Tag Archives: Payment Processing Services in London

The market capitalization of the travel sector was an astounding 9.25 billion dollars in 2019. The travel sector was badly hit by COVID-19 in 2020, but it is now beginning to recover, and by end of 2022, it is anticipated to continue expanding exponentially.

It can often be difficult to comprehend merchant accounts for the tourism business. As the world starts to open up for travel again following COVID-19, having dependable payment processing is becoming increasingly important.

When looking for payment processors, banks and processors frequently view travel merchant accounts as high-risk. Travel merchants need to be aware of this. Because of this, you ought to look for a high-risk credit card processor who is familiar with the travel sector. Find a high-risk credit card processor that is familiar with the specifics of the travel sector.

The majority of the businesses in the travel sector routinely handle expensive transactions. For these kinds of businesses, a high-risk payment processing solution is essential.

Despite the trillion-dollar value of the travel business, fraud and frequent chargebacks cause it to lose around $25 billion yearly. In certain sectors of the travel business, chargebacks will happen more frequently. We at Radiant Pay are pleased to give your travel company our many years of high-risk credit card processing expertise.

The development of technology and the widespread adoption of electronic payments have been extremely beneficial to the travel industry. Successful travel businesses are built on offering consumers dependable payment processing. Customers can conveniently make payments over the phone, online, or even in person at a retail location when they have a high-risk travel merchant account. You will be able to take payments anywhere in the world if you use a high-risk credit card processing solution like Radiant Pay

Let’s look at what Radiant Pay can provide for you.

What Makes Radiant Pay the Best Option for Your Travel Merchant Account?

Are you hoping to increase the profits from your travel agency? For the processing of your payments, you’ve come to the proper location. Travel businesses throughout the world can utilize our payment processing to increase sales, fend off chargebacks, and advance their operations.

At Radiant pay, we sincerely care about the success of your travel company and recognize the need for dependable payment processing. We provide the following for each and every one of our travel merchant accounts:

High-Volume Processing – We offer a payment gateway that is specifically made for high-risk businesses processing large volumes.
Multi-currency – We recognize the significance of being able to accept many currencies.
Fast Approval – The amount of time that travel merchants require to make sales is increased by our speedy approvals. We can offer approvals usually within 24 to 72 hours.
Highly Competitive Rates – We provide competitive rates so that our lower processing costs will enable your company to expand profitably in the future.
Secure – We have a secure payment gateway that is constantly checked for security flaws and vulnerabilities.
Mobile Payments – Customers that pay with a mobile device can effortlessly send money to you.

We strive to make the application procedure for travel payment processing as simple as possible, and we will guide you through it from start to finish.

Click on the link to apply – https://radiantpay.com/contact.html. After submitting an application, a qualified specialist will get in touch with you and inform you of the next steps to take in order to launch your merchant account.

card payment strategy, Card Processing Services, check processing solutions, Credit Card Processing, Types of Merchant Account

Understanding Pricing Models of Payment Processor

June 22, 2022 admin

Accepting credit cards and debit cards can be a significant cost for any business. Transaction fees, such as interchange and assessments, are a major driver of payment processing costs. Processor fees, also known as “markup,” are another significant component. The pricing models that processors provide to merchants determine how these fees combine to produce the monthly cost of payment processing.

Payment processing fees are the costs incurred by business owners when processing customer payments. A merchant’s payment fees are determined by a number of variables, including the transaction’s level of risk, the type of card used (reward, business, corporate, etc.), and the pricing structure chosen by a given payment processor.

Flat Rate

Flat-rate fees are payment plans in which the payment processor charges the same fee for all transactions, regardless of the type of card used, the brand used, or whether the purchase was made in-store or online. Flat-rate fees are calculated as a percentage of the transaction value or as a percentage of the purchase value plus a fixed fee.

New businesses that do not handle a large volume of transactions prefer flat-rate fees because they can negotiate a fee with the payment processor. Additionally, the company is aware of the fees that will be charged each time a payment is processed.

Tiered

In a tiered pricing model, the processor divides the interchange fees into three categories based on the transaction’s risk level. Payments are divided into three rate categories: qualified, mid-qualified, and non-qualified. The processor assigns transactions to each category based on criteria established by the processor.

Qualified Rate: Transactions swiped in person at a physical terminal with a standard credit card fall into this category, carrying the lowest risk and the lowest rates.

Mid-Qualified Rate: Businesses pay a higher rate to cover the high risk of fraud in keyed-in transactions such as phone and direct mail orders where the credit card is not physically available.

Non-Qualified Rate: Non-qualified rates apply to transactions that do not qualify for the qualified or mid-qualified tiers. The non-qualified tier has the most expensive fees.

Interchange Plus

In simplified terms, interchange plus pricing divides the merchant service charge (the rate paid) into two parts. The interchange is the fee charged by the issuing bank to the card network, and the plus, or markup, is the fee charged by the card network to you. If the interchange fee rate on a card is changed by a card network, that component of the merchant service charge is automatically updated.

Wondering which pricing model best suits your business? It is reliable on your business type and its payment processing requirements, Radiant Pay is the one-stop solution to get your Payment Solutions according to the requirements of business demand. For both low-risk and high-risk businesses, we provide all types of merchant account solutions. You won’t ever miss an opportunity to receive payments with our Online & Mobile inclusive solutions.

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Ways to Avoid Chargeback.

April 12, 2022 admin Leave a comment

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.

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