Top 5 Dos and Don’ts For A Small Business Credit Card
A credit card for your business can be a very important financial tool, one that allows you to incorporate benefits and rewards into business strategies. Here are a few things that you should and shouldn’t do.
Do:
Setting up a credit card for your business can be a daunting task. A multitude of new words and a lot of technical jargon can be overwhelming but having at least somewhat knowledge of the workings and ins and outs of credit card processing can help avoid future problems. Read the fine print.
Don’t:
Having an untrained staff who does not know how to handle a credit card and its transactions can be severely detrimental to the health of your small business. Especially one you are trying to lift off the ground. Trained and well-versed staff in all the comings and goings is a blessing. Educate them all.
Do:
Always check and match signatures and ID numbers and names and expiration dates before processing any transaction. If any particular detail seems out of the ordinary always verify and confirm.
Don’t:
Don’t fail to spot a fake credit card. Failure to recognize discrepancies in credit card appearance and safeguarding against fraud will reflect badly and ultimately land you in hot water. You can do this by knowing what a real one looks like so it makes it easier to point out the one which is not.
Do:
Know and be aware of all the state laws and regulations for credit card processing. Unknowingly breaking any law may result in steep fines and a bad credit on your business’s name.
Don’t:
Don’t store customer credit card data for processing at a later time. All transactions should be processed at the time of purchase, allowing sensitive credit card data to be compromised can put you at great risk of fraud liability.
Do:
Use good credit sense. Many of the same rules apply to a business credit card as they do to personal credit cards. Using them strategically and wisely can make your business run as efficiently as possible while upholding credibility.
Don’t:
Don’t use your business credit card for personal use and transactions. While it may be convenient to pay for both at the same time, keep both purchases separate. Doing so will muck up all the advantage that business credit cards give in allowing you to track expenses on a monthly basis.
Do:
Do allow customers to pre-order goods on the internet by charging their cards. This will only be more efficient for your business. The easier and quicker it is for a customer to get done with a purchase and be on their merry way without having to stand to wait in line for hours, the more your clientele increase. Customer satisfaction is a major point of success for any business. Especially a small one.
Don’t:
Don’t get into the habit of paying only the minimum amount of your due on your credit cards. The interest costs could kill your business before you know what hit you.
