7 Key Elements Every Credit Card Authorization Form Should Include

As a business owner, it’s crucial to ensure the security of your customers’ credit card information. One of the best ways to do this is by having a comprehensive credit card authorization form in place. Whether you run a small online store or a large retail business, having a strong authorization form can protect you and your customers from potential fraud and unauthorized transactions.

1. Customer Information: The form should include the customer’s full name, address, phone number, and email address.
2. Credit Card Details: This includes the credit card number, expiration date, CVV code, and the cardholder’s name as it appears on the card.
3. Authorization Statement: Clearly outline the purpose of collecting the credit card information and obtain the customer’s signature to authorize the transaction.
4. Terms and Conditions: Include a section that outlines the terms of the transaction, including refund policies, cancellation fees, and any other relevant information.
5. Security and Compliance: Assure customers that their information will be securely stored and that your business is compliant with industry standards such as PCI DSS (Payment Card Industry Data Security Standard).
6. Contact Information: Provide your business’s contact information in case the customer has any questions or concerns about the authorization form.
7. Date and Time Stamp: Include a section to record the date and time when the authorization form was filled out and signed.

While having a credit card authorization form is essential, it’s equally important to ensure that the information collected is stored securely. Traditional paper forms or unsecured digital storage methods can leave your business vulnerable to data breaches and financial liabilities.

Although credit card authorization forms are super important for businesses and for your own security, a traditional form collected and stored in an unencrypted method will be a boon to the business to the extent of even bankrupting the business. Even billion-dollar businesses experience credit card data theft from external hackers, disgruntled employees, unsecure data storage practices etc. A 21st century business needs a 21st century solution to one of the most important problems.

In conclusion, by including these key elements in your credit card authorization form and ensuring secure storage of customer data, you can safeguard your business and build trust with your customers. Embracing modern, encrypted storage solutions will not only protect your business from financial risks but also demonstrate your commitment to safeguarding your customers’ sensitive information.