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Credit card has become the preferred payment mode for millions with 40% of Americans likely to use a credit card to make a purchase. The various benefits like faster checkout times, deferred payment options, reward points and other similar benefits that credit card providers offer consumers are what makes this payment mode popular. One reason why small business owners and entrepreneurs shy away from accepting credit cards is that they think credit card payments are expensive. While it is true that when accepting credit card payments, businesses have to pay a processing fee to the credit card processor, the same is not very high.

When in need of immediate or significant cash flow, a business might choose to participate in receivables funding by using receivable factoring services for commercial companies. Unlike credit card companies, these e-commerce payment services rarely require a company to set up a merchant account and they take the responsibility for protecting sensitive financial information off of the business. Although alternative payment service providers have begun to sweep the internet, in physical locations credit and debit cards are still the most common payment forms by far. However, credit card companies and banks should beware because mobile wallet apps are developing rapidly and may soon make using alternative payment options as simple in-store as they are online.

Contactless payment is the process of tapping or swiping your contactless device, which could be a card or a smartphone, over a reader, which then accepts payment for whatever it is the person is purchasing. So, to pay for something with a contactless card, you would need to take your plastic card out of your bag and hold it up close to the payment terminal or the RFID reader, and then the signal would be picked up. Commonly, credit and debit cards are the main two which people use when they want to make a contactless payment, though more and more people use their digital watches, wristbands, and even key fobs to make payments. As mentioned, there is a restriction per transaction, though this is being increased year on year for many countries around the globe as more and more people familiarize themselves with the technology and this also helps to encourage people to use it over regular cash payments.

With eCommerce expanding and nearly every consumer checking a search engine for products and services first, your business needs a secure way to accept and protect customer online credit card payments. Many sales platforms use the three-digit security code on the back of credit or debit cards to verify the physical presence of the card, digital wallets will use a fingerprint or PIN on the customer’s mobile device, and wire transfers can use customer banking. Efforts to protect online customer credit card payments are evolving alongside eCommerce, making it easier for you to find the right cybersecurity tools for secure online transactions. Once you have your physical and IT environments secure, you can find the right payment platforms as well as verification and authentication protocols to keep data safe from malicious actors while keeping up with the speed of business.