Are you considering adding an online store or already have a website set up for your business to sell merchandise or accept donations? In today’s climate, having online options for clients is a great way to stay competitive. Whether using complex, customized pay pages or a simple Buy/Donate Now button, there are some basic requirements for accepting payments on the web and holding space in the eCommerce market.
Card-not-present (CNP) transactions are transmitted without having a card in hand to swipe. Selling or accepting donations online require CNP transactions.
In order to accept credit card payments on the web, the card brand associations (Visa, MasterCard, etc.) have set up criteria for your business’ site. The following items must appear in your web pages:
- Address of business, including country, should be located on the same screen view as the checkout screen used to present the total purchase amount, or within the sequence of web pages the cardholder accesses during the checkout process
- A complete and accurate description of the goods or services offered
- Merchandise return and refund policy clearly displayed on either the checkout screen or on a separate screen that allows the purchaser to click an acceptance button
- A customer service contact, including electronic mail address or telephone number
- Transaction currency (currency of transaction is U.S. dollars)
- Export restrictions (if known)
- Merchant's delivery/fulfillment policy
- Display of the marks of card types accepted
Merchants must also provide a completed copy of the transaction record at the time the purchased goods are delivered or services performed, either electronically or by mail. This receipt cannot contain the cardholder’s account number but should contain the following:
- Business name
- Customer service contact information, including telephone country code and area code
- Terms and conditions of sale, if restricted
- The exact date any free trial period ends, if offered
- Cancellation policies
- Business online address
- A unique transaction identification number
As you know, CNP transactions carry greater risk of fraud. To help combat it in this virtual environment, you must maintain a secure web site and be proactive when it comes to preventing fraud. For starters, be sure your site is PCI compliant. Imposing company-wide security procedures will go a long way in avoiding risky transactions. Some examples are: online mapping of shipping addresses, business name searches, obtaining AVS and CVV2 information, and verbal authorization from issuing banks for any suspicious transactions. You can even set a transaction threshold above which management-level signoff is required.
The online shopping and donation environment has been an exciting change for businesses of all sizes. Be sure you are ready for activity by ensuring you are providing secure transactions and following card brand rules of engagement.
Contributed by Veracity Payment Solutions. Through the Michigan Chamber’s partnership with Veracity, you have the opportunity to accept credit, debit and other electronically based transactions at just 0.2% above cost. Email Veracity or call them at 866-944-0055 to learn more.