CBD (Cannabidiol) is a compound present in the Cannabis sativa plant, which is commonly referred to as hemp or cannabis.It is used in a prescription form to treat epilepsy. CBD is also used to treat anxiety, pain, dystonia (a muscular issue), Parkinson’s disease, Crohn’s disease, and a variety of other disorders. CBD oil is growing in popularity in the United Kingdom and around the world.
Mostly the CBD and hemp oil are sold using e-commerce platforms and with the nature and risk of the product, it becomes imperative to have a correct payment gateway system where Radiant Pay comes into the picture providing Robust payment gateway solutions and CBD merchant accounts in the UK and Europe tailor-made as the business demands.
As CBD i.e cannabis is a salient plant it has different regulations in different countries. Businesses that sell CBD online find it difficult to find secure merchant processing. Popular payment processor like Paypal and Stripe does not encourage their bank to deal in cannabis products. Few traditional payment processors choose not to involve in this segment as there exists a different framework for different nations. Securing payment services providers for the CBD oil merchant is difficult to find due to their niche.
Because of the nature of products sold some businesses can be only classified as high-risk businesses or the industry they deal in. Many digital products are considered as high-risk due to higher rates of chargebacks as it is exposed to the risk of scam with their global operation.
Radiant Pay provides a perfect balance of merchant account features to protect high-risk businesses while permitting the flow of earnings seamlessly. Although the cost of a CBD merchant account will be similar to other e-commerce businesses, the rates are higher due to industry regulations.
Accepting payments using cards through a CBD merchant account raises your sales while making you realise the possibility of income and benefits similar to that of other businesses.
Merchants dealing in CBD at any level, be it a start-up, mid-size, fully grown, or public company can apply for acquiring the payment gateway system and other services.
Are you looking for CBD high-risk merchant services? Get in touch with us from https://radiantpay.com/contact.html to know more about our services and avail a merchant account for your business.
The key to preventing chargebacks is providing excellent customer service and delighting the customer. This doesn’t eliminate the possibility, the risk remains. But the intention should always be to prevent them as much as possible by practicing certain activities.
If the ratio exceeds a certain threshold there are bright chances that it will result in serious consequences to the business. Either your merchant account will be shut down or blacklisted. High-risk merchant accounts are at high risk of getting chargebacks.
There are certain procedures that you can put into practice to prevent chargebacks.
Secure Payment Gateway
A secured payment gateway acts as an extra wall of security and can considerably help a business to reduce overall chargebacks. To avail of robust solutions, Radiant Pay helps merchants with a rugged Payment Gateway. High-Risk Merchant accounts are very susceptible to meeting chargebacks, having extra walls of security saves you from unpleasant situations.
Card Verification
By performing card verification, you ensure that the customer placing the order is the cardholder or another authorized person.
Clear descriptors
This is the label that the customer sees in his purchases on the credit card bill or their statements. The best practice is to use the company name that you have on your merchant account here so that the customer recognizes the purchase and avoids confusion about where this charge is coming from.
Refund/Exchange Policy
Businesses can post their refund/exchange policy in storefronts and websites, and whichever furthermore places are applicable. By doing this you are informing your customers in advance about your policies.
Terms & Conditions
Add terms and conditions checkbox on order details form or payment pages if you are selling online
Email sales receipt
Provide your customer a sales receipt on their email also, set your software such that it automatically sends receipts to your customers. While doing so you are also gathering the customer information in your database which businesses can utilize for marketing purposes and updating offers and discounts promotions.
Email reminders
This practice is for reminding the customer about the monthly subscriptions or bills due. The reminder goes out before the charge is due. This gives customers the benefit of anticipating the charge to pay in the coming days. And also notified when the card is charged along with the receipt to the customer on his/her email address.
Risk scoring
It is a fraud prevention tool, that uses advanced statistical tools to compare every car-not-present transaction against a set of predefined rules.
There are many more ways a business can prevent chargeback or get chargeback protection by monitoring order velocity of card, identity morphing prevention, adding no chargeback payment method, etc.
