Credit cards are a big part of every business. If your store isn’t equipped for credit card transactions, you’ve already put a huge roadblock in the way of your company’s growth. But if you don’t have clear in-store and internal policies, even the best merchant services can’t help your business navigate new regulations. Here are two policies that your business needs to create and regularly review:
What’s your return policy?
Some stores don’t have a lot of returns. But whether you sell retail goods, professional services, or food, you need to have a return policy. It can encompass everything from poor user experience to product exchanges depending on what you want for your business, but the allowances and limitations need to be clear. It also needs to be posted in your store and easy to find online. Making your return policy clear and visible is the best way to fight invalid chargebacks.
While you’re making any edits, make sure your merchant services can easily accommodate the policy. This includes more than making sure your equipment can handle reversing the transaction. Make sure the fees are low enough that you can afford the goodwill a good return policy brings.
What’s your information storage procedure?
The benefit of a merchant services provider is that your company isn’t directly handling credit card information. This is incredibly important if you’re an online vendor. If you handle or store PII or credit card information, your company has to be PCI compliant and secure that information from cyber threats. Find a merchant services provider that acts as a third-party information handler. Also, train your in-store employee on how to treat any credit card information in the store. Ideally, your employees should never write down any details or even handle the cards. Find customer-facing machines to keep the line clear.