Office Professional Plus 2010 Key The advantages a

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Home > Finance and grants > Business banking > Accepting debit and credit cards Accepting debit and credit cards The advantages and disadvantages of accepting payment by card Many businesses accept payment by card for their goods and services and this can undoubtedly offer some distinct advantages. However,Windows 7 Home Premium Product Key, there are potential drawbacks that should be considered. Advantages Responding to customer preferences - people expect to be able to pay by card. Encouraging impulse purchases - the customer doesn't need to have cash with them. Avoiding lost sales opportunities - if a customer leaves to get cash they may not return. Reaching a wider customer base - you can accept payment by phone,Office 2007 Professional Plus Key, mail and online from customers who can't reach your premises. Cashflow improvements - card payments usually clear more quickly than cheques, although this depends on your merchant agreement. Funds can take up to four working days to reach a business' bank account for face-to-face sales - this may be different for online sales. Improved security - you hold less cash on your premises. Easing your admin - a regular statement of card transactions is easier to reconcile than numerous cash transactions. Cards can be used internationally and currency conversions are handled automatically - they're an important payment method for tourist-sector businesses or those selling to consumers overseas. With card payments,Office Professional Plus 2010 Key, the customer's card is checked to see if it is valid and that it hasn't been reported lost or stolen. In addition, in a majority of cases,Windows 7 Professional, the customer's account is checked to ensure the funds are available. In most cases, an authorisation for the payment is given. However, a card authorisation does not guarantee that the payment will not be charged back in the future. Disadvantages Take into account the expectations of your business sector. If you run a service-sector business or shop selling higher-price goods, life will be difficult if you don't accept cards. However,Windows 7 Home Basic Key, with the development of contactless cards, this may not be the case in the future. Find out about the introduction of contactless cards on the Contactless Info website - Opens in a new window. You can find out about the business benefits of card payments on the Electronic Payments website - Opens in a new window. Subjects covered in this guideIntroductionThe advantages and disadvantages of accepting payment by cardTypes of plastic card you could acceptAccepting card payments: the key steps to takeSet up a merchant accountHow does the card payment process work?The cost of accepting payment by cardYour liability for disputed card paymentsSafeguards against fraudulent card paymentsData protection and security standards