Conclusion
The robust, effective payment gateway can help any business to prevent chargeback to a considerable amount along with the smooth functioning of payment transfers. Radiant Pay is a leading Payment Solution Service Provider that understands your needs according to the type of business you deal in and offers you suitable services.
Each and every business can benefit from a reliable, effective payment gateway that can help them avoid chargebacks and ensure that financial transactions run smoothly. Radiant Pay is a pioneering Payment Solution Service Provider that recognizes your needs based on the sort of business you function in and produces you with the appropriate support.
Chargeback is a dispute raised by a cardholder directly from their bank for the return of payment or reversal of a credit card transaction. It is very different from that of return of sale as this comes directly from the cardholder’s bank and is processed via the Payment Gateway to the merchant.
Chargebacks were brought into the picture to protect the buyer from businesses selling subpar products or services or performing unethical activities.
Difference between a Chargeback and Refund.
Although from the customer’s point of view it seems to be the same. But from a merchant’s point of view, the chargeback comes with the additional fee along with the product or service cost amount. In refund, a merchant directly refunds the amount to the customer using his merchant account, whereas in chargeback the issuing bank presses the administrative charges.
3 Types of Chargebacks / Fraud
True fraud
Under this category, unauthorized transactions take place. The cardholder is completely unaware that the card is used to benefit products or services, this means theft has occurred. Here when the cardholder files a chargeback it results in discontinuation of the credit card number first and a new card with a new number is issued.
In this case, the cardholder is encouraged to approach their bank first rather than getting in touch with the merchant to resolve the issue.
Chargeback fraud
Here the cardholder is a deceitful customer having ill intent. He is trying to get away with that, which is by not paying for a product or a service that they have truly ordered or purchased. The cardholder’s ill intent is the reason behind the chargeback.
Even though the business has rightfully delivered the products or catered the services as described, the consumer will file a chargeback dispute so that he/she can avail of it for free and not pay for it. Business owners have to then play defense by proving their case in the process. This in reality is daunting because the cardholder is unethically trying to take advantage of the protection policy and going against the very nature or reason behind bringing this policy into existence. The policy is supposed to provide protection but they’re abusing it.
Friendly fraud
The cardholder issues a chargeback due to an honest mistake. The cardholder issues chargeback with no malicious intent. It could be due to common, honest mistakes or errors like forgetfulness, being unclear of what they purchased, not recognizing a charge, delays in shipping, or the consumer not receiving a product along with many other scenarios, here’s a quick shortlist of why chargebacks could occur.
Not receiving the item
Received incomplete/partial item.
Damaged item or not in compliance with description
They thought they were billed the incorrect amount
Child making purchase on parents credit card without their knowledge
Forgot about the purchase or someone else was authorized to use their credit but didn’t tell them.
Friendly fraud is mainly related to miscommunication or misinformation on either or both parties.
The chargeback process is made to favor the customer so you should necessarily know the process and best equip yourself before keeping your side safe and winning a dispute when you are caught in a chargeback situation. Presenting basic documents is enough and can help you win, additionally, you must gather as much information about the customer as possible at the point of purchase to prevent and protect yourself in future chargeback situations. By doing this step you are ensuring that you gather proofs if required to present.
Chargeback Process
The cardholder calls their bank
The customer calls their bank to initiate and file the chargeback and states their reason for doing so. And while filing they attach their evidence to support their claim.
Bank Review
In this step, the bank reviews the application submitted and verifies its legitimacy and depending upon the results approves or rejects the issues disputed as an invalid disputes.
Credit of amount
The cardholder bank on approval gives credit to the consumer on their credit card immediately.
Issuing chargeback to the card network
The fourth step includes formally issuing chargeback to the credit-card networks and a fee is also charged.
Receiving chargeback
The merchant account processor (acquirer) receives the chargeback and notifies the business via Payment Gateway and other dedicated communication channels. It requests the merchant to display the proof of purchase. This is the right place where a business owner can submit his records as evidence of purchase. Here’s a list of proof you can provide,
Printed receipt
Signed contract
Transaction details from merchant’s portal
Stamp verifying date and time of purchase.
