This entire process usually takes a few seconds. But it can take up to a few days for the funds to be transferred to the merchant.
The Two Most Primary Concerns with Online Payment Processing
Here are the two most common online payment issues that your company may face – if it hasn't already!
A chargeback is a compelled return of money to the consumer, most commonly in the form of a credit card transaction. The action reverses a money transfer from the consumer's bank account, line of credit, or credit card. It is intended to protect customers from electronic payment system fraud. Chargebacks, on the other hand, can be a major issue with online payments. Chargebacks are commonly used to assess a company's health, and a high rate of them translates into lower authorization rates, which essentially means bad business. Merchants are also held liable for chargebacks, which can be costly. Since 2018, forced returns have increased by 179 percent, costing merchants nearly 2% of their total annual revenue. This figure is expected to skyrocket throughout 2020 as a result of the COVID-19 crisis.
Integration of Payments
With the eCommerce market expanding at an exponential rate, payment processing merchants must keep up with the growing demand for new forms of payment to meet the needs of their customers. If your merchant services provider does not support multi-channel payments, you may find yourself using one vendor for online payments and another for POS payments. The use of multiple vendors can raise both costs and the risk of processing problems. Lack of payment integration may also trap businesses in outdated payment processing platforms with limited capabilities that struggle to adopt new payment methods. Consumers will want new multi-currency options as e-Commerce evolves, and old platforms with limited or no payment integration will be unable to meet their expectations.
Many factors, including strong marketing campaigns with incentives, enhanced banking infrastructure, and increasing point-of-sale card acceptance, is supporting the expansion of credit card use. Malaysians now prefer credit cards to debit cards by a 4-to-1 margin, indicating that they prefer to use credit lines to make purchases.
We at PayCly take pride in providing a smooth payment method for our consumers. PayCly provides Payment Gateway Malaysia solutions to merchants so that they can empower their business with supreme payment solutions.
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