In this article, we will discuss the things which should not be included in terms and conditions. Also, we will discuss the parties involved in the process of business to take card payments by customers.
Things not to include in terms and conditions
There are many different terms and conditions of a business to its customer and also different processes. We have made a list of things not to include in the terms and conditions of your business. That is because if you mention this in your terms and conditions, it will cost you lots of money.
In Europe, there is severe punishment and also considered a crime to offend the customer’s safety. If any business is found, the owner will be charged a huge amount to give to the customer, and their business will be closed. There are mostly three categories under which these crimes and unprofessional behaviour are treated.
- Financial compensation
In any case, that party that is accused without any investigation is charged compensation. This compensation is taken in the form of Euros, and sometimes this amount is taken in a million. Due to some kind of misunderstanding, a Poland company was fined 8 million PLN.
- Damage to goodwill
There are various customers on the market who will test out the products of a company. If there is any kind of court case made by the customer against the company, then it will spread for sure. If it spreads, then it will be on social media and in the world, which will reduce the goodwill of the business.
- Increased supervision
If your company is reported by any of the customers around several times. Then the authorities will keep a close look at your business activities to spot anything unusual. They will also investigate the case before they keep an eye on the company’s operations.
Who is involved in the credit card transaction process?
In a card transaction, there are many parties involved from which confirmation and approval are needed. The parties get involved when either the card is swiped, or there is an online transaction made by the card. Below listed are some of the parties which are involved in the credit card transaction.
This is the businessman who is the owner of the business and is also called a merchant in business terms.
The customer who has used the card for payment is called the cardholder.
- Card association
There are different kind of association which are involved in payment processing. These companies just process all information and initiate the transaction.
- Acquiring bank
This is the bank which is of the business owner that is receiving the money.
- Issuing bank
This is the bank from which the customer has an account and card. This is the account from which he makes the payment for the items which he has purchased.
- Payment processor
These are those associations that are responsible for carrying out the transaction smoothly. Also, these associations make sure maximum safety and security of all transactions.