Credit card is of importance. Applying for a credit card is authorized by the bank manager. It is a must to fill an authorization form. A credit card authorization form is important. Accepting credit card payments is inevitable for business owners. Yet, there is a risk when a card is not present physically. .
A credit card authorization form is where the cardholder signs a document. It grants permission to the merchant and the merchant charges on the card a fixed amount for a specific time. The authorization form is important to charge regularly a cardholder. Chargebacks happen as there is a disagreement with a customer and it causes a problem for businesses. These occurrences are time-consuming and involve paperwork. Using this form helps protect business and self. However, authorization to use a credit card is applicable only when the customer signs the form. It offers evidence of the cardholder offering sanction to charge the card.
Credit card authorization form template
A legal document is a credit card authorization form. The cardholder signs give permission to the businesses allowing them to charge debit or credit cards. It is possible to use it for recurring charges or a single transaction on the card. A signed form safeguards businesses from financial problems or chargebacks.
Creating a template for a Credit card authorization form can be kept simple by including a few basic elements.
- The cardholder details- The full name and billing address of the cardholder. It includes the cardholder’s contact information.
- Credit card details- It includes the credit card type. Includes the credit card number, the security code, and the expiration date.
- Merchant business information – It includes the address, name, and contact information of the business.
- Authorization statement- Include authorization statement applicable to business. Include transaction type, recurring or single.
- Cardholder signature- The cardholder makes the document valid by signing and writing the date. Include space to affix the signature for the cardholder.
Benefits of using the template of a credit card authorization
Dealing can get complicated with customer payments. A lot of customers pay using a credit card that it is crucial for businesses to use and create credit card authorization forms. Creating a template or downloading one is helpful. The template contains essential information and all you need to do is alter the required information. A few benefits of using credit card authorization form:
Helps build the trust of a customer
Write customer payment details on a paper piece. You may give your customers a form to get a signature. It will instill confidence and build trust. It also displays professionalism and commitment. It shows the customers your document transactions are perfect.
Efficiency
Collect information using the form to know about the payment method of the customer. It is a lot efficient as it does not ask your customers to go over many forms filling. Thus, the process is improved and it reduces the documentation. It also simplifies the process of record-keeping for the business.
Stay safe from fraud
A huge benefit is to avoid becoming a victim. The payments of credit card feature risk. However, using an authorization form helps in averting the risks. Customers signing it ensure the validity of transactions. The authorization form of a credit card is useful and one cannot go wrong with the official document required for the business.
A few tips to remember while accepting templates for the business:
- Do not store the customer’s security data code while performing transactions. Include security code data of the customers and ensure to keep the information safe.
- Email sales invoice after the transaction takes place to your customer. Ensure, it includes business details and the product or service details of the purchase.
- The invoice should include the quantity, price, and description, besides the refund and cancellation policies.
- Add to the form a checkbox so that the cardholder acknowledges the form receipt. Also, accept your invoice terms.
- If there is a difference in the shipping and billing address, ask the customer to forward a separate document, if it states you to ship items to a new address. A separate document is required as evidence so that the customer has authorized the shipment address.
- Ask to reply through email, replacing the customer to sign fax. The customer can send or acknowledge the form receipt or the authorization code. Use the code anywhere necessary as proof. It is crucial to keep in writing everything when dealing with authorization forms. It is important to escalate if there is an issue. You can have all the documents to get your defend status clear.
Businesses create their template of credit card authorization, and the same can be used for other businesses if you have it stored in a credit card authorization form pdf.