Many Michigan retailers have started accepting credit cards for online purchases. Online credit card processing can be frustrating due to the fact that you don’t have the card in your hand to run the transaction which also makes fraud more common. Retailers are trying to combat the economy slow down with an online presence to try to keep the money coming in. To have a strong online presence you have to be able to accept credit cards. Michigan credit card processing companies have started offering these features to there customers. They are also trying to educate there retailers on the right ways and the wrong ways to accept credit cards online. Retailers that we spoke to said they were getting 60% of there money from paypal, another online processing company and from there own personal credit card processing company. If you have a Michigan credit card processing company you should follow these simple steps to accept credit cards online.
Get a Signature
When a credit card golder puts in a claim for a charge back on there credit card disputing a transaction the Michigan credit card processing company contacts the retailer to get a copy of the receipt and signature of the customer filing the dispute. If you don’t have a signature there is a 50-50 chance you can and will lose the sale. It is hard to get a signature from a customer when they are not standing in front of you but not impossible. On large transactions I would recommend that you email the customer a copy of the sales receipt and request a signature before shipping. Also make sure that the shipping address is the same as the billing information that is linked to the credit card. Michigan credit card processing companies believe that it is very important that the shipping address and billing address be the same during a transaction. If you follow these simple steps you have a good chance to win the dispute and save yourself a lot of money. Michigan credit card processing companies are here to work with you and help you complete credible transactions.
Credit card is become a major issue that Michigan credit card processing companies have had to deal within the past few years. With the economy at an all time low credit card processing companies have seen a large increase in credit card or debit card fraud. The credit card processing companies have seen the largest increase in fraud in the United States in the states of Michigan and California. They have started taking extreme measures to try to help retailers to prevent these types of fraud and have also begun to punish retailers who are involved the most with these fraudulent transactions. Michigan credit card processing companies have seen an increase of fraud across the board but there statistics show some retailers are having a harder problem detecting fraud than others.
Stolen Credit Cards
Credit card fraud begins with stolen credit cards. There has been a 20% increase in the past year of reported credit card thefts as well as fraudulent transactions associated with credit card theft. f you have had your credit card stolen is must be reported immediately or the credit card companies can hold you liable if it is never reported. Some people think they lost there credit card and never report them missing. 60 days passes by and they see transactions on there statements. Credit card companies are holding there customers responsible for some of these transactions if the card was not reported stolen within a 30 day time period. One way for retailers to help with the stolen credit cards is to ask for a photo ID or signature ID with the transaction.
Fake or Counterfeit Credit Cards
Another type of fraud Michigan credit card processing companies have been dealing with has been the use of fake or counterfeit credit cards. You can buy a machine that can make a credit card for under $2,000. This machine has cards that can be purchased that have a magnetic strip on the back as does a normal credit card with the information of someone else’s account number. The credit card even has the criminals name and signature on the back except the information on the card takes the transaction off of someone else’s account. Michigan credit card processing companies have dealt with this type of credit card by involving the FBI which in turn have arrested more than 30 credit card crime ring in Michigan alone.
Michigan credit card processing companies have some of the most reasonable fees in the United States. The economy in Detroit as well as the rest of Michigan is in the doldrums and credit card processing companies are well aware. In turn the credit card processing companies have lowered there transactions fees to retailers don’t push there customers to cash only transactions. Michigan credit card processing companies are charging 1.25-1.65 percent per transaction which is the cheapest in the country. They have also lowered there minimum transaction fees and there statement fees to retailers. This turn of events will have some followers in other states as well as the US economy is in the midst of an economic recession.
Another way Michigan credit card processing companies are saving there customers money is by lowering the fees on the check cashing options. Many retailers can accept personal checks on there credit card processing machines for check verification. The normal transaction fees for check approvals was .35 per transaction with a minimum monthly fee of $25.00 per moth. Credit card processing companies in Michigan have dropped these fees dramatically to only $10.00 per month as well as .25 per transaction. This might not sound like a lot but is a huge reduction in revenue when you consider how many retail establishment’s they are dealing with. The odds are when the economy picks up the prices will adjust accordingly. The good thing is Michigan credit card processing companies are a where of the economic situation and are trying to help there retailers by offering more affordable programs. Retailers must accept credit cards and debit cards if they want to see sales rise or keep stability in this economy. With the economy the way it is retailers know people will be more inclined to charge purchases due to the fact that they will sort on cash. These fee reductions by Michigan credit card processing companies will help retailers take credit cards and debit cards.
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