At present, there are approximately 25 million credit cards in circulation in Germany; worldwide we are talking of over 2 billion. Credit card payers have a higher tendency to impulse buying due to their extended financial scope. Foreign customers value the credit card as an easy way in which to pay abroad. This applies to outlet sales as well as remote sales.
In order to be able to accept credit card payments you need to enter into a credit card acceptance agreement with a credit card acquirer.
For its acquiring business, LBBW/BW Bank cooperate with its partner company B+S Card Service GmbH in Frankfurt. A contract with B+S enables you to accept Visa and MasterCard which already gives you market coverage of about 95%. On demand, we can also provide you with an acceptance contract for American Express.
As a rule, there are two different types of contracts:
The contract for outlet business stipulates that the card must be presented when the customer pays; together with the customer's signature on the credit card slip, this payment is guaranteed. This type of payment requires a credit card acceptance agreement as well as a terminal that accepts credit cards.
Remote sales do not require the card to be presented for payment as seller and purchaser are not in the same location. Only the relevant card details are transmitted, for example, for mail order payments by phone, fax or post, and for e-commerce payments via the internet. To carry out mail order or e-commerce payments you need a payment system such as DirectPOS.