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.

Avoid These Mistakes With E-Commerce Credit Card Processing

Get the knowledge to avoid common mistakes that are made while choosing a credit card processor. These mistakes go as follows:

Avoid these Mistakes

TERMS AND CONDITIONS

Only a very few business owners read the terms and conditions carefully before signing the agreement for credit card processor. Reason being, it is bulky and at times very confusing. This is why most of the businesses get surprised and bear the impacts of it on their revenue. So, it is advisable to buy some time and go through it very carefully without missing anything. You never know what you will find in there and if something confuses you or generates suspicious. Do not hesitate to ask your potential processor to get the clearer picture. Make sure that all the issues are resolved and clarified before signing the contract.

INFORMATION ABOUT THE FEE CHARGED

Every credit card processor charges a nominal fee for its services. But some processors try to slip in hidden charges or additional charges without letting the merchant know about it. Although fees are a reasonable and normal part of credit card processing, it is wise to ask for breakage of the same in order to have a clearer picture of it and avoid being mishap by credit card processors. Study the pricing table (can be provided by the card processor when asked for) very carefully and ask as many questions as you can to have a complete understanding of the fee structure. If you think that you don’t understand anything or find it suspicious, ask the processor or look for a new credit card processor.

SIGNING FOR VOLUME

If you are starting a new business or you already own a small or mid-size business, it becomes difficult to predict the monthly sales in advance. But if you want to get a credit card processor for your business, you would have to sign an agreement with a minimum monthly sales requirement. And if your business fails to fulfill this condition, an extra fee will occur as a penalty. Such charges are unfair to small businesses. So it is important to read the agreement fully to find any loopholes and avoid them, if possible.

Search for Options

Take your time in choosing the right credit card processor for your business but make sure that whichever processor you chose is affordable, transparent and responsive. If you take these measures, you will never regret your decision.

How To Handle Your Credit Card Information

Keep your customer’s data safe with these useful tips.

Five tips for proper handling the credit card information of your customer.

Approved Software Use

When a merchant uses POS (Point of Sale) terminal, mobile running payment processor software or swipe machine to conduct transactions, as a merchant it is your duty to make sure that your hardware, as well as software, is PCI Compliant. There are many applications and card readers available that come with security loopholes.

Genuine Service Provider

You can avail services of a reputed service provider to install credit card processing software, manage credit card processing as well as credit card storage for your business. Service provider includes:

SaaS (Web-based software)

IVR phone services

It might also include companies to which the merchant outsources payment-processing functions. Through extensive testing of these service providers, you can make sure that they are trustworthy. Qualified Security Assessor (QSA) who performs a comprehensive audit of policies, procedures and the system of the service providers does this type of testing. You can only use PCI DSS Validated service provider as a part of a contract signed.

Storage of Sensitive Information

Payment processing regulations specifically prohibit the storage of credit card security code or any data contained in the magnetic strip of a credit card. Although you may have business reasons for storing credit card information. The card security number is in place to know whether a user of the card over the phone or internet has the possession. But if the security code is stolen, this approach will not work. In the magnetic stick, which is on the backside of the credit card, track data is stored. This contains the information on the account that is otherwise don’t show on the card. This data assists with authentication and the card cannot be fake.

Encrypted Electronic Storage

For recurring payment authorization or mail order authorization, the merchant might have to store credit card number. If such sensitive data is there as paper documents, you should keep it in a secure place. If you process recurring transactions, you can also store credit card number via electronic storage.

Advantage of Mobile Payment for Transportation Service Providers

if you are traveling to big cities, local commute (taxi or car) is the option most of us would like to opt for. Your taxi driver may only accept cash payment which may cause you trouble like no cash, shortage of change, security issues etc. So it is better to use cashless payment methods, especially if you are related to the transportation industry.

