Merchant Services

It appears on the credit card statement or any other bank statement of the customer that contains details of the company and merchant involved in the particular transaction. The purpose of the merchant descriptor is to identify whom the payment was made to. Whenever a merchant goes for the  merchant account , he or she is asked to provide the merchant descriptor as well. WHAT ARE THE BENEFITS OF HAVING TRANSACTION DESCRIPTOR OR MERCHANT DESCRIPTOR? Having a transaction descriptor can save the merchant from a chargeback. This is the most important benefit of having the transaction descriptor. A descriptor gives clear information about the merchant and the purchase. This helps a customer to quickly identify the transaction. That also results in a low chance of the chargeback from the customer’s end. According to the various reports from the card networks, most chargebacks are filed simply because the customer did not identify the transaction. Now you kno

Ecommerce Checkout Flow– Every big or small brand is now taking their business online due to the boost in the e-commerce industry. This means, along with the physical store, every merchant now wants to have an online store as well. This is a good idea for a merchant to expand and increase his revenue. However, not everyone is good at handling the e-commerce business on their own. This is because of the competition and lack of guidance. One of the important aspects of online business is the checkout process. The checkout process is where your visitors get converted into the customers. If not done right, you can lose the e-commerce business due to excessive loss.  Although, there are many successful  e-commerce businesses  that are doing really well and you can learn from them. Along with that, in order to boost your business, you can take help from experts. What Is ECommerce CheckOut? It is a designed interface and a customer must go through it to purchase an item. A

Low-Risk Merchant Prior to applying for a merchant account, you must know if your business comes under low-risk. Reason being, merchants in our payment processing world come under low-risk, medium-risk, and high-risk categories. various factors collectively decide the risk category for a particular business. For an example, while reviewing the business it is reviewed that how much risk is involved in the business, what is their risk level, which is the country wherein they got incorporated and their processing history and so on. The following criterion is a perfect match for any business that falls within the low-risk category – Monthly Processing amount lower than $20,000 is processed by you. The average size of the ticket that you possess is lower than $50. Your chargeback ratio is quite low. The industry that you cater to reflects a lower risk. The country of your incorporation falls within a low-risk category. Common Low-Risk Industries When you ch

You’ve opened your debt consulting business. First things first you must have a merchant account. A credit card processor will be an integral part of keeping your business functional. It may take your business to new heights. It would allow you to generate payments and to get more and more clients. In simple terms, we can say, if you are doing business with merchant account then you will be able to get payments from your customer and clients through your merchant account. Your business can run smoothly. How To Get a Merchant Account? Be aware of fraud or scam. Be assured for the type of accepting payments through credit cards. Search for merchant account providers and compare charges of each of them. Check if the merchant service provider giving the payment gateway or not (if they do then, we recommend you to go with them without any second thought.) Prepare an application and attach all the documents along in an impressive way. Now you see how simple it is to crea

The market is filled with the payment processors, who “claim” to offer the best  recurring payment management services . As a merchant who should compare this service before landing to one, this article can help you with your decision. WHAT ARE RECURRING PAYMENTS? After the customer’s approval, the merchant is allowed to deduct/collect a fixed amount of money after a fixed time interval (every month) for a specific product or service and is called recurring payments. For example, if you are using a Netflix then you have entered your credit/debit card details while setting up the payment. Now, every month, Netflix deducts a fixed amount from your card to offer you the services. There are two important aspects of recurring payments: Processing – The modes both customer and merchant are using to complete a transaction. For instance, the customer can use the Visa Credit Card and Merchant uses Authorize.net as a  payment gateway  for the transaction. Logic – This i

TMF, MATCH file, and GNF: One of the most challenging things a merchant faces is going on the blacklist by the credit card companies, such as Visa/ Mastercard. This blacklist is famously known as “TMF or MATCH” list. This makes it very difficult to get a merchant account anywhere around the globe, especially, if it is a high-risk merchant account . Second to that is being put on the GNF list, which is Group Negative File. However, it is not as severe but has its own consequences. Match file is like a blacklist that banks can cross-check when they take on a new business. The match is a system created and managed by MasterCard. It is a database that contains information about businesses, which have gone through the phase of a fraud or a chargeback and has been terminated for many reasons. Terminated Merchant File (TMF) is another term, which is coined by Visa is just a synonym of MATCH. GNF, Group Negative File, is First Data’s internal list of businesses that they have

Here are the generally detailed documentation(irrespective of any country) that are required for the  merchant account  is: To prove that the applicant is the legal resident of the country he/she should have these documents to initiate the application process: Legal presence in the country: The merchant should have a registered legal name and address and a Doing Business As the name. Physical presence: The merchant should have a physical presence of the business place. This physical presence can be the applicant’s home or an office from where the business is being incorporated. An existing personal or business bank account in the country where the applicant is applying for the merchant account. The documentation that will be required while filing the application form and get the approval as soon as possible: Applicant’s form: This is typically provided by the bank or processor to get filled by the applicant that acts as the resume of the applicant which will contain almos

Personal Credit History  – Your personal credit history plays a large part in your application. If you have a good history, it will lead you to get a  merchant account  easily. Tax Issues  – Make sure that you have resolved all your tax issues, submitted your annual declarations, and that there are no tax liens on your account or property. High-Risk Business Types  – Most acquiring banks maintain a list of industries that they generally will not service due to their traditionally high-risk nature in order to protect their interests. Merchant Stronghold always plays a very important role and partnered only with the top tier banks that accept applications easily. Processing Volumes Should Remain Within the ‘Norm’  – Your expected volumes are based on past processing and expected growth in the near future. To improve the odds for getting approved, show processing amounts within the “norm” for your industry. Avoid being on the TMF (Terminated Merchant File) List  – Al