Final answer:
The procedure for accepting credit card payments depends on the transaction volume, transaction types, fees and penalties, and compliance with security standards.
Step-by-step explanation:
The procedure for accepting credit card payments is often determined by several factors which include the business's processing volume, the types of transactions being processed, and the relationship with the financial institutions involved.
For instance, a business that processes a high volume of transactions, especially those exceeding a certain monetary threshold, may require a more complex setup with advanced fraud protection mechanisms. If we consider the given scenario where 30 percent of respondents charge more than $2,000 per month and 80 percent of those use a credit card that grants air travel miles, it's likely that they would need a credit card processor that specializes in handling higher value transactions and possibly offers rewards management functionality.
Additionally, businesses must comply with the credit card company's terms and fees, such as those outlined where a company charges $10 for late payments and $5 per day afterwards. Such fee structures and penalty terms must be integrated into the payment processing system. Moreover, security standards like PCI DSS compliance are mandatory for businesses to accept credit card payments securely.