Choosing to accept credit card payments is a wise move for any business, and frankly, anyone who hasn't already taken this step is at risk of losing business as a result.

Fewer customers are carrying cash nowadays because it's less convenient and often less secure.

Of course, there are certain things to be wary of when accepting electronic card payments, such as processing fees and privacy. So here are just a few tips for getting the most out of your online transactions.

Take time to compare card processors

There are many different card processing companies out there that you can use. These range from local banks to specialist card processing companies. It's worth taking the time to compare your options as they each charge different fees. Some can also only be used with specific devices or applications. There are many comparison sites online that you can use to compare these companies.

Invest in a portable card reader

Card readers no longer have to be used in one location. There are many portable card readers with POS integration (which includes devices you can use with a smartphone) that you can use to process payments anywhere, providing that you have an internet signal. Such card readers are great for professionals that are always on the go. However, they can also allow more flexibility of payment in restaurants, hotels, and stores, preventing people from paying at a desk.

Know when to set a minimum card payment limit

Due to card processing fees, it's often not worthwhile to let customers make purchases under $5. You may get enough big profitable sales to even things out; however, if most of your sales are small purchases, you may want to set a minimum card payment limit of $5 or $10 to prevent losing money in fees.

Always offer a receipt

You should always offer customers a receipt to prove that the payment was accepted when paying by card. However, most customers tend to decline a paper receipt and opt for a text or email receipt -- great for you and great for the environment!

Be careful when storing customer card information

Many companies store customer card information when setting up automatic payments or confirming customer identity. When doing this, it's essential to keep such details secure from hackers.

Be wary that you cannot legally store information such as the CVV number or customer PINs. It's also important to be open with customers about keeping this information as some customers may not feel comfortable allowing you to store their card details.

Know when to verify customer identity

Credit and debit card fraud is unfortunately quite common. Therefore, it can be worth verifying a customer's identity to ensure that they are who they say they are - especially when it comes to large payments via card.

There are a few ways to do this, including asking for a customer address, a signature, or another form of ID. These quick steps prevent costly refunds in the future if you accidentally charge a stolen card.

Got a company app? Consider enabling card scanning

Manually entering card details can be a long-winded process. Auto-fill options can help, but these are not universally loved.

Card scanning is a great option to use with a company app. This process allows customers to scan their card using their smartphone camera instead of typing out the card number and details. Enabling this feature is an excellent idea if you have an app that processes payments!

Do you have any tips to add? Leave them below!

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