Accepting credit cards is something every organization needs to consider, and while it seems like a simple thing to add, it has actually become increasingly complex.
A recent article from Business News Daily examined this issue further and attempted to address some of the more confusing components.
"Accepting credit cards doesn't have to be rocket science, but it often feels like it," the article reads. "From confusing credit card processing rates to lengthy service contracts and complicated compliance issues, it's no surprise that accepting plastic as a payment method leaves some small business owners' heads spinning."
The piece goes on to look at six specific challenges, which include:
- Credit card processing quotes – The price quote from a credit card processing company is something that organizations will need to put their research into. Finding a competitive price is not always easy.
- Pricing models – There are many different pricing models with the most popular being tiered and interchange-plus. They all offer specific benefits and companies need to find the right version for your specific needs.
- Contract terms – As with any partnership it is critical to understand the full terms of a contract regardless of how long it is.
- PCI compliance – With consumer data involved, companies need to make sure that they are PCI compliant. This can be a difficult process that has major ramifications if it is not followed.
- Handling non-payments – If a card is denied on the spot, it is easy to rectify, but what if it's a subscription or recurring charge that is suddenly declined? This requires careful monitoring of every transaction.
- E-commerce – With online payments taking off, companies need to make sure that they consider online capabilities when picking a solution.
By partnering with the right payment solution provider, any company will be able to confidently start accepting credit cards.