How to Process Credit Card Payments After Signature Rule Change

In this article, we discuss the details related to Credit Card Payments After Signature Rule Change. We will discuss old and new rules related to the payment after signature. For more information, feel free to contact Merchant Stronghold at the toll-free number.

What was the Earlier Credit Card Payment Rule?

The MasterCard was the first network to announce the change. Before that, credit card payment followed these rules:

And that slip was kept by the merchant as a document of a genuine purchase.

Before the year 2017, a cardholder needs to sign over the payment slip after the successful transaction.

Now, in case of chargeback or fraud, a merchant is allowed to use this payment slip as a piece of evidence.

The other card networks such as Visa, Discover, and American Express were also following the same steps.

Why There was Need to Make Changes to the New Rule?

Other card networks such as Visa, American Express followed over the steps of the MasterCard. But the Visa made it optional to sign on the receipt. Here are factors that made card networks to change the norms related to signature.

Also, a signature is not a strong evidence to fight against chargeback/fraud for a merchant.

The Card brands wanted to speed up the payment process by eliminating a step that is Signature.

Most of the signatures were unrecognized by the customers.

Also, most of the people are adopting the internet banking methods, where signature rules are not applicable.

Moreover, by applying the proper safety instruments, a merchant can reduce the card fraud and number of chargebacks. And new methods are more reassuring than the previous ones.

This is one of the most recent changes and many customers are not aware of this. The process of Credit Card Payments After Signature Rule Change is a lot easy. However, many customers still wait to sign the slip after making the payment.

Looking for More Information Related to Credit Card Signature Laws? – Merchant Stronghold

If you need more information related to the Credit Card Payments after Signature Rule Change. Then feel free to contact Merchant Stronghold. We have a team of experts, 24/7 available to guide the merchants with their various issues.

How the ACH Payment Processing Saves Time and Money?

ACH Payment Processing Saves Time and Money – To maximize the profit and increase the customer, you need to choose the best business practice for the business. This includes the payment methods or payment system as well. The credit card has revolutionized the payment industries and, the security and benefits provided by the service providers have encouraged the users to these services.

How does ACH Payment Processing Save Time?

The ACH is proved to be faster than other payment modes. This is because, when using the ACH, a unique routing number is provided that initiates the transaction. The money is then taken from the customer’s account and put into the merchant’s account. It is somewhat like a paper check but faster.

Generally, the ACH takes 2-3 working days to complete, from customer’s account to the merchant account.

Same day processing is also available for the merchants.

Also, the authorization is fast and secure that is attracting many merchants.

For more information, we recommend you to contact an expert. Call at the toll-free number+1 (888) 622 – 6875 of Merchant Stronghold and get an expert to guide you.

Now we know that the ACH processing saves time. It also saves a huge chunk of money as well. When using a credit card, the merchant has to pay a fixed amount to the credit card processor to use their credit card service. The ACH removed this fixed charge because this service is between the merchant and the customer.

What are the advantages of Multiple Payment Gateways Website

Advantages of Multiple Payment Gateways Website – If you wish to take your business online then we recommend you to create an eCommerce website for it. Once you have created an eCommerce website then the next question should be related to the payment options. The digital methods of payment have expanded up to an extent that people are very comfortable using the card and online wallet rather than using cash.

GLOBAL EXPANSION OF BUSINESS

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

However, it is not as easy as it may sound, but you can definitely start somewhere, and this can be started by adding payment gateways.

Furthermore, if you are thinking to target a specific geographical location then the best way is to study the audience niche. Along with that, you can also look for the payment gateways popular in that region.

After that, you can follow the same pattern and keep adding more locations preparing a multiple Payment Gateways website.

TARGET TOWARDS BETTER REVENUE

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

Furthermore, in a situation of crisis with a certain gateway, you can rely on another to keep your business going. Let’s try and understand this with the help of an example:

Suppose, you use 2 payment gateways A and B. One day, gateway A stops taking MasterCard payments and all the MasterCard credit card payments gets declined. In such a case, you can switch to gateway B and complete a successful MasterCard Credit Card Transaction.

So, one can say, one of the advantages of multiple Payment Gateways website is never losing a sale or transaction.

BACKUP AND FAIL-SAFE PAYMENT SYSTEM

ADVANCED SECURITY AND SUPPORT SERVICES

ARE THERE ANY DRAWBACKS OF HAVING MULTIPLE PAYMENT GATEWAYS?

CONCLUSION

Now that you know about the advantages of multiple Payment Gateways website and also their drawbacks. Hopefully, this will help you and your business to flourish. In case you need more specific details related to your business then you can contact Merchant Stronghold.