Questions that a High Risk Merchant’s Return Policy Should Answer

Providing a clear & concise return policy actually means that you’re committed to win the confidence of your customers. Besides that, it can also help a great deal in case there are some disputes (pertaining to credit card payments).

In case you’re availing high risk merchant services, it’s advisable to adopt some fair business practices right from day one. Publishing a return policy document on the website is one such thing you need to do before you start accepting credit card payments. 

Here’re some key questions your return policy should answer in case you’re associated with a high risk processor: 

·         How much time does a customer has before s/he can return the product? 

·         Is the process for requesting a refund from your company clearly stated in the policy? 

·         How soon would you be providing the refund to a customer? 

·         Do you pay for the postage or the customer?

·         What is the amount of time taken to deliver an order to the customer?

·         How the refund is made available to the customer? 

If the return policy of a high risk merchant answers these questions really well, he can expect to minimize chargebacks by a good margin over a period of time.

The Role of Security in E-Commerce

With every other person is the world shopping online and using their credit for payments, it is the responsibility of merchants to provide adequate security to their information and safeguard their business against credit card fraudulent. Here’s why this going to impact the business:

Enhance customer experience

By giving people the convenience of shopping online, merchants have already enhanced customer experience. But, if their credit card information is not safe with you, it will greatly impact your business and any breach in security will take them to your competitors.

Repeat business

Only when customers will fully rely on your services, and security will they come back to your for more. This also means you’ll be referred to others as well, and thus your business will get a boost. But, in case of security breach, not only will you lose business, but also have to pay for law suits against your business.

Always stay ahead of fraudsters

If technology is empowering you to make sales and purchases online, it’s also empowering fraudsters to develop more advanced means of breaching security. To safeguard your business form such developments, make technology upgradation a dedicated part of your business strategies.

Ways To Minimize Credit Card Fraud

Safeguard your business against credit card fraud with the help of the following 4 ways. These ways are especially useful for High Risk Merchants as their business is exposed to greater risk of credit card frauds.  

Implantation of Address Verification System

The Address Verification System (AVS) once implemented provides an additional layer of security for internet transactions and ensure that whosoever is purchasing is the same person who will receive the monthly billing as well.

Credit Card Verification Values (CVV)

CVV is a security features that prevents hackers from accessing or using credit card numbers generated through fraud attacks and breach of security. By requesting for CVV can make sure the person using a credit is its actual owner.

Recognition of counterfeit cards

Many fraudulent are experts in creating fake cards. Before accepting any payment make sure embossing on the card is clear and also examine its signature paned for any marks or signs of tampering.

Careful examination of online transactions

When physical examination of credit cards is not possible, it is better to track online payment patterns such as use of different credit cards from the same IP address, large orders of same items, and so on.

OffShore Merchant Accounts – 2 Things to Watch Out For

Are you sure your offshore merchant account is not bluffing you? If, not check your contract for the following two aspects detrimental for the smooth operations of your business

 

Hidden Clauses 

The process of High risk credit card processing begins with signing a contract, and this contract can have many hidden clauses you need to take care of. These contracts will be signed for a least period of one year, which is understood, because after all service providers need to secure their income too. But, on the other hand, these contracts may have hidden fees and cancellation clauses, which one needs to be clear about. Merchants are often told they are being offered a number of free services they sign up for, but the charges are levied later through clauses.

Hidden cancellation fees and other sunshine clauses

Cancellation clauses in contracts can be the most devastating of them all.  This is because most merchant service providers charge huge cancellation fees, if at all they there is clause that permits cancellation at all. Moreover, many of them provide a very brief window for cancellation, skipping which you’ll need to wait until the window returns.

Merchant Accounts - 4 important FAQs

Four frequently asked questions about merchant accounts.

Q1. What is a merchant account?

A bank account that enables businesses to accept credit cards and e-cheques is called merchant account.

Q2. What’s the general procedure to set up a merchant account?

In order to set up a high risk merchant account you are needed to apply with a bank making use of your existing business account (connected with your business’s federal tax ID). The function of merchant account will be to collect and deposit credit card or e-cheque transactions into your business account.

Q3. What are the basic requirements in opening up a merchant account?

The signatory or the account holder requires any government authorized ID accompanied by a bank letter with the company name, account number, ABA bank number and signature of the bank officer.

Q4. What is a payment gateway?

Payment gateway helps in transmission of credit card information from business account to bank account in a secure manner.