Advantages

Mobile payment has many advantages over tradition method of payment i.e. cash payment. When you are in the transportation industry, there is a lot of cash flow on daily basis, which most of the time is with the drivers as they are on road, providing services. It is not possible for the drivers to come back to the main station to deposit cash after every trip. So he has to carry cash along with him all day long until he is off duty. Due to which they become a target and may end up in unfortunate incidences (robbery). It is best to use the mobile payment method for security purposes, better services, and greater revenue. Let us discuss a few of the advantages of mobile payment in detail:

Effectiveness

It is very common for a customer to not have the exact amount or a change with him, resulting in wastage of time in arranging the difference for the customer. When you accept the payment through mobile, it merely takes 20-30 seconds to swap the card and get customer’s signature. This will increase the effectiveness of transportation service and time saved can be utilized in serving the next customer, resulting in greater revenue.

Control

If you have more than one driver i.e. multiple drivers, it becomes important as well as tedious to control and manage funds effectively. You need to find out an organized way to watch your money. By using credit card processing, you will be able to keep an eye on payments made by clients, what each driver earned, everything you want to know with the help of an online merchant portal.

CONCLUSION

Apart from these three advantages, there are many more advantages of using mobile payments. The above-listed advantages help service providers to manage his/her business more efficiently, increase profitability as well as provides security. With the help of such payment processors, payment is directly deposited into the merchant account, so there is no chance of losing a payment.

What is Credit Card Processing & How To Works?

Let us discuss the working of credit card processing in detail.

Key Players

CARDHOLDER

There are two types of cardholders

1. Who repays full credit card balance?

2. Who pays only a portion of balance and rest accrues interest?

MERCHANT

It is a vendor who sells product or services. The job of a merchant is to accept payment through a card, send the card information to the issuing bank and request payment authorization.

MERCHANT’S BANK

It is also known as acquiring the bank and is responsible for sending an authorization request to the issuing bank through a proper channel followed by communicating the response of the issuing bank to the merchant.

SERVICE PROVIDER

Also known as acquiring processor is a third party entity that works as an arm of the merchant’s bank. It provides service or device that allows the merchant to accept credit card for payment and also sends the credit card details to the credit card network and further sends back payment authorization to the acquiring bank.

CREDIT CARD NETWORK

Also referred to as Association member, operates the network to facilitate the credit card payment process, worldwide and administrate interchange fees. Credit card network receives details of credit card payment from the service provider and forwards the request for authorization to the issuing bank. In return, it sends a response of the issuing bank to the service provider. Some of the examples of the credit card network are Visa, MasterCard, and American Express.

ISSUING BANK

Also called the credit card issuer is a financial institution that provides the customer with a credit card, which is involved in the transaction. After receiving the authentication request from credit card network, the issuing bank either approves it or declines it.

If you're looking payment gateway service to accept credit card transaction for your online business. you're in the right place. Merchant Stronghold is providing reliable credit card processing services. To know more information for contact us @ +1 (888) 622-6875. You have a query about this go to our site and leave it.

What is Merchant Underwriting Process

Merchant Underwriting Process

The merchant account is basically a line of credit. In the case of chargebacks, the amount is cut from the merchant’s account. But, if there are not enough funds in the bank to pay for chargeback then the provider pays that amount right away to the customer. So the essential part of underwriting is to evaluate the risk level of the merchant’s business. Following are the things that provider review:

What Providers Check

Industry Type: Risk is in every kind of business but the level of risk varies from business to business. Few businesses are less likely to fraud and chargebacks as compare to others. Higher the level of risk, higher the amount of documentation.

Return Policy: Businesses that indulge in shipping products are risky because there are chances of non-delivery of product, wrongly delivery or delivery of the broken product that might result in chargebacks.

Business History: If you are not new in the market and have applied for a merchant account, underwriting will involve reviewing of your credit history as well as chargeback history (to know chargeback ratio) before approving or rejecting your application.

Card Acceptance Method: Provider will like to know about merchant terminated file if your business has been or still is on it. Most of them will evaluate current statement to get a fair idea of volume and acceptance methods. In case an application gets approval, business accepting telephonic orders or online orders is into account for more features and more security measures.

Processing Limit Request: Depending upon your requirement of regular processing, limit of your account should best sup. If there is no requirement for high limits, do not settle with such an account. A provider should set your limits at a medium level that would allow processing on a regular basis not leaving much room for fraudulent charges.