Signature of cardholder
Choice of business owner
Here the business sometimes just lets go of the chargeback, the process ends but also at the same time the business owner is found at fault.
If the owner chooses to reply then will be required to provide proof of purchase to fight against the chargeback
Submission of documents
The business owner or the merchant then provides the documents displaying proof of purchase to the card-issuing bank.
Upon the result of a dispute in whose favor it is either cardholder or merchant, either party can file a chargeback if not satisfied with the results, only if you have strong supporting documents otherwise it will result in a huge penalty.
Conclusion
The robust, effective payment gateway can help any business to prevent chargeback to a considerable amount along with the smooth functioning of payment transfers. Radiant Pay is a leading Payment Solution Service Provider that understands your needs according to the type of business you deal in and offers you suitable services.
A merchant account is in other words a specialized bank account that is tailor-made to allow your online business to accept electronic payments through the use of credit or debitcards by the online purchaser, or your customers. The term merchant account is termed as many different names on various occasions like ‘credit card processing accounts’, ‘PaymentProcessing or provider’ or simply a ‘Merchant’.
A Merchant account acts as an intermediary between you, your standard business bank account, and the credit card networks, allowing you to accept credit and debit cards instantly and readily.
How does it Work? And its benefits.
If you are looking for a transparent, beneficial, and advanced Merchant account, we (Radiant Pay) can guide you step by step for one.
Radiant Pay being the pioneer in providing the best online digital payment services providerbased in London is an expert choice. We don’t believe getting a merchant account shouldn’t be complicated.
Faster Deposits, low rates, and high security
Every online business vendor or service provider will be willing to serve in the best possible way without any loss to either his company or customer. Merchant accounts shared by Radiant pay are multidimensional in functionality,low rates, low risk, and always eager to give you more insight with on-demand reporting. We believe that liquidity is essential for accounts, you’ll also get your funds in a minimum of time.
Our dependability
This is the most applauded feature we serve, we proactively help you improve your billing practices, security without any mistakes, which increases our dependability. We at Radiant pay are serving you with the minimum processing fees.
Accept most common Cards from anywhere globally
If you want to open a merchant account that accepts all the credit cards your customer may have, including Visa, MasterCard, Diner, Discover, American Express. You can also accept all debit cards and Visa Debits.
As we all know, that global market we see today is primarily based on the internet and online purchase, it is like a kid’s job. Every day it’s mushrooming with many competitors for their share denting our well-established online sale.
The newly added features of fraud detectors and many verification practices by Radiant Pay will be always a win-win situation for the new clients searching for the best online digital payment service providers.
There are uncountable pros and flexibility provided by Radiant pay, if you are willing to do your best with your current online business, you can’t go wrong with us. We can easily open a Merchant account for you in some easy steps which will ease your online transaction for collecting valuable funds from the customer via Credit and Debit Cards.
Although offering huge revenue possibilities, the online gaming merchant accounts involve high-risk factors like potential chargeback and high volume sales, due to which most acquiring banks are reluctant at accepting online casino merchants. This creates a big hindrance for online gaming merchants and customers. Especially in the US, where most acquiring banks prohibit merchant accounts for casinos and online gambling while in the UK, banks usually ask for at least a two-year history and huge deposits. The best way, to accept online transactions and safely acquire credit card payments, is to get a gaming merchant account from the best merchant account service provider available.
There are many advantages of getting a merchant account for your online business. A payment processor will help you accept credit cards of different kinds from your customers. You will also be able to accept payments from American Express, Discover, Visa, and MasterCard, expanding your business all over the globe.
With this kind of setup, your business will be gaining more than double your regular profits compared to when you are only catering to people around your local area. With the vast number of people who are hooked up on the internet every day, a lot of businesses are now using the internet as a mode of making more customers.
A gaming or casino merchant account can increase your sales dramatically. Not only will you be able to benefit from this kind of transaction but also will your customers. They can enjoy the ease wherein they could make a purchase with little effort compared to years before.
