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In today’s new pandemic reality, taking orders over the phone can help save your business. It is a way to keep doing business while staying safe by practicing physical distancing.

Credit cards have already become the preferred method of payment. In 2017, the Federal Reserve reported that US consumers used their credit cards 123.5 billion times, and Canadians spend over $300 billion a year on their credit cards.

At the same time, credit card fraud has grown to more than $30 billion in losses a year. And with an estimated 80 percent of credit cards compromised, many business owners are afraid to accept payment over the phone.

As the less secure method of payment, merchants and small businesses are forced to bear the loss through chargebacks, which makes it a risky business. But if today’s new normal forces you to take more payments by phone, then how do you do so securely?

Here are three ways that you can accept credit cards over the phone:

Use a physical card terminal: This is the simplest and most often used way to accept a credit card over the phone, where you simply key in the card information. But its also the riskiest way to take a credit card payment because it does not seek to verify the identity of the cardholder. If fraud occurs using this method, it is the merchant and small business owner that bears the loss. Use a virtual card terminal: Then you can also use an online virtual terminal to key in a customer’s card and personal information. This is the more safe option because online terminals often use the information to verify the card holder’s identity, such as address and billing address. This is still not as safe as making card-present transactions, but the risk of chargebacks is much smaller than the first option. Use a virtual verification system: Alternatively, you can use an online card payment verification system to first verify the card, and then put the payment through your regular physical card terminal. If you are not using a virtual terminal already, this is the more simple and safe solution as it both verifies the card and the identity of the cardholder. Once the card is verified, you can run the card details through the terminal, as usual, knowing that the card is safe. The second solution of using a virtual terminal is the safer option if you already have one. But what if you do not have a virtual terminal and are using a physical terminal?

In that case, using two terminals could be one option. However, this would mean two different transaction rates and that you would have to set up two different systems.

Also, you may not get the payment deposited into your bank account as fast as usual. While a major bank takes only one day to deposit the money, using a virtual terminal could mean that you do not see your money before two to seven days.

The more simple and safe solution is then the last option: to use an online verification system, which does the verification of a virtual terminal without charging the card. Then after verifying the card, you can use the same physical terminal that you always use to make the now secured transaction.

At PaySecuri we have developed such a payment security system to make life easier for merchants and small businesses. Our easy to use online card verification system uses both card verification value (CVV) and address verification system (AVS) to verify card-not-present transactions.

It is an online verification system that is used in addition to a physical credit card terminal to add extra security. To learn more about this system and how you can protect your business, click here or go to “How It Works” in the top menu.

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How To Take Secure Credit Card Payments By Phone

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Toronto, Ontario, Canada

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About

Articles by Pay

How To Take Secure Credit Card Payments By Phone

By Pay Securi

Experience

PaySecuri

View Pay’s full profile

People also viewed

Joe Galleb

Valon Selimi

Colin McGready

Salih Al_Juaid

Philippe Gaucher

Lily O'Connell

Niels Krogsgaard Eskildsen

Dominic Zumbrun - NSCA-CPT

Abdul Rasheeb

Brett Melson

Chance Jacobs

Henry Tye

Conor Moore

Jelena Jevtic Akif

Pelumi Adefope

Scott Griggs

Marshall H.

Solal Sayada

Jed Seigle

Bojan Francuz

Explore collaborative articles

View mutual connections with Pay

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