Financial Stability: To check the financial stability, underwriting may include your bank statement and credit. This is very important for the businesses while applying for a new merchant account, as it directly affects the decision of underwriting approval.

How to Accept Payments Through Echeck Processing?

Echeck Processing Merchant Account for High-Risk Business

If your business already accepts credit and debit cards, your present Merchant account Provider might be willing to incorporate ACH preparing to your effectively existing system. Organizations, for example, Merchant Stronghold offers both cards and Echeck Payment Services to online businesses.

Once you’ve recognized a processing account that concurs with your requirements, the time has come to fill out the application. The data required will incorporate your evaluated processing volumes, and in addition the years your business has been in operation. The application process is normally quick and simple, and approval typically takes a couple of days.

How Echeck Processing Works?

In some ways, Echeck processing is like paper check handling, although it is faster and more efficient Echeck Payment Processing generally takes place in the following steps.

The purchase is Approval- To approve the purchase, a client can either round out an online form or converse with the merchant specifically through a recorded telephone call. Simply, after the approval, the merchant can pass the check data to the payment processor.

Payment is Completion- The payment processor supervises the immediate withdraw of the funds indicated by the check from the client’s bank account, and prints out a receipt.

Recurring payments with Echecks- Credit Cards and Debit cards are popular ways to make an online payment. With regards to recurring transactions, e-checks make the sense. Thus, ACH billing is popular among property managers as a reliable approach to gathering the month to month rent.

Fund deposits into the merchant’s bank account- It takes a few days in the wake of starting the transaction for the check to clear and the money to reach the merchant’s record.

Businesses that charge clients settled expenses at each finish of a specified term should, therefore, embrace e-checks as an essential payment technique.

Merchant Credit Card Payment Solution for Furniture Business

Furniture Business needs Credit card processing Services

The home furniture business has grasped the online e-commerce world. There is a new shipping/ delivering option. And there have been advancements in Merchant payment processing. This has made it probable for people to purchase their furniture online.

Merchant account for home Furniture business will permit you to process credit cards. Convey your product as you see fit.

You can transport your small furniture straightforwardly to the purchaser. Sell your products online. Allow the purchaser to get the furniture up at your store. And your clients will be able to pay with their credit cards.

Customary furniture industries are able to acquire services from conventional merchant service providers’ specialist, but banks are unwilling to coordinate with furniture business that goes online. The industry of online furniture deals has been categorized as “high-risk business” by banks; this has made things very hard for those wishing to enter this business.

One of the reasons for this high-risk order is because due to high chargeback a rate that generally goes along with operating an online furniture business. In the event that furniture is If furniture is an endless supply of the item(s), it can prompt both chargebacks and disputes. In addition, the average transaction taking place for an online furniture store is different from other online businesses. All things considered, the above average high chargebacks rates, disputes, large tickets, and higher volume makes banks shy away.

The fundamental issue for those intending to begin an online furniture business is the undertaking of opening a Merchant account. With banks shying away due to the high risk, it can make the circumstances complex if not impossible. Providentially, there are still safe and proficient choices out there for you.

WHAT SHOULD YOU DO?

Merchant Stronghold (MSH) is voted the #1 high-risk payment gateway & Merchant Account provider in the USA/UK, specializes in high-risk Merchant Account and offshore merchant account. MSH can set up your merchant account quickly with fast approval. They can provide you with the online furniture merchant account and options that best suit your needs.

Importance of Payment Processing System for your Online Business

If you’re in making this happen for your business too, one of the first things you should do is to look for a trustworthy provider of a payment processing system that can facilitate you process credit cards and e-checks for online purchases.

One of the main things you have to do is Search a Reliable provider of payment processing system to process credit cards for online buys. A completely working business website needs to offer various payment options through their payment processors. By having convenient credit card processing readily available, potential buyers are encouraged to actually spend their money on your products and services. Allow customers to make the purchase decision after product directly increases your sales!

What you need to know about Payment Processing System

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