However, getting one for high-risk businesses can be quite difficult, but once you have found the one that you think is reliable, you’ll be amazed that only a simple process will be made and will take you about a short moment to complete the transaction. Once it has been approved, you will soon be receiving a message and instruction on how to put into operation your new merchant account and how to incorporate your current business workings.
With the advent of the internet, online gambling has become very much prominent. This high risk gaming business requires you to have an online gaming merchant account. Without this, it will become riskier. However, very few people realize the need for a casino merchant account and because of this, when the time comes for the payment release, they struggle because of not having a gaming merchant account. Now, if you want to understand why you need a betting merchant account then here are some of the reasons for you to have the merchant account for gaming business.
Release Payments Easily
When you have gaming merchant accounts, you will surely be able to release the payments quite easily. The procedures of releasing the payments through the online gaming merchant account are very easy and you will be able to get the payment in your bank account quite easily.
Reduce the Risk
Sometimes, there are chances that a casino in Europe owner might indulge in fraudulent activities. Because of this, you will have to have sure that your invested money is safe and secure. Having a gaming merchant account in London and Europe will help you to get your money back even in dire situations.So, as you can see, it is very important to have a merchant account for online gaming. Otherwise, you could be in for a lot of trouble while gambling online. Therefore, have it from the right place.
Adult industry businesses are classified as a high risk in nature. Therefore a huge number of merchant account providers avoid such business involvement to carry forward and a few of them would even charge extremely high fees for their features. Getting one could also be difficult but the advantages far balance the risks in difficulties.
One of the benefits of applying for a merchant account for top-risk businesses is that you simply are ready to cater to more customers even worldwide. You’d be ready to manage business internationally by accepting payments throughout the world thus increasing your client base. They offer multiple payment options whichever you like to make your payments.
These international payment processor companies are owned with the latest fraud prevention tools to safeguard the payments from spammers and thieves. This can give your business a plus point against your competitors because it gives your customers convenience and allows them to pay without the effort of writing a check or having to call an order saving their time and energy. Thus, saving them from getting all frustrated over a transaction.
Getting an adult merchant account can assist you to maximize your profits and make your business grow during a little span of your time. Most sorts of businesses today, accept credit cards just because most consumers use credit cards as a mode of payment. Applying for an adult merchant account will only take a matter of moments to finish, in fact, applying for a merchant account is often made through the web and it’ll take just about ten days to seek out if it’s approved.
To know more about how international MasterCard processing and applying for an adult merchant account can improve your internet business visit – www.radiantpay.com
A Travel Merchant Account is a type of high risk merchant account that accepts credit card payments from customers of a ‘high risk’ business such as online gaming, pharmaceuticals, travel, telemarketing and the likes. Establishing such a type of account is a hassle but it gives you many beneficial advantages to the business. A business owner can get it from local banks or can also apply online for a High Risk Merchant Account instead.
Almost many online businesses now acquire a Merchant Account as it comes with huge benefits to the business as well as customers and gives a seamless shopping experience. But not all businesses can get an ‘ordinary’ account with their local banks, as some businesses fall under High Risk Category and they may be qualified as a high risk, thus, what they need is a ‘high risk’ merchant account.
What is a high risk merchant account?
The Merchant Account designs specifically for businesses that are associated with high risk dealing and the risk of fraudulent activity and chargebacks are higher in such businesses. Once these types of businesses get the High Risk Merchant Account, they would be able to accept credit card payments from their customers.
High risk businesses are those that have high volumes of sales or charge backs, with a money-back guarantee policy or high dissatisfaction rate from customers
Setting up a high risk Travel merchant account
Such businesses may have a hard time finding an account provider for their business’ credit card processing needs. This happens because the local banks are finding it hard to give such merchant account services to high risk business owners. This is due to the high risks of fraud activities from credit cards or other problems that involve such deals.
The account providers may also have to look at the time period of the merchant engaging in the such business that also includes chargebacks history. If the owner of the business has low chargeback and has been in the business for a long time, the merchant account provider is likely to give the account without any hesitation. However, it will take some time period for the approval of the account.
