Does how you receive credit card payments really matter? You may use several channels now. Advertisers may be able to pay online through a secure portal. Another option may be for staff to manually entering credit cards, which has some potential red flags.
First, there’s a security concern. Second, and happening more often, is the additional work put on your staff. That costs you time and money.
The Truth About Entering Credit Cards Manually
Electronic payments can boost cash flow and reduce days outstanding. However, how you collect for card payments has an impact on risk, expenses and resources.
Risks in Keying Credit Cards by Hand
How secure can a workflow be when it requires entering the card number by hand? Manually entering credit cards is risky. Here’s why:
- The credit card information could fall into the wrong hands: You’d need to ensure proper disposal of the numbers if written down. Anyone could copy these if they’re just sitting on a desk.
- Someone could transpose the numbers: If the numbers are incorrect, it triggers a failed payment attempt, which could result in a charge.
- Disputes may be more likely: If you manually run card payments each month for a customer, they may not recognize it. It could lead to a chargeback and confusion.
The Cost of Manual Entry
Staff entering credit cards could be spending time on high-level work. In the end, it’s a drag on operational efficiency.
So, what’s the real cost?
We performed an internal analysis for a customer with a high volume of manual entry. It accounted for 62% of all card payments for that year. On average, the process of keying would take about 10 minutes. The total time for adds up to over 539 hours. At $20 an hour for labor costs, it cost the company $10,780.
In a time when radio is seeking every avenue to be efficient and cost-effective, manual entry is a drain on resources and cash flow. It simply makes more sense to use guest checkout.
Guest Checkout: Convenient, Secure and Easy
Having guest checkout as part of your electronic payments solution will save you time and money. It doesn’t require a login or an account. Your customer receives the invoice by email, then clicks to pay as a guest.
It’s easy for them and can be a great way to get them in the habit of paying online. Advertisers can also pay multiple invoices with guest checkout, and it’s completely secure, using encryption to safeguard card numbers.
Protect Sensitive Information and Reduce Waste with Guest Checkout
When accepting card payments, offering guest checkout as opposed to manual entry has benefits. You’ll decrease risk and eliminate the overhead that comes with keying each card individually.
Guest checkout is one of the many features of PayNow, a comprehensive electronic payment solution. It’s integrated with your traffic system and includes tools for prepayments, payment reminders and collections.
Explore how it works today with a custom demo.
