If you plan to accept card payments for your products or services it’s important to find the best way to make this happen while at the same time protecting your customers and your business.
As a business you’ll need to identify how you want to accept the card payments and to ensure the security of your customers’ data.
Will you take payments in the store, online, over the phone or via mobile devices? Each method will require its own equipment or process and you’ll need to safeguard the security of each.
You’ll also need to decide if you can process payments directly into your bank account or if you will be better off handling payments through a merchant account where you contract with an outside service provider to complete the payment and card verification processes and transfer those funds to you.
As you decide on your processing needs, make sure you budget for both one-time and recurring costs, and make sure you are aware of the potential expenses.
Ensuring the security of your customers’ card data is important for both legal and financial purposes, and you’ll need to be aware of your obligations when it comes to verifying and storing data and even what you should be including on purchase receipts.
As you make all of these decisions and document your responsibilities, you’ll want to train employees about the transaction process and the best ways to ensure data security.
As your banking partner, we are here to discuss your needs. Schedule an appointment to learn more about your options and requirements so we can help you meet your business goals.