How to Avoid Payment Processing Issues When Running a Multi-Location Franchise
Running a multi-location franchise comes with a variety of responsibilities and challenges. One of these is knowing how to avoid payment processing issues, because a steady revenue stream is a lifeline for your business’ survival. Below are some strategies to help you manage payment processing to keep your locations running smoothly and efficiently.
Protect Yourself from Skimming
Skimming is a method used by identity thieves to capture payment and personal information from a credit card holder when they use their card at a brick-and-mortar location. There are a number of ways thieves engage in skimming, usually by utilizing a specialized skimming device. The best way to protect yourself and your customers from skimming is to understand the landscape of the risks involved and by remaining vigilant. Naturally, there is an element of risk in any type of business, but awareness is often the best defense when it comes to payment processing.
Keep Customers’ Credit Card Data Safe
It’s always important to do everything possible to keep your customers’ credit card data safe. It is much easier for credit card numbers to be stolen if they are handwritten on triplicate or even on a printed invoice, as opposed to current technology safeguards like multi-factor authentication. In addition, the COVID-19 pandemic has led more businesses to seek ways to streamline payment processing to minimize physical contact and adhere to social distancing protocols. PlainsCapital Bank offers a mobile point-of-sale payment solution (Vital® POS) that arms merchants and business owners with the ability to accept payments without contact.
Another gateway solution is the concept of an “online interface,” which allows you to conduct payment processing, view payment histories, and create payment links for the customer that are hosted on secured servers to prevent hacking of sensitive credit card information.
Manage Who Has Access to Systems
It is also important to keep close track of how many employees or third-party vendors have access to your payment processing system. Actively limiting IP connections or the number of computers on a particular network can be an effective way to accomplish this. If you are running a multi-location franchise, that means there are more points of entry to access data, so the use of a gateway can help you stay on top of who has access to the system.
Good Record-Keeping is Vital
If you’re going to successfully avoid persistent payment processing issues, it’s vital to ensure you have a reliable and effective record-keeping system or tool in place. This often means “going digital.” It’s typically much safer and more efficient to store records online and require a password to access them, than to keep paper copies stuffed in a file cabinet.
Resolve Disputes Quickly
Inevitably, there will be disputes from time to time and mistakes do occur. That is why it is also beneficial to have a plan for resolving disputes quickly to avoid payment processing issues. One of the benefits PlainsCapital Bank provides is having a Merchant Services team whose primary responsibility is to assist when issues arise. Having a more personal relationship with your bank can help you handle disputes with greater ease.
Things happen in today’s fast-paced world, but if you take steps to learn how to avoid payment processing issues when running a multi-location franchise (or any type of business), you will be able to help your revenue stream stay consistent. Visit this page to learn more about how PlainsCapital Bank Merchant Services can help you with your payment processing.