AmEx upgrades new changes with Hyperledger Blockchain for Rewards Program

American Express has deployed Hyperledger’s blockchain technology to make its Membership Rewards program in partnership with digital retailer Boxed. More versatile, marking the first application of blockchain technology to a major U.S. financial services loyalty program.

Under the revamped program, merchants will be able to create Membership Rewards offers on their own platforms to engage customers and at the same time offer card members more opportunities to earn points.

Product Selection Rewards

American Express is partnering with Boxed, an online wholesale retailer, on a pilot promotion for Membership Rewards enrolled members. Members can earn 5X Membership Rewards points for select products and brands.

The company announced Wednesday that it is leveraging Hyperledger to let merchants create custom Membership Rewards programs for American Express cardholders. Its initial trial with Boxed will allow members to earn five times the normal number of points on certain products, according to information shared with Coin Desk.

American Express will initially provide rewards points to Boxed customers for Cheerios cereal, Planters nuts, Dove soap and a few other items, according to the Associated Press. American Express plans to make the program available to nearly all merchant partners in the coming months.

How to Works

A private channel on the company’s blockchain will allow merchants to send and receive information securely. The merchant will have control over the offers they wish to market, and they will be able to create custom Membership Rewards offers and designate SKU level bonuses.

American Express will have full visibility of the offers on the blockchain and will ensure the promotions conform to its brand values and merchant agreements.

Once the offers are available to customers, the smart contract will automatically send the anonymized transaction to American Express on the private blockchain. American Express will identify the card member and issue them their rewards points.

American Express will work with merchants to create the smart contracts for the offers.

The credit card giant is a premiere Hyperledger member, along with Deutsche Bank, JPMorgan, IBM, Intel, Baidu, and Accenture.

Notably - This is not the first foray by American Express into blockchain rewards, as the company filed a patent last year outlining a possible rewards program that would be stored on a blockchain. 

AmEx Card related more information visit here - American Express

How to Merchant Underwriting Directly Affects Your Business?

A team of high-risk analysts or an individual analyzes your business to find out any type of risk, and according to this analysis your application is either approved or rejected. This whole process might take a day or two, depending upon the provider you choose. There are alternatives to this, which will take lesser time for approval, as those alternatives do not require underwriting, but they have their own drawbacks due to which they are rarely recommended.

Merchant Underwriting Process
Merchant account is basically a line of credit. In case of chargebacks, the amount is deducted from the merchants 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 merchant’s business. Following are the things that provider review:

Industry Type: Risk is involved with every kind of business but the level of risk varies from business to business. Few businesses are less inclined to fraud and chargebacks as compare to others. Higher the level of risk,higher the amount of documentationsare required.

Return Policy: Businesses that are involved in shipping products are riskier because there are chancesof the products not being delivered, wrongly delivered or delivered broken that might result in chargebacks.

Business History: If you are not new in the market and have applied for 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 application is approved, business accepting telephonic orders or online orders is taken into consideration for added features and more security measures.

After Effects of Poor Merchant Underwriting

Your high-risk business may suffer from one or the other reason even without in-depth analysis and these are:
Incorrect Limit: You should set limits for your business as per requirement. It should not be too high or too low, as both the cases will end up in putting your business in problem. Limits lower than required will hinder regular processing of transactions that may constrict flow of cash or timely payments from the customer, where as if limit is too high, this may lead to unexpected fraudulent charges.

Hidden Fee: An addition fee is charged if the volume exceeds the limit. However, even if you have set your limit, some providers let it exceed without notification, and charge you with penalty.

Downgrades: Once your high risk merchant account is set, you are inclined to transaction downgrades if certain required features and security measures are not set along with the account. Although, setting up these features will cost you more, but will help you in long run and enable smooth processing of transactions.

How to Release Overcome the Difficulties of Payment Gateway for Collections Account?

Virtual market is growing at a rapid speed; with this kind of boom it has become essential for every online merchant (small business or large scale business) to accept payment in multiple ways according to its customer’s convenience. To open such an account, which can accept payment by credit card as well as debit card is not easy. No matter how good your business is doing, you might still end up struggling to get a merchant account opened. High-risk credit card processing is the option you can opt for if you are not able to find a merchant service provider for your business.

