Paper Credit Card Sale Slips: A Must-Have for Your Business
Credit cards are clearly the preferred method of payment for Americans. After all, there are over one billion credit cards currently in use in the United States – that’s an astounding amount, averaging over three cards per adult. In fact, there are over 11,000 credit card transactions charged every second of a day. Credit card use is also projected to increase, with $1.82 trillion estimated to be charged annually by 2024.
Accepting credit cards is an important part of your business. While most businesses now use electronic methods of running credit cards, it is also very important for every business to have paper credit card sale slips. While these may seem like a staple of the past, they have very important purposes. Let’s look at why paper credit card sale slips are important for your business to have on hand.
Reassurance When Technology Fails
While electronic processing is great, there are certainly times where it fails. Whether suffering from a network outage, power problem, or other disruption, paper credit card sales are a business must-have as they allow you to keep accepting payments. Just imagine the amount of business you would lose if there was an outage for several hours and you had no way to take credit. Having paper slips on hand will keep customers happy and keep the money coming in even in otherwise frustrating circumstances.
Chargebacks can be an incredibly frustrating facet of doing business. When a customer initiates a chargeback with their bank, one of the important methods of ensuring that you keep your hard-earned money is to have proof that the charge was valid. Keeping receipts from paper credit card sales is a good way to be able to succeed in a dispute. Not only do you have the person’s signature but you also have a copy of their card, showing that it was present at the time of the sale.
Dealing with a Damaged Card
Sometimes a credit card can become damaged to the point that it will not swipe. This can happen when the magnetized strip on the back of the card experiences problems. In these situations, having paper credit card sale slips are a business must-have. You’ll be able to take payment information by making a carbon copy imprint of the card, allowing you to process it manually. You’ll also avoid having an unhappy customer that can’t make their purchase.
While technology is great, there are always situations where it can fail. When ordering business supplies, having a handful of paper credit card sales slips on hand at all times is important to ensure that your business can continue to operate effectively when facing unexpected situations.