Here’s a quick guide to mastering the game of credit card payments and ensuring you’re always a step ahead of common hiccups.

Navigating today’s commercial landscape means more than just offering products or services – it’s also about simplifying how customers pay for them. With the rising prominence of “plastic money,” businesses must be vigilant. Let’s explore some of the most common credit card acceptance mistakes to keep your business running smoothly.

Navigating today’s commercial landscape means more than just offering products or services – it’s also about simplifying how customers pay for them.

1. Thinking Customers Carry Cash
   Many businesses wrongly assume their customers always have cash on hand. While some may think customers carry large amounts, most have around $67 in their pockets. The trend is clear: People are moving away from cash. Expecting customers to always pay with a hefty wad of bills is outdated thinking.
2. Not Keeping Credit Card Details Secure
   Jotting down credit card details on paper or saving them on spreadsheets is risky. Such practices expose businesses to significant threats. To increase transaction security, speak with your processor to determine your compliance level.
3. Not Integrating Payments From Your Invoice
   Limiting payments to financial institution transfers and check payments complicates things. Such methods can lead to errors and assume that customers have cash ready. Integrate payment links in your invoices for swift credit card payments, ensuring convenience and quicker payment turnaround.
4. Not Knowing Credit Card Processing Fees
   Many small businesses are unaware of the specific fees tied to credit card processing. They come in various forms and can be perplexing. Opt for payment systems that offer clear, consistent fees to bring transparency and predictability.
5. Passing Credit Card Fees on to Customers
   Adding extra fees for credit card use can erode customer loyalty. More than 75% of small-business patrons avoid places that impose such charges. Choose payment platforms with flat rates to simplify fee management, resulting in smoother transactions and satisfied customers.
6. Billing Under Unrecognizable Names
   Avoid customer confusion by ensuring that the trading name matches what appears on credit card statements. Imagine making a purchase at “Coffee Express,” only to see “GD Gorman” reflected on your credit card statement. This mismatch can be perplexing for customers and heightens the risk of disputes. If you’re unsure how to align the names, consult your payment provider.
7. Not Promoting That You Accept Cards
   Even if customers take it for granted that you accept cards, a little reminder never hurts. Plant signs at your storefront and the checkout counter that announce your card acceptance, showcasing logos of the cards you take. For online businesses, integrating card logos throughout your website can instill buyer confidence.
8. Not Accepting Certain Cards and Brands
   Expand your payment horizons by accepting a variety of credit card brands and types. This includes Visa, American Express, Discover, Mastercard, and other credit, debit, and prepaid cards. Embrace digital wallets and payment apps like Apple Pay and Google Pay, offering contactless, streamlined payments.
9. Not Offering Credit Card Payments at All
   You might think that setting up card payments is complicated, or maybe you believe that your customers prefer paying the old-fashioned way. But here’s the reality: Not having card options could be costing you sales. If that gets you thinking, it might be time to review your payment strategies.
10. Making It Difficult for Customers to Contact You
    If payment issues arise, customers seek immediate solutions. Ensure easy access to your contact details and maintain a dedicated team to address card-related concerns.

Taking Charge

Jumping into card payments is more than just grabbing a card machine or starting an online payment system. It’s about getting the details right, tuning into what your customers want, and dodging the usual slipups. Remember these mistakes as you tweak your card payment methods, and you’ll be on the path to winning. Want more help elevating your business game? Feel free to reach out to your financial institution.