How To Manage Online Payments Risk?

Management of Risk:

A merchant needs to have a quantitative approach to risk management to identify and manage it in online payment processing :

A merchant needs to identify the most critical risks by tying them to business processes.

Quantify the severity of the identified risk, if they occur

Measure the size of the risk and evaluate the likelihood of it, if it is to occur again.

Detailed Risk Management At A More Granular Level:

Understand The Risks And Train The Staff – The staff should know what risks your business may have to deal with and plan for it beforehand. Everyone in the business structure needs to understand the types of risks inherent in online payments. Establish the procedures on avoiding and solving the risks.

Ensure Information Security – Information here includes customer databases, buying requests, payment process. etc. It should be made sure that Information is not leaked nor hacked into. Set up a secure and efficient process for submitting authorization requests over the Internet. Before you can start accepting payments online.

Use Collective Efforts To Minimize Losses – You have control over most types of chargebacks and especially the ones resulting from processing errors. A well-designed collection system can help recover unwarranted chargeback losses.

Display Effective Policies And Rules – Your website must list your privacy, shipping, return and refund policies on each page. Customers should not be forced to search for them. This will also create satisfaction and convenience for customers to come to the website even more.

Risk Evaluation – Fraud and any type of risk when occurs should be evaluated in first priority, by this approach the business has a guarantee of getting a sound data and planned structure to put up for future risks.

Finally, Risk Management is focused on the analysis and reduction of risk in various types of activities. To know more- You can contact us using the toll-free number +1 (888) 622 – 6875. 

Few Things You Must To Know About Credit Card Processing

Credit Card Processing: The Introduction of Square in 2009 and PayPal in 2012 brought the quick-pay system and ease of transaction, since then the E-Commerce business has thrived. Now everyone can accept the credit cards in addition to cash and check, which raises the question, how much should you pay for credit-card processing for High-Risk Merchant Account and payment gateway?

You must make sure that you’re not being looted in the name of special merchant services. We’re here to help you navigate credit card processing and help you get the best rate possible for your business. So, stick around!

Factors that affect the rate:

Privileged services:

Privileged services would not affect the basic rate, but it would surely affect your markup in the name of, PCI compliance, merchant gateway, statement fees and so on. So, kindly take in consideration all types of costs before signing up for an account.

Size of the ticket:

Different variations in your ticket size affect your price. Bigger ticket sizes are considered as high-risk that eventually increase the rate for you.

PCI Compliance:

PCI-Compliance is like a vow to protect the customer’s identity. It is the set of rules, which a company has to follow to keep the personal information of its customers safe.

Other considerations:

Many of the processors will charge you a minimum fee if you don’t meet a specific volume of processing. Many of them won’t show it to you at all. Also, worth noting is that if you have purchased a CNP (Card not present) then you might get a better rate otherwise, you get charged extra.

There is no control over the rates as all the companies have their own entities deciding on the rate. There could be a standard rate decided by a group or a region, but no one can say that the rate could be matched or has a single pricing model for all kinds of companies.

Wherever you can ask, we suggest you ask for interchange-plus pricing. Even if merchant accounts never promote these plans, they often have them. It’s the most transparent payment model which doesn’t have enough margin.

To get more information you can contact: 

PH: +1 (888) 622 – 6875

Email:info@merchantstronghold.com

Let's Understand Merchant Processing Services

Now that you understand the Merchant Processing Services, let’s get to the point and discuss the methods to get the best merchant processing services. Here are some factors that can influence the Merchant Processing or Card Processing Services.

Types of Payment under Payment Processor

The merchant service provider of the payment processor needs to be according to your demand.

You can explore the market with different payment processors and get the one that suits your demands.

Also, you can Compare Merchant Processing Services and payment processing services.

Price of the Merchant Processing

The different processor offers different plans for their services. It is your responsibility as a merchant to select the best for your business type. Here are some different pricing methods discussed.

Fixed Rate Plan – This where the merchant works with a business or only one merchant account. You need to pay a fixed amount for the payment processing service.

Leveled Pricing – When the merchant needs to pay a different amount depending on the risk factor. This method can be beneficial as the risk can vary each month and the merchant is not needed to pay anything extra.

Interchanged Pricing – Where the payment processing fees and processors benefits are clearly mentioned in the bill. This is the most transparent pricing system ideal for medium to large business.

Contract and Support for the Processing

Equipment used while the Transaction

On what basis should you Compare Merchant Processing Services?

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Fatal Payment Mistakes That Are Killing Your Conversion Rates

Online Payment Mistakes

NOT ASSURING THE SAFETY OF THE CUSTOMER’S INFORMATION

While making the online purchase, a customer has to enter a great number of personal information to your website. Not to forget the debit/credit card or internet banking details to make an online payment. If you are not providing proper security then there is a high possibility that the customers will not make the purchase.

