Accepting credit cards isn’t a perk in today’s consumer-driven payments ecosystem — it’s a necessity. Not knowing how to accept credit cards properly, however, can add unnecessary risk to your business. To help businesses better understand what’s needed to mitigate risk or friction associated with accepting credit cards, we’ve gathered tips to help you ensure you’re covered.
Be Online – and Mobile – Ready
The first step in knowing how to accept credit cards, and ensuring your business is up to speed, is integrating secure systems that align with how consumers want to pay.
In an increasingly omnichannel world, consumers are drawn to businesses that offer the convenience of being able to pay however they want, and by using whatever device they choose.
More and more, that means using online and mobile channels. In fact, research from consulting group Forrester projects that online shopping spend will reach $523 billion by the year 2020. And mobile is gaining its fare share of that spend. Data from Statista projects that by 2020, mobile eCommerce spend will surpass $335 billion.
When businesses are determining how to accept credit cards, they should rely on online payment processing solutions that are not only secure and easy to integrate, but also mitigate risk and friction for your customers to trust your business.
Secure Those Offline and Online Payments
For businesses determining how to accept credit cards in person, securing payments starts by having an EMV-compliant card reader. For online payment portals, however, determining how to accept credit cards is a bit more complicated since the same security measures aren’t in place for card-not-present purchases.
Business owners are busy enough running their day-to-day operations, so the last thing they need is to worry their payment gateway isn’t processing payments securely. To start, businesses should implement a system that tokenizes and secures sensitive credit card data.
Businesses should also choose a partner that has the right fraud protection tools (Verifi, or Ethoca, for example) in order to safeguard their payments from fraud. This also helps prevent your business from unnecessary chargebacks.
Focus On Consumer Experience to Mitigate Risk
One of the greatest frustrations consumers have about paying online is that it doesn’t often replicate the in-person experience. Instead, it’s full of friction and fears about identity protection.
Oftentimes, paying online requires shelling out a lot of personal information and clicking through a lot of forms and pages. So when businesses think about how to accept credit cards, they need to think about the end-user experience. This means delivering one that’s as frictionless as possible, whether it be online or via mobile.
It also means delivering an experience that makes consumers feel their credentials are being protected. Just as businesses are concerned about credit card fraud, consumers are equally concerned about protecting their data.
By being transparent about how you’re protecting payments and consumers’ identities — and by delivering a seamless experience — you’re more likely to encourage consumers to complete their purchase, mitigate risk, and therefore have repeat customers.
Anna Lothson is a content contributor for Payline. She previously wrote for PYMNTS.com, as a Sr. Content Producer, where she focused on financial services and payments innovation, fraud and security, emerging payments, and FinTech news, research and thought-leadership content across the payments industry.