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Stripe Tutorials

How to Accept Credit Card Payments Through Stripe: A Guide

Entering the global marketplace can be extremely daunting. It comes with magnified ups and downs, and the prospect of appealing to an entirely new marketplace is a challenge in itself. How do other businesses succeed? The answer is quite simple, and it lies in a little plastic piece that has changed the world of consumerism forever—credit cards. 

Credit cards are one of the leading international payment methods, which accounts for almost half of online payment transactions. Visa Mastercard, American Express, JCB, and UnionPay are some of the most well-known, but the list goes on. 

Why are credit cards so popular? They’re issued by banks, which then allows customers to borrow money under terms of credit. They pay the money back within a grace period, which keeps them away from paying for extra fees.

As a widely used mode of payment, eCommerce and marketplace from all around the world accept credit cards, including SaaS subscriptions, professional services, and even on-demand services. 

How do credit cards work through Stripe?

  • Step 1: Once the customer finds their needs met, they checkout and choose the credit card payment option.
  • Step 2: They will then be asked to input their credentials, which is a requirement to complete the transaction.
  • Step 3: Once credentials are placed, the customer will receive a notification informing them that the transaction has been completed. Keep in mind that all payments are immediate. 

Why should your business accept credit cards?

Regardless of your business type, it’s undeniable that accepting credit cards as a form of payment brings benefits to your business. It increases sales and boosts success, bringing forth conversions and sales like never before. 

To fully understand what credit cards can bring to your business, here is a quick rundown of the benefits you can enjoy:

Credit cards legitimize your business 

There’s no other way to place it—credit card payments are crucial to business success. Once you offer it as a payment method, your brand is welcomed to the industry as legitimate. Displaying credit card logos on your website commands authority, letting people know that you are worth transacting with. 

Providing your prospects with options also helps with customer satisfaction, especially when your business sells more expensive products, such as mobile phones. With an option to pay in terms, you gain a competitive advantage. In other words, you improve your place in an ever-competitive market just with the help of a card. 

Credit cards minimize the risks 

You may have dealt with fraud payments in the past, but with credit cards, risks are low. It eliminates the trouble of receiving bad or bounced checks, fake online transfers, and even fake paper bills. You never have to worry about tracking customers and filing lawsuits. With security by your side, you can now focus on other aspects of your business, such as growth and expansion. 

Credit cards are inexpensive business investments 

As a growing business, you may be reluctant to incorporate credit card systems out of fear of budget constraints. As a growing industry, credit card companies now offer merchant services packages, which allows you to work within reasonable budgets. Credit card rates are also low, which provides small businesses with the chance to offer credit cards payment methods. 

In Need of a Payment Page Builder Services? 

If your business does not offer credit card payment methods yet, now is the time to do so. Incorporating it into your business opens plenty of opportunities for success and growth, especially if you wish to expand into an international market. 

If you wish to diversify and expand your business, offering diverse payment options is the way to go. Allow Payment Page to help, a hosted payment page built with Stripe. Gaining a competitive advantage doesn’t have to be difficult. In a highly competitive world, working smart is the best way to get ahead—and that means offering various payment options for markets all over the world. Work with us today!

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eCommerce

Chargebacks: What Are They and How Can My Business Handle Them?

Your business is running smoothly, sending out product after product. You finally begin reaping the benefits of years of hard work. All is well—until you receive yet another barrier to success: a chargeback. Chargebacks are one of the most detrimental occurrences to any business, and as an entrepreneur, you need to be wary about this especially in online platforms. 

When you allow chargebacks to get out of control, your business suffers huge losses not just in profit, but reputation. If you wish to operate in the most profitable way possible, you need to ensure that your chargeback history remains untarnished. 

To learn more about chargebacks and how to protect your business from their damaging effects, here is a quick guide to follow:

What are chargebacks?

Chargebacks are basically transactions that are disputed by the customers. Customers can dispute an item on their transaction reports or credit cards. When an item is successfully disputed, the seller can reverse the transaction and return the customer’s money.

Chargebacks are designed to protect customers from fraudulent transactions, but chargebacks can also be subject to abuse. Some customers relentlessly make use of chargebacks and cause losses to the company, which can especially hurt small businesses. Other times, clerical errors can also lead to chargebacks. These errors may seem inevitable, but there are ways for businesses to reduce the likelihood of having to deal with chargebacks.

How can I protect my business from chargebacks?

Given the detrimental costs associated with chargebacks, you need to ensure that your business remains protected from untoward chargebacks. Here’s what you can do:

1 – Ensure that your customer service remains topnotch

Your customers serve as your business’s source of life, so ensuring that they are satisfied with every aspect of your business is paramount to your survival. That said, ensure that they always have access to quality customer service. This includes making sure that return policies are clear during the transaction. Bear in mind that customers raising disputes are likely looking for solutions—most are prompted to initiate chargebacks due to unsatisfactory services. 

2 – Enlist the help of an Address Verification Service (AVS)

Address Verification Services (AVS) can work to reduce fraudulent transactions. An AVS can identify suspicious transactions by checking for discrepancies in a customer’s name and address used in the transaction. It compares the customer’s details with the given data at the credit card company. 

Should the AVS detect any discrepancy, it could be a sign for you to proceed with caution and ask for further information, or perhaps decline the transaction. If the information matches, however, it is likely that the transaction is valid. 

3 – Always ask for CVV/CVC codes

Chargebacks are heavily shrouded in fraud, so to ensure that your business does not fall victim to such practices, require your customers to input CVV/CVC codes. These pertain to the 3 digital security codes on the backside of credit cards, which is particularly important for online shopping. By doing so, you ensure that the person using the card is indeed the owner, and not someone who has stolen the account number. 

Keeping Your Business Secure

There’s no other way to place it—chargebacks can lead to major losses. If you own a relatively young business, this could lead to dire consequences, especially if you get caught in the chaos of fraudulent sellers. That said, you need to ensure that you protect not only revenue but your reputation. Make sure to keep this guide in mind when dealing with customers and remember that chargebacks are much better off prevented. 

If you wish to build a payment system that delivers and protects, Payment Page is the place to go. We offer you a WordPress plugin that creates a hosted payment page, integrated heavily with the ever-reliable Stripe. Build and protect your business by offering better payment options—reach out today.