What are the best means of payment and what forms do I have to use them? This is very common question which come in mind of many people. Radiant Pay Credit card processing services is answer of this question.
All Cards are personal and non-transferable, so you must identify yourself to the affiliated establishment that requests it.
Set up recurring payments with credit cards
The recurring charge can only be made with the authorization of the cardholder, and this is usually done with the first payment. At this time, the payment processing service will save the card details and encrypt them. The merchants will have access to the code (token), which can be used to charge regularly. The cycle of recurring payments will not be interrupted until the cardholder decides to cancel the subscription service with automatic billing.
Recurring payments with Credit card processing services have less risk of default and are convenient for buyers
Tips to control the reimbursement and chargeback rates
Although recurring payments with Radiant Pay credit card processing have less risk of default and are convenient for buyers, they have the disadvantage of exposing merchants to more requests for refunds and refund of charges. Above all, merchants should make it simple for consumers to cancel their subscription and stop automatic collections at any time. Each payment processor can define its own requirements to enable recurring payments for an online business. However, card processing agency who wants to keep reimbursements and charge back’s under control should do the following:
- Clearly recognize every recurring transaction to the buyer.
- Send notifications by email to consumers before each charge, preferably including information on the amount to be charged.
- Provide clear information about the configuration of collections, as well as any payment related to the delivery of goods and services.
- Offer simply available contact detail for customer service.
- Give subscribers a simple option to cancel recurring charges.
- Clearly state the cancellation policy on the website.
- Finish the automatic collection immediately after the buyer’s request.
When you signed up for card processing service for your company, you might have thought the only benefit was being able to process card payments. Actually, there are a lot more advantages than that.
There’s no doubt that card processing is vital for modern business. Customers do want to be able to charge their purchases.
What are the advantages of card processing?
Almost all consumers nowadays prefer to pay with a card for convenience. Whether your customer selects to purchase from the internet or personally visits your store location, providing them with money or card payment options will surely give you the edge over your competitors. Just imagine how much sales you may lose if you only accept cash payment.
If you are a wholesale supplier, accepting card payment from business-to-business clients is also advantageous especially as more and smaller enterprise entrepreneurs nowadays use business credit to make corporate credit history.
Why Should You Hire a Card Processing Service?
Card Processing services in UK offers merchants a bunch of value advantages for their merchant accounts. Choosing a well-known and experienced card processing service provider can be very beneficial to your corporation. The biggest advantage of hiring card processing company to manage payments is the freedom it allows you to focus completely on expanding your company.
You need to explore the different services offered by card processing firms. Find one that’s right for your business today.
The 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.
Credit Card Processing Importance
Been dealing with online businesses acceptance of credit card is improving the efficiency and effectiveness of your website. It allows you to make automatic payments and make customers hassle free to pay online via credit card. Having credit card processing facilitates for your online business will make the whole buying process easy and straightforward. As it makes you free from the bothers of having to send orders or place remits by telephone, all they fix is simply enter the credit card details and the system grips the order and processes the transaction. It saves your valuable time and money of handle checks and credit card orders.
The prime plus point of accepting credit cards is the fact that it will allow you to program practically all of your online transactions and as you will know an online business needs to be able to function 24 hours a day and 7 days a week, so automation is key to success. Credit card processing handle everything in respect of accepting payments without complete attention and checking everything in order.
High Risk Merchant Account
In the business world, many businesses and organizations are considered risky. So what if your business is risky? Have you already been turned down by credit card processor? Well, yet you didn’t lose anything. There are many high risk merchant account providers, they are being expertly in what you need. Every merchant account provider has a policy regarding high risk. If your requirement is settled in that policy, you may get approval for a merchant account. An approval of merchant account is wholly depends upon policy, if the guidelines are strict, then you won’t get approved. If the guideline is hassle-free, then you’ll have yourself a merchant account.
Fees for this account is higher than other standard merchant accounts. Where you have to pay an anticipated card processing fee of around 1.2-2.5% for a standard account, you might expect to pay around 4.5% as a high risk merchant. The fee is really depends upon the specific circumstances. Very high risk could track about 10% or more on each transaction. If you are struggling to find a processor to work with you or your business. It’s time to speak up with Radiant pay. Sign up today to get your high risk merchant account.