What are the Regulations for Taking Phone Credit Card Payments?

In Australia, there are strict regulations around taking phone credit card payments. The relevant rules and guidelines are outlined in the Reserve Bank of Australia’s EFT Code of Conduct. This code contains regulatory requirements for all entities that process electronic funds transfers (EFTs), including phone credit card payments.

The regulations set out several obligations for entities that process phone credit card payments. These obligations include the following:

• Entities must obtain a signed authority from customers before processing any payment made by phone or the internet.

• Entities must ensure that all staff members involved in taking payments have been properly trained and understand their responsibilities.

• Entities must use secure systems to protect customer data and privacy.

• Entities must confirm customers’ identities before processing any payment, including via phone credit card payments.

• Entities must provide customers with a clear breakdown of the fees associated with their purchase.

• Entities must be able to demonstrate compliance with all relevant regulations, including those related to data security.

• Entities must provide customers with clear information about the payment process and any associated risks before processing the payment.

• Entities must ensure that customers are informed of their right to dispute any charges and be provided with a prompt refund if the dispute is proven valid.

• Entities must store all customer data securely and in accordance with applicable regulations.

• Entities must have an effective dispute resolution process in place.

• Entities must ensure that customers are not charged any additional fees or surcharges beyond what they initially agreed to.

Choosing the Right Payment Terminal

This might seem like lots of stress, especially for a small business, but much of the work is done when selecting a payment terminal. When selecting a payment terminal, consider:

• The cost of the terminal.

• The type of payment processor used with the terminal.

• Any associated fees and any additional hardware needed to use it.

• The compatibility with existing systems, such as point-of-sale software or a merchant account.

• The terminal’s ability to accept payments from different credit card companies.

• The security measures in place for processing transactions, such as data encryption and fraud protection.

Once a terminal is selected and the necessary hardware is installed, businesses will need to register and be approved by their payment processor to begin taking phone credit card payments. During the registration process, businesses will need to provide basic information such as contact information and banking details. They may also need to present additional documents such as a business license or invoices verifying the legitimacy of their operations.

With Zeller solutions, you can provide a safe and secure payment option to all your customers. The compliance team will make sure you meet all necessary security regulations and standards such as Payment Card Industry Data Security Standard (PCI DSS) and the General Data Protection Regulation (GDPR). This ensures that you are providing your customers with the highest level of protection when it comes to their data and financial information.

Choose the right solution today and you will follow all the right regulations – not only will you avoid fines and penalties, but you’ll also keep customers happy and avoid damage to your reputation!