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Unfortunately, merchants can fall victim to any number of scams when shopping for payment processing services. One of the most common—as well as financially damaging—is leasing a credit card terminal for credit card processing.
Not all merchants are created equal. Nor are the payment processors that serve them. One key area where they differ is their willingness to accept risk. Some payment processors shun high-risk merchants, while others are more accommodating. This article provides an overview of high-risk merchant accounts and what it means to be a high-risk merchant.
A chargeback is a forcible refund between a merchant and the issuing bank, i.e., the bank that issued the customer’s credit card. A chargeback is not a refund. Unlike refunds and returns—which are voluntary and occur between the customer and the merchant—chargebacks are disagreements between the cardholder and the business whereby the customer contacts their bank to reverse the credit card charge.
As today’s consumers embrace credit cards as a preferred payment method, merchants must respond accordingly. One tool they can leverage is a virtual terminal—a virtual point of sale that allows businesses to accept card-not-present transactions by manually entering credit card details over the phone or online. These web-based solutions transform merchants’ devices into credit card machines and enable them to securely process one-time and even recurring payments. Here are five types of businesses that can benefit most from implementing virtual terminal payment processing.
Poor customer service. Difficulty troubleshooting. Long waits on hold. Merchants across the U.S. are no strangers to the shoddy customer service that runs rampant in the payment processing industry. Even the simplest queries can devolve into two-hour telephone odysseys just to get an answer. The hero of this article—Sekure’s unassuming chatbot—allows merchants to contact a payment professional at the click of a mouse and get quick answers.
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