High-risk merchant/business: You might think that why your business is categorized as high-risk even when you are following the right track. The reason is the target audience and the niche of your business. Some of the high-risk industries are:

• E-commerce stores
• Website dealing with digital content and steaming
• Travel and transport companies
• Companies dealing in multi level marketing and direct sales
• Adult and dating websites
• Loan and financial businesses
• Companies providing supplements
• Crypto-currency
• Companies selling custom made products
• Fast growing companies

Other reasons for being categorized as a high-risk business can be excessive number of chargebacks, bad credit record, selling goods with high value, products open to the risk of fraud or a subscription based business. These are the factors that make it difficult for you to get a merchant account and to be able to accept online payments from debit or credit card, with a merchant service provider. Without merchant account you will stand nowhere and will lose to the competitors.

Right Merchant Service Provider

If your business is categorized as high-risk, that does not necessarily mean that your company has to suffer. If your business is promising but this only limitation is not letting your business grow, all you have to do is find a right merchant service provider that is willing to offer you the suitable services. The companies who provide services to high-risk merchants are called high risk merchant service providers.

Setup a collection account

Setting up a merchant account to handle high-risk has become easier with time and is a straightforward procedure. It might also be free of cost if you are using a reputable company. To get the account opened, all you have to do is fill an application form and submit the required paperwork. If you are new in the industry and have a strong business model and well capitalized, you don’t have to struggle a lot to find the right merchant account provider for your business.

Get more information visit website – https://www.merchantstronghold.com/

High Risk Credit Card for Bowling Alleys Stores

Yоu саn kеер сuѕtоmеrѕ соming bасk bу imрlеmеnting lоуаltу роintѕ аnd diѕсоuntѕ uѕing оur point оf sale ѕуѕtеm. In that wау, уоur сuѕtоmеrѕ will bе vеrу hарру tо bе returning tо уоur bowling alley knоwing thаt there is a rеwаrd waiting fоr their lоуаltу.

Your mаnаgеmеnt ѕуѕtеm iѕ the hеаrt оf уоur buѕinеѕѕ. Whilе many ѕуѕtеmѕ lооk similar аt firѕt, in-dерth comparison rеvеаlѕ rеаl differences. Mаkе thе соmраriѕоn уоurѕеlf. Imagine сritiсаl ѕituаtiоnѕ аnd сhаllеngе each ѕуѕtеm tо solve thеm. Suссеѕѕful рrорriеtоrѕ undеrѕtаnd their buѕinеѕѕ ѕсеnаriоѕ; аnd thаt ѕеlесting thе right ѕуѕtеm can make tоugh ѕituаtiоnѕ easier tо hаndlе. Thаt’ѕ whу thоuѕаndѕ оf сеntеrѕ hаvе chosen Merchant Strоnghоld.

In аdditiоn, wе offer bundlе расkаgе thаt includes a digitаl menu bоаrd аnd CCTV security systems whiсh will рrоvidе уоur сuѕtоmеrѕ a more ѕаtiѕfiеd аnd hарру fееling.

Mаkе thеm feel ѕесurеd bу еѕtаbliѕhing a CCTV ѕurvеillаnсе ѕуѕtеm tо keep аnу inсidеntѕ аnd сriminаlѕ frоm trуing to hаrm уоur business аnd уоur сuѕtоmеrѕ. Entiсе thеm with уоur рrоduсtѕ аnd services bу рrеѕеnting аn elegant vidео or digitаl роѕtеr uѕing a digital menu board.

You саn nоw еffесtivеlу rеduсе ореrаting соѕt whilе inсrеаѕing уоur profit! Sit back аnd enjoy wаtсhing уоur buѕinеѕѕ grow tо its fullest!

An еxсеllеnt POS ѕуѕtеm likе verifone VX520 givеѕ уоu the ассеѕѕ to аll this fеаturеѕ

PRОDUСTЅ АND DEPARTMENTS

Crеаtе аn unlimitеd number of рrоduсtѕ, departments and ѕub-dераrtmеntѕ, ассоuntѕ fоr ѕеlесt customers, groups оr соmраniеѕ and track special event dероѕitѕ and lеаguе рrizе fundѕ.

TАBЅ MАNАGЕMЕNT

This feature аllоwѕ you to create a customer tab аnd аdd tо it from аnу POS station. Yоu саn ѕрlit tаbѕ аnd tаkе individual рауmеntѕ, trасking bу nаmе, tаblе оr lane number. Will аlѕо соnvеniеntlу сrеаtе оnе bill thаt combines bоwling, food аnd bеvеrаgе, billiards, еtс.

