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Increase Customer Loyalty And Reduce Fraud By Using Credit Card Processing Technology

March 10th, 2011 Posted in Business

Consumers feel much more safe when they are able to pay via credit card. In fact, recent studies have shown that companies that only offer variations of cash payment methods such as money orders and cashiers checks are viewed as being much less trustworthy by consumers. Using credit card processing will cost your business more money initially, however, it can help you to establish better brand loyalty as well as reduce the number of fraudulent transactions that go your business on several different levels. First, you should understand what a dynamic descriptor does to help your customers instantly recognize your brand. Dynamic descriptor is just the technical term for the information that your credit card processor describes your company on your customers’ monthly billing statements. Using a generic name with little to no contact information will raise a red flag with a large portion of your customers. Use your dynamic descriptor to list your company’s legal business name as well as your address and telephone number. Instead of initiating charge backs, your customers will simply get in contact with you to confirm the nature of their purchases made.

Not all credit card processing companies allow their customers to edit their dynamic descriptors, which is why using a credit card processing comparison service is important. By using one of these services you can immediately rule out all merchant processors that do not meet your specifications. In addition, you will have the ability to see what types of processing terminals are offered by the processors that you are interested in doing business with. A more technologically advanced terminal will help you to complete transactions faster, which leads to better customer satisfaction. Some credit card processing equipment requires businesses to manually input the CVV credit card codes. This process will not only slow down your business, but if these codes are improperly inputted then your transactions will be denied.

As credit card processing options continue to become more technologically advanced business owners need to have the ability to update their equipment. If your customers find that it is difficult for your company to accept their credit card payments then they will ultimately take their business elsewhere. Establish better relationships with your target customer base by providing them with superior customer service and listening to their concerns and suggestions. This will include changing the dynamic descriptors on their billing statements in order to more accurately reflect the services rendered.

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