Table of Contents
The credit card authorization form is often a document used to confirm that the company will be responsible for paying back a debt if you don’t pay on time. It’s usually sent by email and can also be found online, in many cases at the end of the terms & conditions page or during checkout. This article provides step-by-step instructions for how to fill out a credit card authorization using Microsoft OneNote 2016 software, which is compatible with Mac OS X 10.11 El Capitan as well as Windows 7 SP1 64-bit and later operating systems such as 8/8.1/10 。
A credit card authorization form is a document that contains information about the goods or services being purchased. Authorization forms are used by businesses to verify that the customer has enough funds in their account to cover the purchase. Read more in detail here: credit card authorization form word.
A credit card authorization form is a formal document that a customer signs to authorize a credit card transaction. To confirm credit card transactions, merchants employ credit card authorization forms as written evidence. Essentially, it says that the cardholder consents to the merchant’s charges. For Payments That Recur and Transactions using a card that isn’t present, credit card authorisation forms are often utilized.
Below is a free credit card authorisation form template. It’s also available as a Word document.
Payment Authorization Form (PDF)
What Should a Credit Card Authorization Form Contain?
The following information must be included on every credit card authorisation form:
- Name of the cardholder
- Number on the card
- Type of card (MasterCard, Visa, American Express, Discover, etc.)
- Date of expiration
- The billing ZIP code of the cardholder
- Trader’s name
- A statement approving the accusation (s)
- Signature of the cardholder and date of signature
The following information is optional:
- CVV is a security code for credit cards.
- Full billing address of the cardholder
- Phone number of the cardholder
- Customer identification number
- Address of the merchant
- Phone number of the merchant
- Symbol of the merchant
- Amount of the purchase
- Purchase information
- Purchased date
- Number of invoice and/or purchase order
- Any other restrictions that may apply
More data provides organizations with more security and validation, but keep in mind how gathering this data may affect the consumer experience. While a vehicle buyer may be ready to provide all of this information, it may be excessive for a smaller transaction.
When a Credit Card Authorization Form Is Required
A credit card authorization form effectively maintains a card on file, allowing you to conduct transactions without asking consumer approval each time. Credit card authorisation forms are available in both hardcopy and digital formats. It’s a good idea to keep multiple physical copies on hand for in-person transactions like signing up for a gym or health club membership.
For transactions that do not take place in person, you may send a physical copy or email a digital copy of the credit card authorization form to the client so they can fill it out and return it at their leisure. They may either print it and sign it or use a program like DocuSign or HelloSign to sign it digitally.
Small company technology has progressed to the point where you can now provide digital credit card authorization forms in person as well. Customers can quickly fill out forms on tablets if you have them set up at your place of business.
In a few essential situations, credit card authorization papers come in helpful.
Payments That Recur
Payments That Recur are required for subscription-based businesses, memberships, and things like utilities and bills. In a recurring payment business model, customers have to make regular payments to businesses. However, this means they have to remember to make those payments.
You may utilize wording in a credit card authorization form that allows you to charge the customer’s card without obtaining their approval each time. Using your point-of-sale (POS), invoicing, or payment software, you can usually automate certain aspects of the process, ensuring that you get payments on time.
Transactions using a card that isn’t present
When the actual credit card and the cardholder aren’t present at the time and location of the transaction, it’s known as a card-not-present (CNP) transaction. As a result, these transactions are more likely to be fraudulent. This is significant since global firms lost $27.85 billion to fraud in 2018, a figure that continues to rise.
For CNP transactions, a credit card authorization form acts as an additional form of verification. So, if you do end up fighting fraud or chargeback, you’ll have documentation of authorisation to back you up.
Payments between businesses
Payments between businesses are typically a little different from B2C transactions. Payment preferences vary, and more businesses opt for “traditional” payment methods. Though paper checks and ACH deposits are most popular, they’re declining and losing ground to credit cards—the third most common B2B payment method.
Credit card authorization forms are especially handy for Payments between businesses. A few use cases include:
- For corporate lunches, pre-authorization is required so that anybody may make an order and/or pick it up for the team.
- Electric, internet, business insurance, and other bills that are sent via mail.
- Subscriptions to software-as-a-service (SaaS)
Chargebacks
Chargebacks occur when your company charges a credit card and the cardholder informs their issuing bank that the transaction was not authorized and that the money should be reimbursed.
Avoiding chargebacks is in everyone’s best interest. For starters, they cost an average of $450 each incidence. And if you receive too many, your company’s finances and image might be jeopardized. You risk losing your merchant account and jeopardizing your chances of getting a loan in the future.
When you utilize a credit card authorization form, it helps confirm the charge’s legality, exactly as it does in the event of fraud for CNP transactions. In other words, you have a better chance of winning the case and keeping the money—though there’s no way to get your time back. Customers may be deterred from seeking chargebacks by using a credit card authorisation form.
Template for a Credit Card Authorization Form for Free
Payment Authorization Form (PDF)
Conclusion
Although a credit card authorization form may seem to be unneeded, it may be useful in the battle against fraud and chargebacks. This single action may make the difference between a chargeback dispute being won or lost.
You Might Also Enjoy…
The “online credit card authorization form” is a type of document that allows you to authorize a credit card purchase online. This means that the merchant will receive confirmation that the customer has agreed to the transaction and is willing to pay for it.
Related Tags
- credit card authorization form template word free
- credit card authorization form pdf free
- credit card authorization form google docs
- credit card form template
- credit card payment form template
