Benefits of Storing a Credit Card on File

Benefits of Storing a Credit Card on File
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As a business owner, you’re constantly working to improve your customers’ experiences. But are you accommodating them in a secure way? It’s likely you’re overworking yourself and putting your business at risk simply for the sake of your customers’ needs. What if you could accommodate your customers without risking your business? Say hello to storing credit cards on file.

Increase Security, Decrease Storage

Storing customer card information in filing cabinets is a huge risk and leaves your business vulnerable. If the information gets into the wrong hands, customers’ cards can easily incur fraudulent charges. Plus, it takes up extra space. As your business grows, so will the filing cabinets — and subsequently the chance of theft.

With Virtual Terminals like ours, you’re able to securely store a customer's credit card on file. Enter the customer’s name and add as many payment methods as she’d like. You can even store ACH account information to directly debit a checking or savings account.

Account numbers are encrypted in the Virtual Terminal so only the last four digits are visible. This way you can confirm the credit card on file is being charged while maintaining cardholder privacy. Even as the business owner, you can’t access cardholder data.

But wait, there’s more!

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Credit Card on File: One-Click Recharge

Using an old-school terminal to recharge a customer requires him to return to your business or you to make a phone call to collect the payment. Either way, it’s a lengthy process for both you and your customers. Plus, it delays cash flow to your business's bank account.

With an ACH account or a credit card on file, you can easily recharge a customer’s card with the click of a button. Here's how recharging accounts works in our system:

After you have logged into PayJunction, the process page will automatically load, but if you happen to be on another page, just click “Process” from the menu on the left. Once the page has loaded, click “Recharge” in the upper right corner. This will load a modal where you can see a list of all your customers. Find the one you want to recharge by scrolling through or by searching their first name, last name, company, or customer ID.

As you type your query into the search field, it will narrow the results until you have found who you are looking for. When you are ready, click on the contact you wish to recharge. Select which credit card you would like to charge and click “Charge.” The transaction page will load, where you can enter the action and amount. Once you have done this click “Process,” and complete the transaction. Voilà! There's no need to call your customer or have him return to the store.

From there you can email your customer a receipt to sign remotely. This protects you from the chance of a chargeback and reminds your customer of the purchase (sounds like a win-win for everyone).

A Credit Card on File Is a No Brainer

Satisfy your customers while securely running your business. Safely storing a customer’s credit card on file will not only improve your level of security, but enhance your business’s operations and efficiency. You’re running a successful business; the least you can do is give yourself some peace of mind.

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New to the idea of storing a credit card on file? What’s your initial reaction? We’d love to hear from you.

Editor's Note: This post was originally published in December 2016 and has been updated for comprehensiveness and accuracy.

About Author
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Ursula Librizzi

Ursula is the sales and marketing operations manager for PayJunction. She oversees daily marketing tasks and liaises between the sales and marketing departments.

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