Accepting credit card for small business is important even though it may come with some challenges. It is important to solve these challenges on time to avoid inconveniencing your customers. Here are some of the common credit card issues that you should be aware of.
Issues with your acquiring bank
A situation can occur to hinder the payment processing on a merchant account. The most common situation is when a fraudulent transaction is detected. The payment will be automatically rejected with your acquiring bank. The bank may launch protocols as a protective measure if the threat is severe. Other problems may include suspension of your account, termination of your account, back experiencing technical problems, the need to adjust the settings of your new merchant account and many more.
If there is a problem with your merchant account or when having credit card processing problem, you should start with your acquiring bank. You may need to work with multiple merchant accounts and ensure you are working with a reputable company such as Moolah LLC.
Declined card transactions
Discrepancies in credit card transactions can lead to processing problems. There are several reasons that can lead to a credit card or debit card be declined. These reasons include card reported stolen or lost, an expired card, insufficient funds in your account, someone attempting to fraud with the credit or debit card and more.
Payment gateway problems
Payment gateways are designed to facilitate thousands of transactions within a day. If you are not working with a reliable company when accepting credit card for small business, you will experience a lot of gateway problems. Gateways are subject to glitches, bugs and other technical problems that can affect the processing of payment. If you notice a problem with your gateway, then it is necessary to contact your acquiring bank on time to solve the problem.