You may have seen notices recently from your bank advising how there will be changes to the way you can use your credit card. From 1 August 2014, you will no longer be able to sign for purchases and must now use a pin (although this will not affect online transactions). As a business, if you're relying on signing for credit card sales, now is the time to consider improving your systems to ensure that you comply with the August changes. Here is one such way you can use technology to comply with these changes.
Recently we had some tradespeople in the office to perform some work. And at the conclusion of the job, one produced a manual credit card swipe to accept payment! I was initially taken aback as it had been quite some time since I last used one of these swipes, but then I began to think of some of the issues this would raise for the business. For one it would not allow them to confirm immediate payment; secondly it meant that the business was entirely paper-based; and finally this system would need to be replaced with the new credit card laws! In summary, this is a very inefficient and user-intensive way to conduct business.
Ideally, as a business, the focus should be on ensuring immediacy of payment as well as ensuring that the payment process does not double-handle the data. It should also then allow you to review the data of your transactions to quickly and easily assess the performance of your business - allowing you to review your current position and focus on reaching budgets/targets.
This is where technology can help to streamline the process. Using online accounting and payment tools, your business can produce invoices; accept payments for those invoices; and then provide a receipt in seconds. All while recording the transaction directly to your accounting system!
One such tools is Wave, a FREE accounting platform based in Canada that allows you to manage invoices and receipts online and through an APP. This tool integrates seamlessly with the payment gateway Stripe, which allows you to accept credit car payments online - either through the APP; from the Wave Invoice; or via a web page. Setup for each service can be completed in a very short time-frame with no establishment fees and only Stripe charging a transaction fee.
While this approach may not suit all businesses, it is evidence of how easily technology can be used to streamline processes and add value to both the business and the user. And in the case of credit card transactions, it may be a necessity for businesses looking to comply with the changes in legislation due to come into effect in August 2014.
At DCODE, we specialise in helping businesses leverage technology to improve processes and procedures. If you're looking to leverage technology to assist you with selling online (or simply accepting payments online), contact us to find out how we can be of assistance.
We can review your requirements and analyse the alternate solutions with specific reference to your business - ensuring that you implement the best technology that's right for you; not just the popular technology. Contact us today for an obligation free discussion of how you can use technology in your business.
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