A Travel Merchant Account is a type of high risk merchant account that accepts credit card payments from customers of a ‘high risk’ business such as online gaming, pharmaceuticals, travel, telemarketing and the likes. Establishing such a type of account is a hassle but it gives you many beneficial advantages to the business. A business owner can get it from local banks or can also apply online for a High Risk Merchant Account instead.
Almost many online businesses now acquire a Merchant Account as it comes with huge benefits to the business as well as customers and gives a seamless shopping experience. But not all businesses can get an ‘ordinary’ account with their local banks, as some businesses fall under High Risk Category and they may be qualified as a high risk, thus, what they need is a ‘high risk’ merchant account.
What is a high risk merchant account?
The Merchant Account designs specifically for businesses that are associated with high risk dealing and the risk of fraudulent activity and chargebacks are higher in such businesses. Once these types of businesses get the High Risk Merchant Account, they would be able to accept credit card payments from their customers.
High risk businesses are those that have high volumes of sales or charge backs, with a money-back guarantee policy or high dissatisfaction rate from customers
Setting up a high risk Travel merchant account
Such businesses may have a hard time finding an account provider for their business’ credit card processing needs. This happens because the local banks are finding it hard to give such merchant account services to high risk business owners. This is due to the high risks of fraud activities from credit cards or other problems that involve such deals.
The account providers may also have to look at the time period of the merchant engaging in the such business that also includes chargebacks history. If the owner of the business has low chargeback and has been in the business for a long time, the merchant account provider is likely to give the account without any hesitation. However, it will take some time period for the approval of the account.
With the emergence of the internet, there are huge numbers of changes coming up in many areas. More and more opportunities are exploring in the fields such as finance, fashion, marketing, business, design as well as entertainment. The entertainment sector is highly developing not only in media marketing, but also in the gaming industry, or specifically you can say online gaming industry. Online games are played over the internet from single players all the way to multi players. The Flash and Java installed in all well known web browsers, many websites now can use video, audio and other interactive methods to serve online content.
These online games fall into different categories that gamers identify with. For example, Action and adventure Games are types of games that involve very elaborate and detailed settings, with fighting, wars and a quest.
Now having your very own gaming business can give you more than what you accept. Business owners around the world are going for an online gaming business that gives you huge profit and is very popular among kids and adults. All you have to do is sign up for a gaming merchant account that gives you a strong customer base. You can give huge benefits by giving different payment methods to the customers and helping your business to grow more and making huge profits.
With the gaming merchant account setup, your business will gain more profits as compared to regular profits, and will be beneficial when you serve people in your local area. The huge number of people are hooked on the internet everyday, and the business entrepreneurs are using the internet as a mode of making a vast customer base.
A gaming or casino merchant account can increase your sales dramatically. Not only will you be able to benefit from this kind of transaction but also will your customers. They can enjoy the ease wherein they could make a purchase with little effort compared to years before.
However, obtaining one for high risk businesses can be quite difficult, but once you have found the one and you think it is secure and reliable, you’ll be amazed by the simple process and the minute process of completing the transaction. Once the account has been approved, you will be able to get instruction via messages on how to operate your brand new gaming merchant account and incorporate it with your current business.
With this kind of setup, your business will be gaining more than double of your regular profits compared to when you are only catering to people around your local area. With the vast number of people who are hooked up on the internet everyday, a lot of businesses are now using the internet as a mode of making more customers.
A gaming or casino merchant account can increase your sales dramatically. Not only you will be able to benefit from this kind of transaction but also your customers. They can enjoy the ease wherein they could make a purchase with little effort compared to years before.
However, getting one for high risk businesses can be quite difficult, but once you have found the one that you think is reliable, you’ll be amazed that only a simple process will be made and will take you about a short moment to complete the transaction. Once it has been approved, you will soon be receiving a message and instruction on how to put into operation your new merchant account and how to incorporate your current business workings.
To know more about payment processing, Gaming Merchant Account for high risk businesses Visit us on – www.radiantpay.com
