Few Things e-Commerce Merchants Ought to Know about Visa Transactions

If you’re an e-commerce merchant, here are things you must know:

What are Authorized Visa transactions?

In case a card is misplaced and the account funds are available, a merchant should approve the transaction, but it will not be a proof to his true cardholder identity.

What are Chargebacks with transactions?

If a transaction obtains a fraud deal, the merchant is financially responsible for it even though it was endorsed by the cardholder.

Is An E-Commerce Merchant Eligible to Verify Transactions?

An ecommerce merchant can authenticate transactions with its verification and can stay secured from surplus chargebacks and provide customers a safer shopping setup.

How to safeguard Internet Transactions

To secure transactions from fraud deals, it’s important to enter correct electronic commerce indicators for internet transactions as it will give the issuer valid information about the deal. 

Conformation with information security program

Having a secured cardholder information security program in place will provide the merchant with a protection from the loss of sensitive data and achieve compliance while transactions.

Quick Anti Fraud Tips for Online Merchants

Online merchants are at a high risk of online payment frauds. This is because most credit/debit card systems have initially designed for on-counter sales (face-to-face interaction) and not intended for receiving virtual payments. 

Online payment risks can be minimized by adhering to some of the most essential security tips mentioned here -

1.    Always store a list of phone number and customer addresses in your database after proper verification.

2. Don’t process any order without receiving customer payment.

3. Try to incorporate address verification services for all the different modes of online payments.

4. Dispatch orders on physical mail address rather than post box numbers.

5. Ensure the use of comprehensive anti-fraud mechanism and 3D secure features while processing an online order.

6. Avoid accepting orders from free email domains.

7. Study consumer behavior from historical trends i.e. analyze purchase patterns adopted by thieves in the past and avoid processing online orders demanding fast delivery of costly items, unless verified.

8. Match the IP address to the location provided with the help of DNS lookup table.

9. Avoid overseas product deliveries, which can call for legal complications.

Common requirements for getting a high risk merchant account

Most financial institutions look for a company’s historical achievements, future targets and current market value before agreeing to even process an application for a high risk merchant account.

Renowned banking firms have stringent conditions which most online merchants find extremely hard to fulfill. But, there’re many credible high risk merchant account providers too that offer nearly the same services but with very few conditions.

Having prior information on basic requirements that need to be fulfilled for acquiring a high risk merchant account can ensure you a quick approval:

1.      Basic documents such as a photocopy of your driving license, passport, firm’s registration details, bank account and trade licensing privileges need to be produced right in the beginning (generally).

2.     A good credit history on your side will definitely impress the lending firm, leading to fast account approval.

3.      An Internet Gateway has to be in place for your merchant account. Many credit card processing companies also offer internet gateways and integration support.

4.     Processing fee can be paid during the initial stages or in later stages as per user convenience. Various payment plans are available for different business segments. Each transaction under merchant account involves a fixed share (due amount) for the service provider.

Good and Bad Implications of having a High Risk Merchant Account

In order to make good profits from business, it’s important to have a high risk merchant account. Having this account supports better customer interaction. However, there are certain good and bad implications of having a High Risk Merchant Account, let’s have a look at them in brief.

Good Implications of having a High Risk Merchant Account

With a High Risk Merchant Account, you can access the global market with ease and can enjoy the benefits of cost effective e-commerce solutions. Similarly, these services are accepted by all major credit card companies and ensure payments through a reliable gateway with secured transitions. It is safe and simple structure that has various payment options and protects from fraud transactions.

Bad Implications of having a High Risk Merchant Account

With a high risk merchant account, you are certainly going to be charged a little more than regular merchant accounts. Moreover, tracking information about online clients can lead to fraud transactions and loss of customer trust. Such issues can result in surplus fees or chargeback and can result in account cancelation.

Credit Card Processing Methods You May Not Know About

Having a convenient credit card processing terminal for your high risk merchant account can assure you secured transaction and avoid surplus charges from the service provider.  

Payments through Machines

This is probably the simplest method of credit card payments and is done with traditional swiping machines where the machine takes a photocopy of the credit card with all its information for later payments.

Payments through Credit Card Terminals

In case, you are a high risk merchant account holder and have higher volumes of payments, using credit card terminals ensures safety from card rejections and can secure information internally for more security. 

Payments through Mobile Devices

In this processing method, payments are done through a mobile device, which acts as a portable credit card terminal and  payments are done over 3G or wireless connections with some inexpensive additional hardware.

Payments through Virtual Terminals

A virtual terminal means that the payment is done online and is processed through the internet, where the information is entered manually, but is a secure as convenient mode of payments.