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What Services Should a Payment Processing Company Provide to a Mobile Merchant?

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Mobile Merchant, Payment Processing

What Services Should a Payment Processing Company Provide to a Mobile Merchant?

 

Why Is Chargeback Defense One of the Most Important Services That Must Be Included?

Many mobile merchants in different industries encounter the chargeback problem. If you do not have the necessary precautions in place, then this problem can be very damaging to your business. For this reason, you need to ensure that your payment processing partner offers a strong chargeback defense that includes all the tools required to diminish this problem as much as possible. A high number of lost disputes will negatively affect your business in three different ways.

  • Cashflow. Every dispute that you have will block a certain amount of cash until it’s settled. So, if there are too many, a big chunk of your money will be blocked. Also, if you lose a large percentage, then you will lose the money completely. Keep in mind that you will lose more money than the client paid whenever you lose a dispute. Why? Because the fees that you will have to pay for each transaction will remain lost. So, besides the money that you will pay back to your clients, you will also have to pay the fees for each trade.
  • Reputation. It does not matter in which industry you are. A good reputation is required for any company in any industry. Without this factor, it is almost impossible for any business to be successful. So, what do you think will happen to your reputation when your clients find out that your company needs to deal with a large number of lost chargeback disputes? Its trustworthiness will plummet. It does not matter that your company is clean and the fault is not yours. All that your clients will see is the lost disputes and will subconsciously believe that it is your fault.
  • Continuous Abuse. Scammers and other people that will find out that you have a weak defense against chargebacks. And they will try and take advantage of you. So, you will have to deal with continuous abuse, and you will not be able to be the winner and stop it without a strong defense. If you do not take the necessary precautions, then you risk losing your business entirely. Luckily, you can find a payment processing company that offers this type of service.

How Does the Perfect Chargeback Defense Looks Like?

You should already know how significant the chargeback defense is for businesses. Especially for a mobile merchant. But how can you get the best services available? Well, there 5 components that the best services must include.

  • Instant notifications. General payment processing methods will notify you through the postal system about every chargeback. The problem with this method is the massive loss of time that you will have to prepare for a dispute. In many cases, the notification will arrive after the fight is already lost. To prevent this from happening, you must find a payment processing company that offers instant notifications in situations like these.
  • Online management. A reliable partner will provide you with an online platform where you can easily fight all your disputes from a single place at any time. Unfortunately, most general providers will require you to make many calls and send a lot of faxes for your fights. Yet again, you will lose time doing this, while also you will need to invest more resources in the disputes.
  • Fraud protection. Not every payment processing provider can stop a chargeback from going through before the dispute is settled. In some cases, you may be the target of fraudulent claims, and if your provider can’t stop the transaction temporarily until the fight is solved, then you will lose the money without even fighting.
  • Cardholder authentication tools. There are many instances when someone will try to use the bank card of another person. In such cases, the owner can make a complaint and get his money back from you. If you are not able to prove that the card owner made the transactions, then you will have to pay back the money. In many cases, this can also be easily abused. So, you need to find a payment processing partner that will provide you with all the necessary tools that will help you solve the problem.
  • Assurance. The top providers have partners that will help them ensure the maximum amount of safety for your business. These partners will check each one of your transactions before approving it. If you lost a dispute for a cleared sale, then the assurance company will pay you back your loss.

4 Other Services That Any Mobile Merchant Needs!

Payment Processing Company Provide to a Mobile Merchant

Payment Processing Company Provide to a Mobile Merchant

As a mobile merchant, you need to make sure that your provider takes care of all your needs. Although a strong defense is mandatory, it is not the only need that your business has. There are 4 other services that you should look for while searching for the best provider for your business.

  • Offline processing. Your business offers high mobility, but this can also restrict your access to the internet. So, to prevent any problems from happening, offline processing must be possible. Without this type of service, your business will lose a lot of sales and money. The investment will cost you less than the potential loss.
  • Line busting. Your clients will no longer need to go to a designated place in the shop to make their purchases. The provider will give you all the tools that you need to receive payments from anywhere in your store.
  • Go mobile. The ability to accept payments is not limited to stores. Field sales, food trucks, and any other mobile business will be able to receive payments through a bank card from anywhere. Being able to offer your clients more payment options will increase your chances of making a sale.
  • Real-time reports. The ability to check your sales volume at any moment is essential because you will be able to check the results of your business and your team anytime, anywhere. This will keep you updated with the results of your company. So, you will be able to know which strategies work and which ones do not. And you can also see the benefits of a strong chargeback defense.

Praneet is the CEO and Editor of the website TeckFly.com. He is a blogger and have varoius blog on various topic and he is from India who loves to read and write about Technology, Gadgets and Gaming. If you share the similar interests then you can follow him on Facebook | Google+ | Twitter

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