Coronavirus Payments Guide: Everything You Need To Know About Switching To Online & Phone Payments

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Is Cash Still Safe To Handle?

Money is an efficient methods of bacterium transmission even in the best of times. A Swiss research study from 2008 discovered that, in some scenarios, flu viruses can make it through approximately 17 days on the surface of cash. Thinking about the heightened risks we presently face, preparing your business to accept card-not-present and cashless deals has never been more essential.

We comprehend that the nature of certain types of companies will preclude the possibility of everyone doing this at scale, however there are ways to accept payments from your clients that don’t include the exchange of cash or perhaps a credit/debit card.

You Can Still Accept Payments From Customers Who Aren’t Present At Your Place Of Business

Know that you can get paid without having to send out invoices if you’re thinking about shutting down your workplace and changing your service to delivery-only. Fortunately, you can accept payments both online and, via a virtual terminal, over the phone.

We’ll describe how it works if you haven’t gone this path in the past. Obviously, accepting these type of payments provides security difficulties together with logistical difficulties. Security Concerns For Card-Not-Present Transactions

When accepting payments remotely, you’re responsible for guaranteeing the security of your clients’ payment details. The secret to attaining this is to make sure that your payment system is PCI-compliant.

Merchant Maverick does have a

  • complete guide to PCI compliance– what it indicates and how to bring your business into compliance– but we’ll sum up the bottom lines here. PCI compliance describes a set of standards established in 2006 to make sure the security of all customer payment details that is sent out and received online Some of the practices that will help ensure your service
    • remains PCI compliant consist of: Use only PCI-validated payment gateway software
    • Don’t save any sensitive cardholder data
    • Utilize a firewall program on your network and computers
    • Never ever utilize default passwords
    • Check that your wireless router is password-protected and utilizes file encryption
    • Examine your terminals, PIN pads, and computers to ensure that no one has actually set up rogue software or “skimming” gadgets
    • Educate your workers about security and securing cardholder data

If you don’t take the actions necessary to protect your customers’ credit card info correctly, you could easily suffer an information breach that puts your customers’ financial resources at danger– a development which would not show well on your service and result in a general loss of trust in your enterprise.

Again, please refer to our PCI compliance guide for more in-depth info on how to preserve best practices and keep your consumers’payment data safe from hackers and other bad actors.

Accepting Over-The-Phone Payments

Organisations in certain markets are most likely than others to be knowledgeable about the ins and outs of taking payments over the phone. Restaurants typically use POS systems that include a function for taking orders from another location and processing remote payments. If you run a dining establishment, there’s a great possibility that your POS provider provides abilities that you may not have had reason to check out in the past. Contact your POS provider and ask about the availability of these functions if you’re unsure.

Additionally, numerous services may find that a virtual terminal is their finest option for accepting payments over the phone. For those who don’t know, a virtual terminal is a means of accepting charge card payments without the credit card being physically present. They are usually web-based and involve you entering your consumers’ charge card info into a safe websites for processing.

Lots of POS systems and virtual terminals have a vault function that keeps your customers’ information saved on declare later usage. This enables your consumers to just direct you to charge their card on file when making a purchase. Keep in mind that this is acceptable from a security perspective due to the fact that the information is not saved on your website or your gadgets. Instead, it is all encrypted and kept with the processor.

Here’s a great guide on

Clover POS Expert Insights 24/7 bigstock On Line Shopping 27346208 Coronavirus Payments Guide: Everything You Need To Know About Switching To Online & Phone Payments

card-not-present deals. Accepting Online Payments Paying for goods and services online has become commonplace over the last few years– although your organisation might not have experience with how all of it works. In this area, we’re going to go through some common situations and let you know how to accept online payments in each instance.

Online Restaurant Orders

Most modern-day dining establishment POS software will include online buying and shipment functionality (along with payment processing, obviously). Contact your POS provider and ask about how you can carry out these features if you have such a system and you have not taken benefit of these functions yet. And if you’re attempting to sign up for a restaurant POS system, so you can accept payments online, ask the service providers in question about payment times. A waiting duration of around 2 days is fairly standard in the industry, though some processors offer faster payments.

Retail eCommerce

If you’re running a brick-and-mortar facility and you’re establishing eCommerce for the very first time, your existing charge card processor must have the ability to assist you establish your online eCommerce system. If you find that your present payment processor does not enable you to do what you ‘d like with respect to online sales, you might constantly switch to a third-party processor, such as Square or PayPal. Developing an account with the likes of Square and PayPal is pain-free and incredibly easy, so while this undoubtedly isn’t an ideal time to go window shopping for a brand-new payments company, the alternative is there need to you want to benefit from it, and it should not use up too much of your time.

Invoices & & Online Payment Forms

If you’re trying to further decrease the requirement for in-person exchanges of payment, you can use billings and payment kinds to send out custom links to your clients that permit them to enter their credit card information from another location. This has the benefit of being both safer and faster/more effective than the use of old-fashioned paper billings and checks.

Here is an informational post that details the invoicing procedure. Is Now Really The Time To Switch My Payment Setup? Plainly, a global pandemic is not

an ideal time for any business to be attempting to change up their payment processing system in order to save a few bucks. However, as the established ways of operating are being overthrown at a dizzying speed, services all over will need to adjust in order to both remain feasible and protect the health and security of employees and consumers alike. To that end, Merchant Maverick is here to help you adjust your company practices to our new shared reality. Here is a link to our COVID-19 resource hub– we are contributing to our pandemic-related educational resources constantly. Additionally, you might wish to read our piece on company interruption insurance. Additionally, you can read our Small Business Outbreak & Pandemic Guide: Coronavirus Edition for more on how your company can handle the COVID-19 pandemic.

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