Essential Advice on Online Payment Transaction you need to know

payment

Making as easy to pay for your customers is the prior duty of every merchant to get the best trust and sound relation with your clients and also increase the sales volume at next extent. Making payment for the goods and services is the critical and final step while making a purchase. Your customer trust you and hand over their hard earned cash by submitting their credit card details.

Here are some prominent advice that can add more sales volume to business

Provide a range of payment options – yes, it sounds clear many merchants provide only one payment options that can bounce the customers. As they want more than one payment method to pay online. As different customer trust different online payment method which they find convenient and reliable.

Payment with Login Account – allow your user to pay without login account. This can enhance more convenient to the customer to pay easily. As complying people to log in just irritate and a major conversion killer for your website.

Assurance on Security and Privacy – while paying online personal information to get relieved and it is more important to set premium security measures to protect the data of the customers. According to a recent survey made by econsultancy customers drop payment page due to security concern.

Don’t go for too much information – filling the form with unusual information is only waisting time of customers. Adding less detailed information will make you stand out of others and can convert more conversation. Probably you are just losing your customers when you ask to fill too much information.

Making online payment transfer easy and fast can convert more leads other than traditional payment options. Giving innovative and advance online payment solutions is the only way you can give satisfy services to customers.

How ACH and Check Processing Beneficial for Online E-commerce Store

ACH Payment Processing for E-commerceAlmost every potential customers have credit and debit cards in their pockets and many who do not owns both. ACH and electronic check processing offers you varieties of payment options and gives you the ability to augment your credit card payments by offering the same convenience to this large and underserved market—for less than half the cost of credit card processing.

Some Effective Benefits of ACH Payments


Effectual than traditional checks –
choosing the ACH payments is faster and secure than just to wait for a check to clear. Electronic check acceptance is higher security and priority than paper checks. Easy and fast clearing helps your cash flow.

Alternative Payment Options – E-Check processing offers varieties of payment options as best possible. Of course cards payments diversify the traditional payment acceptance but ACH Payments give customers without cards. It simply prefers to pay with bank debit card an alternative to cards.

Cost Effective – ACH payments are cheaper than normal card processing. Small and standard merchant’s flat rates can apply. For high-risk merchants, ACH payment processing rates are always less than cards.

High-Level Security – ACH Payment method is the most advanced and secure method of electronic fund transfer in the world. Millions of business, consumers, financial services, and government agencies use the ACH network to receive and send payments.

Accepting ACH Payments? All you need to know about

ACH Payment ProcessingPayment acceptance gives many options to both merchants and consumers. Thus it gives diverse business opportunity to expand and grow business according to national and international market. Merchant specially enjoy the advance payment options that does not cost too much to process the transaction. There are many payment options to process easy and convenience transaction and one such best option is ACH Payments processing that does not cost much as other payment processing charges for per transactions.
One best thing about ACH Payments V/S Credit card processing the fees is less than credit card transaction fees.  Almost 60% of UK Businesses merchants accept this type of payment that are low cost and highly secure according to NACHA, a total of $38.7 trillion was transferred via ACH in 2013, an increase of almost 5 percent from the previous year.

ACH Payment is best known for its advance system i.e. replaces paper checks and less chance of returning checks. It allows business to receive an electronic payment directly into bank account. Commonly known as e-check.

How ACH Payments are different from other cards
ACH Passes the card networks and therefore bypasses interchange and assessment fees. This generally makes ACH far less expensive than card payments.

4 ways you can shop safely with Mobile Payments!

img_online-payment_850x600_0Almost every individual own a mobile phone to carry various tasks and daily activities like: paying bills, online tickets booking, credit cards and insurances policies through mobile devices. And this proved an incredible way to save customers lots of time and money, also it is fast, secure and easy way to make payments. And these process is simply efficient to all who make online payments. Online payments through mobile devices is growing concern to over-come with frauds and cyber-theft. This concepts sincerely made an effort to safeguard the interest of the consumers and a huge step to safeguard online payments.

