consumers, credit card merchants are required to run processing systems that comply with the Payment Card Industry Data Security Standard (PCI DSS). PCI compliance ensures your business takes the proper precautions and undergoes regular system maintenance for the highest levels of security.

Common PCI requirements include changing default settings and passwords after system installation, installing and maintaining point-of-sale equipment correctly and preventing the storage of unnecessary data. These issues involve simple fixes, and yet violating them can result in millions of dollars lost.

Make security a priority as you search for a merchant account provider and select credit card processing services. Learn about PCI compliance and verify your credit card processor’s payment gateway, data storage facilities and processing systems comply with PCI standards.

End-to-end encryption is a PCI compliant security feature that encrypts credit card data from the point of credit card swipe to authorization, so that sensitive information remains protected throughout the entire transaction process.

Tokenization is another powerful security measure that protects stored data. This replaces credit card information with tokens that are rendered useless should a security breach occur. Ask your merchant account provider how its services meet PCI requirements and help you minimize your liability.

Offer More Payment Options

If you’re new to credit card processing, read this post on selecting a merchant account provider, and start by doing homework on effective payment processing technology for your industry. Once you’ve signed up for a merchant account, prepare to work closely with your credit card processor as your business and customer demands continue to grow.

About the Author: Jacqui MacKenzie is a writer for Straight North, a Chicago Internet marketing agency that works with BluePay, a company offering credit card processing products. To learn more about payment processing industry, follow BluePay on Twitter.

Copyright secured by Digiprove © 2011 Meryl Evans

After finishing a delicious meal, a customer goes to the cash register to pay for the meal only to encounter a sign, “Cash only. Credit cards not accepted.” Cue frustration, disappointment, anger and panic. “What?! But I already ate the entire meal and am low on cash! Where’s the closest ATM?”

For businesses, “cash only” means lost sales and profits.

Photo from sxc.hu user Rotorhead

With the evolving technology and increasing convenience of credit card processing, many small business owners who once thought a credit card merchant account wasn’t worth the cost may now find that they can’t afford to not accept credit cards. Adapting to your customers’ needs and expectations is crucial to maintaining a competitive edge in today’s challenging market.

A reliable merchant account provider can offer the expertise, products, support and security your business needs to grow.

Features to Look for in a Processing Service

A merchant account provider or credit card processor provides businesses with the ability to accept credit cards and debit cards as payment for services and products.

When comparing merchant account providers, consider the following:

• What are the transaction rates and fees?
• To what percentage of transactions the lowest rates apply?
• What services does the processor provide?
• How reliable is the processor’s customer support program?
• How’s the company credit card security and PCI DSS compliance? (More on this in a moment.)

Costs and Fees

One of the biggest concerns for businesses needing of a processor is cost: What are the transaction rates and fees? Transaction rates are a percentage of the total transaction, while fees can include a flat amount charged by the processor.

Be careful in selecting the processor with the lowest rates and fees. They could also be charging hidden fees. Find out to what percentage of transactions the lowest rates apply. Always know exactly what you are paying for and why.

Services Offered

Another area to look at is the range of services the processor provides. Maybe you need a simple retail merchant account and credit card terminal rental, but what if your business expands? If your merchant processor cannot support your growing needs, you will eventually have to look into a second or third vendor that can provide additional services.

The more affordable and convenient option is finding an all-in-one merchant account provider that provides a wide range of credit card processing services. The provider should also have a secure payment gateway with the technology to efficiently, safely and quickly authorize transactions.

By consolidating your vendors with a one-source credit card processing solution, you’ll have just one statement to deal with and one company to call for questions and support. And speaking of support – you’ll want to look into that, too. Customer support available 24/7 helps reduce lost production and business caused by processing issues. The sooner the problem is resolved, the sooner you can get back to work.

Compliance with the Payment Card Industry Data Security Standard (PCI DSS) is required for all businesses that accept credit card payments. Failure to meet security standards can lead to hefty fines and a loss of business credibility. Be sure your credit card processor offers and implements the proper PCI security features, such as advanced encryption technology and cardholder verification systems.

Get Started!

As with any new project, do your homework and weigh the pros and cons of each merchant account provider and credit card processing service. Talk to colleagues, get several different opinions and stay updated on the latest news and products in the payment processing industry. Then get ready to take that next step toward achieving your business goals.

And throw out that “cash only” sign already.

About the Author: Jacqui MacKenzie is a writer for Straight North, a Chicago Internet marketing agency that works with BluePay, a company offering credit card processing products. To learn more about payment processing industry, follow BluePay on Twitter.

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