Accepting a credit card bill payment is always an effortless way to deal with it, but one needs to understand that it’s a complex undertaking that requires a lot of planning and groundwork. As a business owner, allowing your consumer to pay via credit card undoubtedly makes managing cash flow less difficult and eliminates all the delays associated with waiting for check payments. Along with this, it also makes sure to improve your overall revenue.
While we all live in the digital era, cashless transactions are on a boom like never before. What drives a consumer to make a cashless payment, especially via my credit card, is its benefits and efficiency. Furthermore, being a responsible credit card user allows to build a credit score, significant rewards, cashback and some unexpected expenses.
If you are an entrepreneur and want to sell your offering at a high price, you might be worried about the fact that the buyers may object as they have to pay in full. And if you provide them with a credit card bill payment system, you’ll now be worried about being scammed. So, it is very important to be vigilant in the game and in order to feel more secure when opening a payment line with a credit card, here are the top 4 things to consider –
Three-factor authentication
This is one of the most important things to consider if you offer credit card payments. It primarily minimizes the risk of fraud since it requires the users to confirm their identity using a combination of three different factors. These three factors are :
- Card Expiration Date
- CVV (3-digit number on the back of the credit card)
- OTP (One Time Password)
So this way, when you accept a credit card bill payment, you can be sure that the identity of the credit card user won’t be misused.
Address Verification System
This system takes the security factor to the next level. AVS (Address Verification System) requires a user to enter an address registered as a billing address. By activating this system, one can minimize the scam risk because it helps track the address.
Use a Payment Gateway with a PCI DSS certificate.
A technology that makes it easier for your business to accept online payments from websites or applications, Payment Gateway is a channel that allows you to accept payments by credit card. As it offers various conveniences for all transactions, it is crucial to pay attention to the security certificate owned by the one you are using.
So, ensure that your payment gateway has a Payment Card Industry Data Security Standard (PCI DSS). This certificate indicates that the payment gateway that you use can maintain credit card data and personal identity used by customers to make payments. This, ultimately makes the customers feel secure and safe while making transactions.
Transaction Limit
Activating a transaction limit is important to cut down on losses. With this, the payments made by the credit cards, suppose a credit card bill payment, will be in accordance with the limits you have previously set. This factor also helps in detecting unusual transactions that occur in your business.
These factors mentioned above are one of the most important ones to consider, and remember, you’ll be held liable for every transaction your customer makes in your business. Further, due to the benefits attached to it, it drives sales and boosts customer satisfaction without any doubt.
