Accepting credit cards over the telephone

A number of companies accept credit card payments made over the phone. According to the these companies, they believe that the profit margins are increasing due to the convenience factor enjoyed by their customers to shop and make payments from either their homes or from other locations from where there is access to a phone.

Consumers are delighted when firms accept payments over the telephone made by credit cards. According to consumers, with the convenience of making credit card payments over the telephone, they need not dress-up, find babysitters, to fill fuel in their cars, or stop at banks for withdrawing cash. All that is required to be done by a consumer is to pick the telephone receiver, dial the number, and enter the details to the automatic payment and order system.

To enable credit card payments over the telephone, all the only requirement is a merchant account. These accounts provide a trader with an underwriter which helps in the co-ordination of credit card payments made by a customer with a trader’s account. This financial underwriter helps in ensuring that the credit payment is good and when it gets cleared, it also ensures that the money is credited to the trader’s account. However, a trader should know that additional fees will be charged for such services. But many traders fees that these charges are worth every penny since there is enormous potential for profit and growth. In order to avail this service, a trader needs to find reputable underwriters such as a solid lender or a bank, after which merchant accounts need to be applied for. All possible rates and fees must be found out in advance in order to avoid surprises later. The fact is that all the account options need to be compared among the different lenders to avail the best possible deal.

After the merchant account gets approved, a trader should select services for digital phones in order to accept payments made by credit cards over the telephone. For example, if a trader wishes to make this service available at all times in a day, or might limit the access at certain times so that incomplete transactions can be completed or to answer customer queries. A trader needs to ensure that the phone line is secure. Also options such as keying the card numbers, or voicing the credit card numerals should also be provided to customers. Other options such as confirming the number, emailing or mailing the receipts, should also be thought over by merchants while setting up the service of processing credit cards over the telephone.

These days, phones are used very often for providing ordering as well as paying services. By shilling meagre amounts for every transaction, a trader can expand his reach to consumers as well as increase his swales manifold. A representative for merchant accounts can be contacted for the various possibilities and the latest technologies that are available to be implemented to a merchant’s business.

Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.