So, it is always advised to all the merchants to offer proper security and privacy information to the website for the security of the product as well as the customer.

FORCING THE CUSTOMER TO CREATE AN ACCOUNT BEFORE MAKING PAYMENT

Every merchant needs a customer database for business but forcing the customer to create an account every time he/she visits your website can be bad for business.

Furthermore, asking too much data while signing up can also force the customer to abandon the website.

But we also understand that account creation is important, and therefore to avoid such issues, you can try these tips:

Instead of asking to create an account, offer services like Sign In with Google or Facebook or any other social media account.

Furthermore, you can ask for address details and other personal information at the time of payment. Do not ask unimportant details.

Also, ask the customer to save his personal information to avoid entering them again and again. Make sure you assure the safety of this information.

Other than that, you can also provide FAQ’s and customer service option to answer the query of the customer.

NO CUSTOMER SUPPORT SERVICE

Offering customer support has become as important as providing a privacy policy.

Providing customer support gives customers a trust factor that makes them feel appreciated hence making them a loyal customer. Along with that, the customer also believes you are a genuine service provider.

Now if you are a small firm and unable to offer 24/7 support then you can try adding FAQ section. Other than that, you can also offer email support or chat support service to the customer.

REDIRECTING TO A DIFFERENT WEBSITE TO MAKE THE PAYMENT

CHECKOUT PROCESS IS CONFUSING AND DISTRACTING

LACK OF PAYMENT OPTIONS

If you are still confused and do not know how to resolve the Online Payment Mistakes that kill Conversion, just get in touch with Merchant Stronghold by placing a call at the toll-free number i.e. +1 (888) 622 – 6875. You can also reach us by visiting www.merchantstronghold.com or try our email support service.

Downtime in a Payment Gateway and Backup Options

Payment Gateway Outages: The customer becomes very insecure when it comes to the payment and methods of payment he uses. Whenever there is an error message or delay in payment, the chances of the customer staying on the website becomes little.

The various merchants use different types of backups for downtime errors whenever the customer is trying to make a payment. Nowadays, technology has advanced and made payment system much easier and convenient, however, it is still important to avoid errors.

What an outage can do?

• An outage can lose your payment.
• An outage can lose your rating and productivity.
• An outage can lose your customer.
• An outage can reduce your company’s credibility.

The usage of the Internet and electronic payment, net-banking, etc. is very much trusted nowadays. Naturally, the payment gateway, which you have provided to the customer for processing the payment, may experience a technical glitch. But when there is a problem there is a way.

SOME SOLUTIONS ARE:

Increase reconciliation: Increase accounting and reconciliation so that when the outage occurs, you can provide your customers with the correct status.

Infrastructure: you can enhance the infrastructure and hardware resources of the tool.

Safe fallback option: Provide different types of payment method options such as Credit cards, ACH EFT, etc. to your customers so that they do not doubt you.

Yet speaking for all these issues and their respective solutions, we still face unintended problems somewhere or the other. Even if all would be good there could still be an issue from the customer’s end. The problems are unending but it is just a matter of customer handling and acquisition. One can just be the best in the business with ethical practices and by adopting a healthy way to handle the business.

Payment Processor System For Your Online Business

A completely practical business website that aims to sell products or services should have a variety of payment options. This would support potential buyers to really spend on your products or services when they see that you can process credit cards or accept credit card payments through payment methods that are helpful for them. Rather than simply showing your items on the web and sitting tight for individuals to come to visit your store. Allow shopping from the solace of their own homes while giving them a protected online exchange involvement?

It can be possible when you get in touch with a reputable provider of a payment processing system. Wherever money is involved, you should expect that customers can be more specific and be able to present a reliable online image can make or break your very own reputation. By taking the time to ensure you have completely practical, secure, and smooth payment processing system, you can show your customers that their financial security is also your concern while you both gain from your online trade.

Conclusion

Why risk business when you can extend and provide to the more flexible payment options that your potential buyers require?

You can get more when you have a good payment processing system to back you up. By we are offering your prospective buyer flexible payment alternative option. You are attracting more people to your business and eventually contributing to your business’s online success!

If you’re looking for any kind of payment processing solutions, you’re in the right place! Visit our services page to find out how we can help you today! You can Call Us at +1888-622-6875 or Send us Email: info@merchantstronghold.com

Integrate Multiple Payment Gateways With Merchant Stronghold

We recommend you to read this blog to completely understand the need of having a multiple payment gateways website.

GLOBAL EXPANSION OF BUSINESS

Who doesn’t want to expand their business to the global market? Now, if you are a merchant with an e-commerce website then you have great opportunities right intron of you. You can start selling your products all over the globe using your website.

