With the advent of the digital age, businesses and commercial activities have moved online. As transactions are being initiated online, payments have to follow suit. Credit Cards have made receiving and making online payments easy and convenient. However, as a business owner, a payment processor that helps you collect Credit Card payments is integral to your business. Hence, you must understand how to make Credit Card payments online and choose the right platform.
How to Collect Credit Card Payments?
Credit Card transactions are quick and easy, allowing your clients to make purchases and transfer money to your account almost instantly. However, the smoothness of the process can be credited to the complex operations running behind the scenes. To have a basic idea of how Credit Card payments are processed, you must pay attention to three key aspects.
Firstly, you must focus on your customer interface, whether a website or an invoice. The interface makes an initial impression on customers and makes customers comfortable to enter their payment details. You should aim for an interface that is simple, easy to navigate, and pleasing to the eye.
Next, you might need a merchant account to collect credit for any card payments that you receive. Since Credit Card payment systems are not connected to your existing business account, you might have to create a merchant account for payment collection. Merchant accounts are accounts in a merchant acquiring bank that businesses can use to collect Credit Card payments. These banks act as intermediaries and facilitate the Credit Card payment between the business and the Credit Card company.
Lastly, you must be aware of payment gateways. Online Credit Card transactions take place without physically swiping the card on a POS terminal. Thus, you can only rely on the payment information the customer is entering. However, you need to confirm that the card belongs to the person entering the details and no fraud is being committed. This is where the payment gateway comes in. A payment gateway takes the information sent by the client to you, uses data encryption and sends it to the Credit Card company/ issuing bank and acquiring bank. The company/issuing bank can check if the client has access to available credit and approve or reject the transaction.
You can also collect Credit Card payments via third-party payment processors. Such third-party payment processors are quick and do not require an extensive application process. You will be charged a transaction fee, and some platforms may also levy monthly charges, so you need to keep an eye on the costs.
If you rely on any e-commerce platforms, you don’t require a merchant account or a third-party payment platform. Such e-commerce platforms have built-in payment processors that will accept almost all major Credit Cards.
How to Choose a Credit Card Payment Processor?
While choosing the platform that will process Credit Card payments, you should keep a few points in mind. You must be aware of the costs levied upon you and the transparency regarding the same. You must learn about additional or hidden costs that accompany the transaction charges. Next, you must enquire about the setup process. If integrating your business with the platform is too lengthy and complicated, you might lose valuable time. You want a payment processor that allows for quick installation so that your business can be up and running on time.
The top priority while selecting a payment processor is security. You should opt for a payment processor that will keep your client’s payment data safe and prevent any fraudulent activities from taking place. Make sure that your payment processor has encryption and verification processes to ensure the safety of the transactions. You should also make sure that the payment processor accepts at least all major Credit Cards. This will allow you to collect Credit Card payments from customers holding cards from various banks/companies. And lastly, you must ensure that the payment processor has adequate customer support. In case of a glitch or any problem, you should be able to access customer support quickly, and they should be capable of providing quick and appropriate solutions.
How to Collect Credit Card Payments with HDFC Bank?
HDFC Bank provides services to small business owners that allow them to collect Credit Card payments with ease. With HDFC Bank’s Merchant Services, you can accept and process cards simply using your mobile phone through the Mobile PoS facility. HDFC Bank also provides Payment Gateway services that follow security compliances and provide 24-hour helpdesk support. Explore HDFC Bank Merchant Services and collect Credit Card payments safely.
To apply for a Credit Card for your business, click here to get started!
Apply for Credit card online and avail instant rewards and deals
Pre-approved customers can opt to apply for a Credit Card here.
*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.
false
false
false
true
false
false