Tips For Getting Out Of A Merchant Account Contract

There is no sure shot method of getting put of a merchant account, without paying the ETF. However the chances of getting out of a merchant account without paying a cancellation fee are not bleak. The important thing to remember is to not to get into a contract, which slaps you with a hidden cancellation fee later on.

Read on to know how to get out of a merchant account safely –

1. Do Your Homework

Before signing on the dotted lone, please ensure that your research is complete. Do check the profile of the company before taken any decision.

2. Don’t Take The Sales Agents Words Literally

We are not saying that all sales agents need to be viewed cautiously, but we are strongly insisting that you don’t take their word literally. But the fact of the matter is, that the sales agents out there will go to any limit to get a businessman to sign on the dotted line.

3. Read The Terms And Conditions Carefully

Businessowners, who flip through a terms and conditions document of a high risk merchant account, always live to regret it one day. No matter how tedious it may seem, a merchant must read each and every page of the document. Only then will he know intricately about the conditions and the rates that will be applicable to his business.

4. Get all promises in writing

No matter how many promises the agent might have made to you, they have no value if not in the written word. Always insist on getting it in writing with a special mention of the agent who committed to it.

Things Travel Agencies Should Know About Credit Card Processing

Many credit card processors are reluctant to offer merchant account services to travel agencies owing to their high risk nature. This is because historical data reveals that consumers are more likely to dispute and charge back on travel agency transactions than many others.

As a consequence new travelling agencies are finding it extremely difficult to set up a high risk merchant account. To make it easier for you, mentioned below are things you should know about credit card processing:

1.    Understand Risk

Before you apply for a merchant account it is important that you first understand the potential liabilities of a sales agent, associated with selling online air fares. Understanding your exposure to possible risks will help you take adequate steps to minimize them and protect your travel agency from losses.  

2.    Set Up Card Acceptance Policies And Procedures

Setting up card acceptance policies and procedures will help you address the following issues:

·         An authorization request approved by an issuer indicates that the credit card account is in good shape.

·         Your organization may not be a MasterCard or Visa merchant, which is subjec to the rules and regulations of Credit Card Associations. However, airline is a MasterCard and Visa merchant and is subjected to all these rules and regulations.

3.    Experience Matters

Make sure you choose an established and experienced payment processor who has in the past worked with travel agencies and other high risk businesses. Also, your processor must be capable of assisting you in developing and implementing fraud prevention measures during the processing cycle.

Why your eCommerce Business Needs an Internet Merchant Account

Like our personal lives wherein the advantages of the Internet are numerous, business owners too have begun to use the web to boost their commercial approach up. The use of internet card processing for the best user experience is a latest example!

Here is why you should have an internet merchant account for your ecommerce enterprise:

Increased Flexibility 

Once you start credit card processing for your online business, you will no longer have to stick to the traditional credit card terminal. That means you can handle all your transactions virtually as well as continue any merchant functions that are still going on. Above all, you can ask your customers to simply log onto your business website to choose and add their preferred items to a shopping cart while your online card processing solutions take care of the rest! 

Vast Coverage 

Your internet processing provider will always cover you regardless of what type of credit cards your customers use to make payments. You not only make credit/debit card processing smoother, but can also receive electronic gift cards and checks. Another great option is the ability to process orders manually in case they are offline. You can also issue credit or void transactions with just a few clicks! 

Higher Safety  

Today, merchants and their customers are more aware than ever with help of quality internet processing solutions. The biggest advantage for them is improved security. Several handy, automatic tools that come along guard all their transactions, making it possible to prevent any suspicious activities and fraudulent activities.

Important Things about Data Breach Insurance Merchants Should Know about

Technological boons are always double faced. For example, on the one hand, it has helped us with innovative ideas and ways to protect important data, while on the other hand, everyday newer means are being innovated to get hold of those data.

The breach of data has far worse impacts on high risk merchant account holders or one’s that have high volume merchant accounts. 

To help the merchants cope with the loss, special data breach insurance has been launched. To know more about the data breach insurance policies, read on—

1) Also known as cyber liability insurance, data breach insurance helps in the protection of the business from the associated costs, in case breaching of data occurs.

2) The policies generally cover one or more of the areas listed below—

·         Notification Obligations

·         Liability Claims

·         Penalties and Fines

·         Investigation Expenses

3) The insurance policy will cease to work unless and until you have a certified staff member for security of the information who would regularly keep a check on the data. Other than this, for storing data, you must follow the guidelines laid down by Payment Card Industry Data Security Standards properly.

4) When you go around finding the perfect insurance company, don’t hire those companies who do not ask you about the current security schemes.

5) One of the most important things that you must know is that data breach insurances don’t help you with your security or protect your important data and documents. It is just meant to mitigate loses that are associated with such a breach. However, after loses, they may provide the companies with some valuable points regarding data security.

How to Boost Sales with Offshore Payment Processing

Businesses categorized under ecommerce use offshore payment processing to offer products and services to a global market and thus expect an increase in their revenues.

In view of that, we have mentioned some easy guidelines to boost sales with offshore payment processing.         

Advanced payment gateway

With ecommerce sales going global, the amount of risk involved is greater to that of domestic transactions. Businesses prefer to use a high risk merchant account with a superior payment gateway that detects and protects you against chargebacks.

With an advanced payment gateway, you can configure customized features for a secure order and meanwhile discard the fake ones. 

Transparent Shipping Terms and Conditions

Your customers should be aware about all the international shipping policies and duties. Notify them with all international terms and conditions before shipping their orders.

Inform all details about product’s shipping and how they can keep track of their orders. Do mention clearly, the return policy so that in case of replacement neither the customer, nor the customers have a problem.

Provide local payment options

Different countries prefer different payment gateways. With global ecommerce sales, you need to understand different payment options preferred in different locations.

Try and offer several payment options to your customers. Consumers are more likely to buy from you if they feel it is convenient and they can use several modes of online payment.

Detailed Multi-Currency Processing

Your every sale should sound like an exclusive offer to a customer. Depending upon the location of the customer, offer purchase price in his currency.

Moreover, suggest payments through other preferred currencies for the customer. Also inform them how changing the size, measures and weight can alter the product price.