Credit Card Processor For Every Business
Credit card processing is an expensive business to get into wrong! The average cost of equipment and software needed to start up a new credit card processor company can easily be over $20,000.
That’s why there are so many small businesses that hire someone else to handle all of their credit cards. It's much more affordable than starting your own business, right?
But what if you're not quite ready to launch a full-fledged merchant account provider? What if you just want to take things one step at a time and open either a simple gift certificate or merchandise sales service?
There are several ways to go about doing this, but none compare to working with Transaction Systems Ltd (TSL) as a credit card processor.
We'll talk more about that in the next section. For now, let's look at some reasons why they're the best choice for beginner processors.
Why You Should Use A TSL Processing Service For Your Merchant Account
Convenience - Working with a third-party transaction system allows you to focus on running your business while we handle the rest! They manage everything from creating accounts to supporting vendors to securing payments via various methods (directly through our site or via another network).
In fact, most people use only Visa and Mastercard so it really limits your potential customer base.
Ask your clients what they want
If you have my permission as their credit card processor to access their accounts, then do it.
Ask if there are any financial documents or statements that they would like you to review for accuracy and make sure they can easily access these documents.
Ask if there are any additional features or tools they would like to add such as password-protected files or email notifications when something changes.
Ask your clients for their credit card information
As a business owner, it is important to know how credit cards work. While some people may feel uncomfortable asking others to give you their personal financial information, it’s really a good thing to do if you want to keep doing what you are doing!
Most major credit card companies have applications that can be accessed through their website. By using these apps, customers will create an account with either the company or the application, and then they can access all of their accounts from anywhere there is the internet.
This is very helpful as now not only can they view their statements in person at any time, but they can also check their balances, pay bills, and even transfer money between accounts (provided this is allowed by the bank).
By offering such services directly through the web, companies have more exposure and opportunities to make payments. This helps promote business for you and others.
Use a card processing company that you are familiar with
Not every business needs its own credit card processor. Some small businesses do not require more than one major credit card to process transactions.
But most companies need at least two cards to run their business effectively. This means that if your business is going to grow, then you will need to work with a credit card processor that can offer both limited and advanced services.
You want to make sure that you are entirely comfortable with their customer service skills as well as their risk management systems. These things matter!
Businesses go through so much money due to fraud, it’s important that your credit card processor is able to take care of themselves financially by having adequate coverage.
Make sure your card processor is PCI compliant
Some may even put profits ahead of protecting your data. This is especially concerning if they claim to have “security” in place but no one actually verifies that!
It is important to be aware of which companies meet national security guidelines so that you are confident that your sensitive financial info will stay safe.
Be wary of companies that do not offer PCI certification or only require limited proof of such. The reason we recommend against using insecure processors is because of how vulnerable credit cards can be. If hackers gain access to this valuable information, then it could give them free rein over your accounts!
Write down your card transaction details
Recording every credit card detail you process is one of the most important things to do in business these days.
Mostly, this happens automatically when you place an order or get a new job with your current employer. But it’s still crucial to put into practice what time it was last month that you gave your PIN to someone else.
It may sound like a no-brainer but I can tell you from experience — it’s not.
I had to learn this lesson myself back in 2011. Back then, I worked as a sales assistant in my first professional career. My boss handed his debit card over to another person so they could make purchases while he was away. He didn’t know anything about encryption technology nor did he bother to ask if anyone would take good care of his card.
As it turned out, a complete stranger made several large purchases within a week! They even paid via gift VISA cards because they said the seller wouldn’t accept cash. The investigators never found out who made those illegal transactions due to poor-quality footage and pictures.
They only ever saw part of the buyer’s face before they walked off without being caught. And since we don’t have their name, we also won’t be able to help them look for work elsewhere!
That’s why professionals use two-factor authentication (2FA) to protect sensitive information.
Create a plan for managing your credit card transactions
Credit cards have become almost ubiquitous. You can now find them in virtually every genre of business, from food vendors to auto dealerships to professional services like doctors’ offices.
With all that exposure, there is an increasingly large pool of potential victims when fraud occurs. Fraud happens when someone pretends to do one thing while actually doing something else- usually by taking money out through fake accounts or under false identities.
For example, say you are working on growing your social media presence and receive a gift certificate as a reward. Your recipient may ask if you would consider buying their regular coffee at this location instead. You agree, and then they go inside and buy a drink using their own money.
It's a common tactic called phishing. By pretending to be a business that does business online, criminals will pose as a source for financial information or rewards. They'll create a fraudulent account linked to yours so it looks authentic, and use tactics such as voice recognition software to verify their identity.
Create a plan for securing your business
There are two main things that most credit card processors do not include in their service offerings- being able to run your business or offering free features.
Most companies will ask you to put at least a $500 minimum transaction limit on your account before they offer basic services like tokenization, which is protecting your sensitive information by translating it into non-transactional numbers.
These paid services cost around $250 per year on average, so many small businesses are left with no choice but to use insecure payment processing systems because of this. It is important to be aware of these limitations if you want quality credit card processor services.
It’s also very difficult to find solid evidence about the long-term security effects of some of these software packages.
Practice handling your credit card transactions
It’s not enough to have a good relationship with your suppliers, you need to practice how to process credit cards as well. This means understanding what types of payments there are (purchases or service-related), what pricing structures exist, and how to appropriately apply discounts and rewards programs.
It also means knowing how to handle errors such as overcharges or fraudulent activity. Because these occur due to mistakes in processing or fraud, it is important to be able to recognize when something goes wrong and correct it before completing the transaction!
Your business will suffer if you don’t know how to do this. Luckily, there are many resources available to help you out. Many even offer free tools that can help you get started.
General tips: As mentioned earlier, the best way to learn how to process credit cards is by doing it yourself. There are several ways to go about learning this art form, but the easiest is probably just using a test payment method first.
Try experimenting with an average monthly cost for your business and see where things break down. Once everything has been added into your system and you've made the appropriate changes, re-test the software to make sure it works correctly.
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