Read these 4 Guide to Credit Card Processing Tips tips to make your life smarter, better, faster and wiser. Each tip is approved by our Editors and created by expert writers so great we call them Gurus. LifeTips is the place to go when you need to know about Accounting Software tips and hundreds of other topics.
A quick feature guide to the right credit card processing software:
* You want accounting software that connects to your bank or processing company for credit card authorizations and settlements
* You should be able to integrate your credit card receipts with your sales order processing, accounts payable and receivable, cash receipts etc.
* You need support for both dial-up and high speed internet connections and secure Internet connections through TCP Internet Protocol and SSL
* You should be about to store credit card numbers in an encrypted database
* You need credit verification systems with Visa and MasterCard Electronic Commerce Indicator regulations
* You should be able to verify multiple addresses in association with your processed cards
Credit card processing has become an integral part of running any business in this day and age. Not only do you need to manage the fee structure of the credit card companies, but you also need to carefully moniter purchases, returns and recurring charges.
Whatever accounting software you choose, it should absolutely incorporate a credit card processing module that integrates electronic credit card transaction processing into your existing resource planning programs, distribution and accounting systems.
You want to be able to accept credit card payments through the sales order and accounts receivables and store appropriate data for historical and reconciliation purposes.
Online credit card processing brings its own complexity to the accounting world. You may be using a shopping cart software application or an online credit card processing company, but you still need to integrate the credit card data into your accounting module.
In many cases, your accounting software program will be able to synch up to your online bank account data - which should be pulling in your credit card credits and debits. The key is to ensure that you watch the charges associated with the credit card processing service and ensure that the right money is coming in and going out.
A credit card processing tip: By optimizing your credit card processing, you will end up saving money by ensuring that your cost per transaction remains stable.
The cost of processing credit cards can be a concern for small businesses looking to grow. Every credit card company charges a fee for using their services and some are higher than others.
A Credit Card Processing Tip: Do some analysis of your customer base. Do you have a lot of American Express Business card users or does your customer base lean towards Mastercard or Visa? You may want to use all of them at first and then use your accounting software to analyze which customers are using which cards, you may be able to stop using one service to minimize your cost per transaction.