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Published November 02nd, 2016 by

Getting the Best Checkout Solution From Merchant Services

Getting the Best Checkout Solution From Merchant Services

 

Top merchant services are what you need to survive the advancing industry of e-commerce. With more customers demanding merchant services for payment convenience, you have to race along with your competitors. If you can, you should perform better than they do.

Merchant service provider has the responsibility to expedite your website’s payment processing with the highest level of security. You could start today by choosing the right company to trust.

Merchant Services: What Business Features to Look For

In order to get the right package for your online payments processing, you should know what business features to look for. Basically, merchant services for small business may be similar to large-scale ones. Irrespective of business size, features of merchant services will work effectively.

Primarily, you should look for a company that could provide a variety of merchant services. In other words, you cannot just focus on credit card processing.  For instance, there should also be an option for your business to adopt mobile payments.

Wireless or mobile payments work by using a virtual terminal, which can be utilized regardless of the customers’ locations.

Though not all companies have adapted mobile payments, they are aware of the advancement. According to Mobile Payments statistics, revenue from mobile payment transactions in United States could reach up to $210.45 billion in 2019. Annually, a user spends $375.82 for mobile payment transactions.

In addition to different options for payments, the speed of the process must also be maintained. Customers are satisfied when they finish their task on a website quickly. It increases their confidence on your website. In addition, this will perk up your conversions with a bigger customer base.

Apart from the transaction itself, there must be a professional feature of online invoicing. This is helpful in many ways, starting with generation of certified invoices for your customers.  In addition, it could help the company track its payments. You could view your invoice history, monitor unpaid invoices, and get partial payments.

Having a professional e-mail invoicing support, you could generate invoices for multiple customers at one time. You can even convert the invoices to different file formats, such as PDF for corporate reporting.

By having an invoicing module, you would be able to accept payments worldwide of different currencies.

Lastly, no matter how functional the features of merchant services are, you have to ensure their security. Without protection, you will be missing out significant amount of revenues.

One way to ensure that a firm is applying security measures to its services is its compliance to PCI DSS. You will notice that a company would ask you to sign an agreement before the deployment of payments package.

What is a merchant services agreement?

PCI DSS stands for Payment Card Industry Data Security Standard. This is a set of standards set for companies to ensure secured acceptance, processing, storage, and transmission of credit card information.

In order to keep a safe environment for online payments, providers find ways to protect financial data in the most effective way. They use fraud management tools to hamper transactions that will only result to chargebacks. In addition, they monitor your transactions 24/7 to detect threats of infiltration.

Understand the Risks With Merchant Services

Before you commit into integrating merchant services with your website, you have to understand its risks. There are reasons why merchant services fees may be more expensive than you expected. One of these reasons is the extensive efforts the provider will give for your operations to avoid data breach.

There are fees associated with every transaction of your website. If you have an e-commerce site, understand that the merchant will have a commission out of every purchased product. The value depends on the service provider.

Chargebacks are considered to be among greatest risks of merchant services. These are the charges that a credit card brand demands from a company due to a fraudulent transaction.

Basically, if you will accept credit cards, you must follow the rules of Visa, MasterCard, and other major brands.

There are different reasons why chargebacks are required. A good example of a situation is when a customer returns an item to your company and requested a refund. However, this amount has not been posted to their account. As a result, you will be charged accordingly by the credit card brand.

If the items are not received by the consumer, chargebacks may also be called for.  The merchant will be charged based on the item’s price.

An automated payment process is vulnerable to software or hardware failures. If an issue arises, this could lead to cardholders being charged twice by the merchant. Duplicate processing is charged to the merchant regardless of blocking the transaction.

Apart from chargebacks, among the risks of merchant services is merchant identity fraud. This is a dangerous case wherein a hacker may create another account that is similar to yours. Afterwards, they will use your business name to charge various credit cards. Once the cardholders discover the deliberate trickery, the fraudster is long gone already.

This has been happening for a long while as proven by Federal Trade Commission report. FTC had been performing operations for four years to catch fraudster responsible for stealing over one hundred merchant accounts.

If there is a merchant identity fraud, there is buyer identity fraud. Small to large enterprises are targeted by these people. Once they know you have a credit card processing solution, they could put you at risk.

Usually, in this case, a fraudulent customer will use a stolen credit card information. He or she will purchase from your website. The customer will get the goods and the legitimate owner of the credit card will complain to the merchant.

Most of the time, the merchant will have no choice but to compensate for the order.  This happens when the cardholder reverses the payment of the customer. Merchants have no protection over this fraud, but losses are still credited to them.

Win the Battle With Trusted Merchant Service Providers

You could reduce or eliminate the risks of merchant services completely with the right provider. You have a variety of options, which are known for enforcing highly trusted and effective security measures. These companies include the following:

National Processing Company is one of the top ranking solutions if you want versatility and great business experience in a provider’s portfolio. The company guarantees a low cost solution with exceptional customer services. It provides payments processing solution without extra costs.

In addition, it uses security measures above the standard to protect your sensitive data. In as short as one business day, your online payment solution could be deployed when required.

PayPal is one of the most popular payment solution providers today. It caters to over 169 million accounts worldwide. It provides a simpler solution to integrate your website with online payment system. PayPal works with any payment type, such as credit card, debit card, checks, and bank account transfers.

For safety, you do not have to worry a lot for it has a team of specialists in tracking and eliminating fraud. The team works 24/7 to protect your data.

NETBilling is a trusted online payment solutions provider that could bring bigger profits for your website. Similar to other providers, NETBilling provides a low cost package for merchants. It has the lowest rates for its customizable payment solutions. It also offers its highly advantageous add-ons, such as affiliate program, ACH check processing, and free shopping carts among others.

The core of NETBilling’s security method is its team of call center agents specializing in customer service. The agents could assist you from deployment to live operations via chat, phone, and e-mail. Through its exceptional security stance, the firm guarantees client revenue of an average 20% increase.

Demandware is one of the industry’s most agile platforms for e-commerce transactions. It promotes mobile payment solutions aside from its standard web-based system. Every year, the company upgrades its solutions for up to eight times. As a result, everything will be up-to-date and will comply with merchant’s increasing needs.

The safety of Demandware’s package is streamlined by its cloud-based operations.  The commerce cloud is highly secured and upgraded regularly to prevent loopholes for hackers. The cloud-based solution also reduces IT involvement, which is best for customer experience. This gives more control to the merchant in tailoring the infrastructure based on their needs.

Leap Payments guarantees a simple solution for your e-commerce business. It makes a straightforward credit card processing to double up your revenues. According to the firm, its system could work with over 1,000 solutions and shopping carts.

For security, Leap Payments claims it uses advanced technologies to prevent downtime during transactions, which opens doors for external threats. Moreover, the company applies fraud detection, PCI compliance, and advanced encryption to your data.

You could get more options from merchant service reviews with CrowdReviews.com. The platform has collected unbiased reviews from previous clients of the companies and ranked them based on their performance. You could check out the reviews of merchant services with basic information about the company, positive feedbacks, and negative feedbacks from its customers.

Jeev Trika

Jeev is an executive leader with successful experience building research portals which recommend the best products and services in various highly competitive verticals.

Our rankings are completely independent, transparent, and community driven; they are based on user reviews and client sentiment. These merchant services companies had to earn their way up and didn't just pay their way up.

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