Choosing a Merchant Processing Company
Merchant processing companies handle credit card transactions, transferring funds from customer accounts into yours. Merchant processing fees can be expensive, but they are usually worth the cost because the service they provide expands your customer base. Merchant processing companies charge fees per transaction as well as percentage fees on the overall amount of your sales. If you own a business such as a coffee shop that processes many small transactions, choose a company with a low fee per transaction, even if the overall percentage that you pay is higher. If you own a business, such as a construction company, that processes a limited number of large transactions, choose a merchant services company with a low overall percentage rate, even if your fee per transaction is higher.
Processing Customer Transactions
When your customers pay you with credit cards, you must enter their credit card information into the terminal that you lease or buy from your merchant processing company. If your business handles transactions over the Internet or the phone, you must key in your customers' credit card information by hand on your terminal's keypad. If your business handles transactions from customers who are physically present, they will hand you their cards for you to swipe into your machine. The machine will then prompt you to enter additional information, such as the amount of the sale. Most credit card terminals will then print a receipt for the customer to sign, although this is not strictly necessary for small transactions.
Procedures for Tracking Credit Card Transactions
If you own a retail store, your cash register will have a key that tracks credit card transactions, along with a separate key for cash sales and another one for checks. At the end of the day when you close each batch of credit card sales, or prompt your terminal to send the day's transactions to the bank, check to make sure that your batch total matches the total on your register tape. If there is a discrepancy between these figures, identify the source of the error by reviewing your credit card transaction receipts.
Procedures for Saving Credit Card Paperwork
Save all of your copies of customer credit card receipts, as well as batch totals. Organize receipts by day, week or month, depending on the volume of credit card transactions that you handle. Keep these receipts in a safe place because they contain customer credit card numbers.
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