TARGET TOWARDS BETTER REVENUE

Once you have added multiple gateways to your business, you’ll see increased traffic on your website. This means you will get an increase in conversion rate, which could eventually lead to better revenue.

BACKUP AND FAIL-SAFE PAYMENT SYSTEM

Using the gateways to make a transaction in your business can help you create an elaborate database of the customers. Using this database, you can mark faithful and regular customers, and at the same time blacklist the cardholders with a number of scams.

You can use this information for a successful business that can also help you reduce the number of chargebacks. Furthermore, you can back up this data using the gateway services.

If you have another payment gateway then you can securely copy all this data to another gateway and have all the similar advantages.

ADVANCED SECURITY AND SUPPORT SERVICES

Along with all the great services, the Payment Gateways also offers security and support. This gives relief to not only the merchant but also the customer.

Many of the payment gateways use high-level security systems to track and stop any kind of fraud related to the payment. Furthermore, in case of any query, they offer multiple support facility to the user.

ARE THERE ANY DRAWBACKS OF HAVING MULTIPLE PAYMENT GATEWAYS?

Now that you know about the advantages of multiple Payment Gateways website, let’s also dig into the drawbacks. Everything has its pros and cons. So, Yes, having multiple payment gateways also have some disadvantages. They are:

Management of multiple payment gateways – Having multiple payment gateways means managing multiple vendors, contracts, and relationships that can cost both time and money.

High processing fees and costs – If you add more payment gateways then you have to pay the payment processing fees to each of the gateway providers.

Do not result as profitable as it may sound – Many merchants add multiple gateways but the net revenue and the cost of gateways do not always complement one another, which result in a loss.

We offer assistance to the High-Risk Merchants, Low-Risk Merchants, E-commerce Merchants, Offshore Merchant, Retail Merchants, and many more.

Benefits of Credit Card Processing for E-commerce Businesses

Let’s see some benefits of online credit card processing.

SECURITY

It is important for every online merchant to consider the security and stability as the key factor of their business. For the long run of business and retention of customers, a reliable online credit card processing service is a must. The technology that is used for security includes PCI compliance standards. This makes it very difficult for criminals to crack the code and obtain customers data. Therefore, the customers gain confidence to use their credit cards to make a payment without hesitation.

FLEXIBILITY

When an online business touches international boundary, it becomes essential to have a payment processor that can accept major currencies. We, at Merchant Stronghold, create such an E-commerce solution to deal with a variety of currencies. No longer bound by geographical boundaries, limited currency acceptance; the sky is the limit for your E-commerce business.

IMPROVES ABILITY

To make the website visually effective, a merchant invests a lot of time and money. But most of the merchants do not consider it important to invest much time when it comes to payment processing. However, to improve online transactions for your E-commerce business, it is important to choose the right payment gateway. A system that enables the communication between the merchant processor. Also, a PCI compliant website to share customer’s payment details, bank account, and merchant processor. With this, a business owner can carry out transactions 24 hours, 365 days. The payment gateway is designed to handle data collection, encryption and secure transmission of data to the merchant account.

MEET MERCHANT STRONGHOLD

For more than a decade, Merchant Stronghold has proven its worth by providing excellent customer services, resolving queries of clients. And, providing them with the best solution for credit card processing. Go through the list of various options available, pricing, after sale service and compatibility before finalizing a payment gateway for your business. So, connect with our professionals now.

Offshore Merchant Accounts Beneficial For Small Businesses

THINGS TO KNOW

When you own small sized online business or if you are setting up one, you cannot afford to become a victim of fraud. Fraud and scams are the harsh reality of the business world and usually new, small, inexperienced businesses are the target of these scammers. For the purpose of safety of merchants, offshore merchant account provider takes responsibility to protect their clients from online frauds.

The need for offshore merchant account arises where a merchant deals with multi-national currencies. And, various credit cards used by the customers around the world. If you have an offshore merchant account, this will increase the chances of gaining more customers globally and increase annual revenue.

Normally SMBs do not have spare money to invest more in the accounts. This is where offshore can make life easier for merchants having small businesses. If a merchant runs his/her business with proper planning and strategy, he can expand his business. Also, way sooner than expected by gaining more customers nationally and internationally with high profits.

Benefits

1. Some offshore account providers may charge you but there are a few that do not charge a penny for initial setup, which is a beneficial deal for merchants running small online businesses.

2. Offshore accounts operate outside of your home country (where your business setup is), the merchant does not have to pay taxes as he will be out of tax regulation laws of the origin country.

3. Offshore Merchant account provider takes care to protect their clients (small business merchants, having an offshore merchant account) from online frauds.

4. Acceptance of multi-currency

If you want to know more about the benefits of an offshore merchant account give us a call on +1(888) 622-6875, Merchant Stronghold works 24*7, 367 days and with the vast knowledge of offshore merchant accounts, we will handle any type of query that you might throw at us.