Considered this useful tips while shop online

1. Check the url address bar – while making online payments for any purchase of goods and services or to make online bank payments, check the address of the url it should be start with HTTPs . these is the first security sign of safe online payment. This HTTPs gives safeguard that the data is safe and exclusively restricted between you and the system.

2. Regular Update your Device – say goodbye to your outdated version, regularly update is an effective method to block the potential loopholes. These security feature will guarantee you with adequate protection from malware softwares that can risk you with frauds and other cyber theft activities.

3. Keep public Wi-fi away – shopping outdoors with public wifi could be harmful while making online payments transfer If you use it, you are unwittingly exposing yourself to cyber-theft.

4. Don’t Save sensitive data in your device – many of us have a habit to save our login credential in our mobile phone, of course this is good habit, but sometime it could be dangerous if your mobile is stolen or your password is hacked by someone. Stop this habit, because it the easiest way to expose your sensitive data to others. If the app you are using for payment has “store and forward” feature, turn it off.

How Wise to use Selfie for Making Payments!

Selfie Merchant Acoount ProcessingThe word Pay by selfie is hitting the commercial global markets. The FIDO Alliance and card issuer consortium EMVCo have decided to bring into line their efforts to produce a new mobile payment specification. Selfie pay is totally new and innovative method for customers and merchants to pay and accept payments by verifying the identity when making transaction online with no spamming and fraud.

This allows card holders to verify the identity by using biometrics through selfie scan and finger prints – at the end the user require taking selfie. The only aim to develop a way to use secure nature of password. The update will introduced in certain countries the UK, Germany, Spain, Belgium and Sweden, following a series of successful trials in the US, Netherlands and Canada.

Finextra reports that the trial in the Netherlands proved very popular with 750 ABN Amro secure credit card users taking part. Over three-quarters of those involved stated that they would continue using a fingerprint scan or a selfie to purchase items. While nine out of 10 said they would replace their password with this new technology.
According to Mastercard nine of out ten people it tested in its Dutch pilot said they would like to replace their password with biometric identification definitively, while 75% of users said they are convinced that biometric payments will decrease fraud.

What are the New Techniques used for Credit and Debit Cards Frauds?

Credit Card Processings

Now- a-days Credit and Debit Cards Frauds are increased. It’s the threads that is growing and surfacing by every business persons. Although some years ago, many banks and credit unions were enforced to cancel and redistribute thousands of cards as a result of the TJX breach. A recent incident analyses that, banks located in Indiana saw accounts breached from ATM or debit card transactions. Indiana Law enforcement and the FBI are investigating breaches from at least 10 banks, after more than 100 customers reported money missing from bank accounts at the start of June 14. The foremost withdrawals of money from few hundred dollars to a few thousand dollars were dispatched in Nigeria, UK, Russia and Spain.

This year, there are more cases of larger losses of frauds: An Investigation by FBI cyber- crime agent Mr. Albert Murray shows 2 persons, who made hundreds of fraudulent withdrawals from New York City ATM’s, of this year of getting $ 750,000. Although the Industry has made great advances steps in lowering the Credit/ and Debit Cards Frauds. A data called, “Consumers Frauds and Identity Theft Complaint Data” analyses from 2007 shows the complaint database developed by the FTC acknowledged more than 800,000 consumers frauds and identity thefts complaints. Consumers complained loss more than $ 1.2 billion. A Credit Cards fraud, at 23%, was the most common form of reported identity theft.  New schemes are emerging and calls for greater analysis and inspections for institutions and their customers.

Some, of the New Frauds are:

  1. Spear Phishing:

 

In this situation, people accumulate some amount of personal data from several related severs to concept a more direct individual communication that seems very reliable to the customers. Security vendors VeriSign recently shown a study stated that more than 15,000 individuals have been spear phished in this last 15 months.

 

 

  1. Counterfeit Frauds:

 

This is the most top frauds reported for both debit and credit cards. “Particularly skimmed counterfeit frauds.”

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