The payment processing industry is a multibillion-dollar industry. Credit card spending in North America exceeds $3 trillion per year and is increasing at an annual rate of roughly 8%. Payment processing costs total approximately $85 billion each year. It's simple to see why the payments sector is so fiercely competitive. Payment processing has traditionally been dominated by a few very large institutions. However, smaller competitors have recently been able to enter the market and compete with new software and excellent customer service.
One intriguing trend is that the number of people who use cash and cheque as the payment method is rapidly declining in favor of digital payments, particularly credit cards.
- You are receiving chargeback's
A chargeback occurs when a client who paid with a credit card notices the charge on their bill and complains to the credit card company immediately. The consumer will very probably receive their money back, the funds will be removed from your account, and you will almost certainly be charged a fee (usually $25). What a hassle. A chargeback is intended to safeguard consumers from merchants who give bad service; nevertheless, chargebacks are not always used effectively.
- Your Credit Card Account has been placed on Suspension.
Accepting credit cards carries some risk, and sadly, credit card fraud exists. That is why payment processors employ security measures to assist prevents fraud. If there is unusual behavior on your merchant accounts, such as more processing than normal or unusually large charges, a hold may be placed on your account automatically. A mission-critical issue. Some processors may even terminate your merchant account without informing you. That is a dangerous situation, and you should avoid using those payment processors.
- Customers are making use of Stolen Credit Cards Fraud.
It does happen. Credit cards are stolen and used to purchase goods from your store. This is a case of buyer identity theft. By the time the true cardholder detects the fake charge, the fraudster has already fled with the goods. The true cardholder will reverse the payment, and you, as the merchant, will have the money is taken from your bank, as well as the loss of your merchandise and a chargeback fee. Brutal!
- Without your Knowledge, your Credit Card Costs have been raised.
Unfortunately, this occurs as well. It's also known as bait and switch. You'll join a new payment processor. They tell you about the enormous fees. For the next 3 to 6 months, everything is going swimmingly. Then, whoosh! You've noticed that your fees have skyrocketed. Worse, you attempt to cancel, but there is a $500 cancellation fee.
A different Payment Solution that will Work Irrespective of these Problems?
- Accept all ways of Payment
Accepting all payment methods entails being able to accept credit cards online, in-person, or even on the go.
Your company may require more than one payment method, such as eCommerce, terminals, mobile, virtual terminal, recurring billing, invoicing, and API connection. You should select a payment processor that accepts the payment methods you require.
- Accept credit cards from all over the world.
Customers may wish to pay with a variety of credit cards, including Visa, MasterCard, China UnionPay, JCB, Diners, American Express, and Discover. You should be prepared for that. You should also be prepared to accept debit or check cards within the same system.
Some credit card processors accept only specific cards, while others do not take international credit cards processing. Check that your payment processor accepts credit cards from everywhere in the world. This provides your company with the best opportunity to maximize revenue.
- You will receive your payments shortly
Unfortunately, cash is not immediately put into your bank when you accept a credit card payment from a customer. The time it takes for a credit card processor to deposit money into your bank varies. Some payment processors keep funds for longer periods to limit their risk.
The last thing you want is for your funds to be kept for days or even weeks. You can receive your payments in less than 24 hours with PayCly. This means increased cash flow for your company.
The desire for Best Credit Card Payment Processing Singapore Merchants is not exclusive to merchants, but it is one of the reasons why high-risk merchants have been migrating to PayCly. We specialize in delivering low-cost payment processing combined with cutting-edge technologies. We've even been able to outperform the negotiated rates achieved by PSPs by up to 20% or more.
International Payment Gateway,
High Risk Payment Gateway,
Online Casino Merchant Account,
Payment Gateway Malaysia,
Payment Gateway Vietnam,