Payment Safety Tips for Merchants

When it’s about merchant account trading, security is certainly the main feature to consider.  In order to earn regular profits from your business, it’s important that you are well protected against setbacks like frauds phishing or identification thefts.

So let’s check out some common safety tips you as a merchant need to follow while receiving your payments.

·         Maintaining Standards

High risk merchant accounts are always under constant threat from online frauds or identification theft. Therefore, it’s important that you safeguard your business with some regulated standards of payments. Keep your records maintained, secured and protected it from opens sharing.       

·         Using  Fraud Prevention Measures

Due to a rapid increase in the number of online frauds and identification thefts, several MNC like visa have offered measures like fraud prevention. Fraud prevention measures ensure that the information about the client isn't used fraudulently by someone else. Using such services makes clients confident about your service and can result in increasing profits.    

·         Tell Your Clients About Security Features

Tracking down fake clients or online frauds is not always easy, but spreading the knowledge among clients about threats related to fraud transactions can be more than useful for your business. You as merchants, you need to notify clients through emails about latest updates and security features introduced from time to time.

·         Teach Your Clients

Lastly, you need to make clients recognize safety features for protecting credit card information. Identity theft can be used for several purposes that can for fraud transactions at different levels. Initiate a teaching session for clients, teaching them privacy tips and fraud tactics and the importance of identification protection.

Things You Should Know about Wireless Credit Card Processing

In today’s fast paced times, there is always an urge to make quick business decisions and a constant need to remain connected with global markets. This is where wireless internet credit card processing comes handy. It works swiftly to complete payment transactions.

Other benefits of using wireless credit card processing include: 

·         Wireless Credit Card Processing terminals are portable, which means that they are free to work without landline connections or internet hookups. 

·         Portability makes credit card processing quite easy and can be done from any place with simple hardware like magnetic strip reader, pin pad and display screen.

·         Using wireless credit card processing for payments can enhance relations with your customers and ensure authentic transactions.

·         Using credit card processing services especially for small personal businesses can improve security and service to a great extent.

·         Having a wireless credit card processing service can increase customer interactions and prove out as a valuable stepping stone for developing business.

·         With wireless credit card processing, you can complete payments door to door or can carry the service to the desired location 

·         Wireless credit card processing doesn’t require any kind of a hookup for payments unlike mobile credit card processing.  

·         The processing is done under strict guidelines of PCI standards, which safeguards merchants from surplus charges and frauds.

Wireless credit card processing can be easily approved for they help improve business outputs and avoid surplus expensive for increase in savings. 

How to Enhance Rate of High Risk Merchant Account Approval

A merchant requires a business banking account for accepting credit card payments involved in retail sales. There are generally three types of high risk merchant account services provided by financial institutions worldwide.

The account can be a retail account, MOTO account or Internet account. Retail accounts are useful for executing point of sale transactions, MOTO for mail and telephone orders and Internet account for online transactions. 

All of the accounts differ in their fee structure and per transaction charge. So, it requires a great amount of critical thinking on a merchant’s side, for getting quick account approval.

Following steps must be considered for achieving hassle-free approval:

1. Explore all payment options with due consideration; already available in your business. Evaluate options for conducting business post account approval. Plan in advance about how online order services will get processed after account approval.

2. Understand primary reason for rejected merchant account applications and try to avoid presenting high credit card risk in application form. High credit card risk means high –charge backs (customer refunds) and diminished chances of application approval.

3. Try to get a clear picture on future trends for chargebacks by making a chart of previous annual refunds. Do some number crunching and include this information in your application.

4. Analyze your business history i.e. how long you are in a particular business. This helps in getting easy account approval from financial institutions.

 5. Get some knowledge about associated security risks with online payment options. Investigate some gateway security providers such as VeriSign to protect your mail and online payment processing methods from potential frauds.

6. Greater business revenue increases your chances of application approval in short period.

5 Best Practices for Managing High Risk Merchant Accounts

A merchant should use account monitoring services for lowering chargeback ratios.

Huge refunds from high risk merchant account can jeopardize the whole revenue coming from online sales. Following are top 5 tips to protect your high risk merchant account:

1. Resolve Problems as They Appear

High customer satisfaction leads to low chargebacks and growth in company revenues. A merchant should establish contacts with customers to solve problems immediately. It will prove a positive experience for both the customer and merchant.

2. Authorize Information Fields

The monthly information provided on customer’s credit card slip is known as a descriptor. If your company makes use of an abbreviation in descriptor, be sure the customer can easily recognize them.

3. Regular Contacts

A merchant should regularly contact customers through email, SMS and product tracking services. Ongoing customer communication helps merchants build strong relationship with customers.

4. Fast Response

Customer disputes should be resolved within minimum possible time. Correct repayment procedures should be followed for customer compensation.  

5. An Option to Cancel the Order

Sometimes customer realizes only at later stages about mistake made while placing an order. So, it will be beneficial to provide a purchase cancellation button on top of your website.