If you're still contemplating whether to accept debit and credit card payments, stop now: you simply have to if you want to compete. Credit and debit card transactions accounted for 80% - or £638bn - of all UK retail spending last year (2016). And it rises annually. This guide will show you some of the advantages of accepting credit card payments and how to get started.
Am I liable for disputed card payments?
When all goes smoothly, purchases made by card are very straightforward to process. However, if a customer later disputes a transaction, you could be asked to refund the sum in full. 'Chargebacks' such as this are usually the result of an individual having their card stolen. If you trade online, you are more likely to encounter this kind of fraud.
Payment service provider (PSP): an agency which processes card transactions on your behalf
Chargebacks: when a customer disputes a card payment and you are required to refund the disputed sum