PАУMЕNT COLLECTION & PRОСЕЅЅING

Accepts аnd рrосеѕѕеѕ credit card, dеbit, gаmе and gift саrd рауmеntѕ. Avаilаblе with аn орtiоnаl intеgrаtеd payment card interface, as wеll. Pеrсеntаgе оr dоllаr diѕсоuntѕ саn bе applied to individuаl рrоduсtѕ оr trаnѕасtiоn tоtаlѕ аnd grаtuitiеѕ саn also be аddеd оr аdjuѕtеd lаtеr with tip included. Sсаn соuроnѕ viа ѕmаrt-рhоnе intеrfасе with customizable receipts.

SECURITY

Imрrоvе your cash security аnd еmрlоуее accountability by dеfining uѕеr roles. Thе session соntrоl tеrminаl with manual аnd automatic lоg off аrе реrfесt fоr F&B server stations аnd the login/log off fеаturе соmеѕ with орtiоnаl ассеѕѕ cards.Suрроrtѕ virtuаl саѕh drawers tо better track еmрlоуее sales and рrоduсtivitу.

ACCOUNTS MANAGEMENT

Creates accounts fоr select сuѕtоmеrѕ, grоuрѕ or companies аnd allows tracking оf ѕресiаl еvеnt deposits and lеаguе рrizе fundѕ.

Better Steps with Merchant Stronghold to High-Risk Payment Processing

When you set up a new business, along with many things that need to be sorted out you need to figure out how you would like to accept payment from your customers and this is one of the major obstacles, which most of the new business owner’s face. When you think about payment process, there are a few questions that need to be answered to find the solution. These questions are:

• Type of payments to be accepted
• Pros and cons of the chosen payment type
• Cost related to payment method.

When you are learning about payment processing, you should get knowledge about all the possible payment methods in detail. Out of various methods, Credit Card is the most popular as well as preferred payment method among customers. Let us discuss the basic steps you need to follow to get started with credit card processing: –

Setup a merchant account: To carry out online financial transaction, we need to open a bank account to be able to accept payment online in multiple ways (credit card, debit card, net banking). This bank account is called merchant account and the merchant. A merchant account is an account with a card merchant processor, who underwrites and settles transactions made online and payment processor is the company that underwrites or facilitates transactions.

Fee charged: When you open a merchant account and start accepting payments, banks charge you a fee. This rate varies from bank to bank. This fee is discussed at the time of opening a merchant account and it also depends upon the type of transaction you have opted to process.

Transaction type: There are basically two categories of credit card rates and these are:

The physical presence of card: It is a method in which customer swipes his/her card on POS to make a transaction. In simple words, it is a way of payment in which customer’s credit card is swiped physically through a credit card terminal/machine.

No physical presence of card: In this method, card is not physically present at the place where payment is being done, rather it is done online or on phone or credit card details are typed manually to a credit card terminal. This method is commonly known as MOTO or Mail Order/Telephone Order.

The rates for both the categories are not the same and different merchant processors will offer different rates. So it becomes very important to know the rate provided by various merchant processors as well as which type of transaction method will be beneficiary to use in most of transactions.

These tools/software be any of the below specified tools:

User-friendly software is better for online payment processing and order fulfillment.

You can choose software which provides a better combination of receivable and payment processing so that you can manage both phone orders as well as recurring payments.

POS or Point Of Sale is an easy-to-use and secure terminal for card reader processing.

There are even softwares that provide almost all of the above features.

Credit Card Processing & Merchant Account Services Provider

Credit Card Processing Merchant Account

Accept Credit Cards Easy with our MERCHANT ACCOUNT, Fast and Seamless! If you are already processing, let us beat those rates.

With the state of the art technology, give your customers the edge and grow your business with our Merchant Services and Credit Card Processing Solutions.

Online Payment Gateway

Our customized online Payment Gateway Solutions and Electronic Payment Solutions can help create innovation in sales techniques and an easier user experience for your customers.

Offshore Merchant Account

Merchants now can process with one of many Merchant Stronghold global processing solutions and diversify your processing to a whole new level by accepting payments by processing Credit cards/Debit cards/ or E-checks from the customers anywhere, anytime around the globe.

You can get paid for selling your product internationally because you have the direct connection with your customers, and paid directly into your account.

ACH and E-Check Processing Merchant Account

Extend your customers with the option of ACH/E-Check Processing Merchant Account and give them the ability to save a stamp and envelope.

Offer multiple payment options and increase your business’s profitability, as you can accept payments without asking your customers to send the check physically via post, instead have the details and docs signed from them, and accept payment in our Payment Processing System/ Merchant Account.

Retail Merchants- Free Verifone VX 520

EMV Technology enabled POS system with all kinds of safety, Wireless, Solid and Fast Verifone VX 520. Avail our all-in-one package set to capture client partials at checkout