Looking for ways to best use your credit card processing? These tips can help.
1. Become PCI validated
You would have received instructions on validating your PCI compliance from your processor. Typically, only US and Canadian merchants complete PCI. After you validate that you are PCI compliant, your PCI fee will be lowered and you can feel confident that your card data is protected over your internet connection and computer. Click here to learn more.
2. Provide address information
MINDBODY software will accept a credit card with only the card number and expiration date present. However, the more information you can provide, the easier it will be to contact a customer if any billing or chargeback issues arise. Providing address information can also lead to a lower rate depending on the card type.
3. Provide CVV2 code on keyed transactions
When keying in a credit card at the POS or in your online store, be sure to include the CVV2 code (aka 3-digit code on the back of the card). This shows your processor that you have the card in front of you or the cardholder has access to the physical card and is less likely to be attempting fraud.
4. Swipe when you can
Swiping a card gets you the lowest rate possible. So, if you have a client in front of you, it may be convenient to use the stored card on file, but swiping their card will save you money.
5. Avoid scams
Never wire money via a third-party at your customer's request (such as Western Union, MoneyGram, bank transfer, etc.). Read more about this here.
6. Make your DBA name something customers will recognize
Your processor allows you to edit how your Doing Business As (DBA) name appears on your customer's credit card statement. You will want your DBA name to match what your customer sees when they walk through your door. Unrecognizable names such as "Best Biz LLC" instead of "Massage Master" can result in chargebacks.
7. Know your customer, ask for ID
For a large purchase or first-time customers, don't hesitate to ask for the cardholder's ID to match to their physical card. This simple step is the easiest way to minimize fraud. If you are not comfortable accepting a credit card payment or your client cannot provide ID, you can politely ask for a different form of payment or ask them to return with their ID.
8. Register for your processor's online portal
You can view your statements, deposits, and other helpful merchant account info directly from your processor.
Click here to register for Translink (TransFirst clients)
Click here to register for Merchant Connect (Elavon clients)