Why Do You Need a Reliable Credit Card Processing Method with Chargeback Defense? There are several services that a payment processing company must be able to provide for a mobile merchant. But the most important one is a reliable credit card processing method. Why? Because that is the main payment method that will be used by its clients, besides cash. And several features must come together with this service, including a strong chargeback defense, which will help you prevent many losses.
- Transaction reporting. By far, the most important feature that you will need from a payment processing company is transaction reporting. You need to be able to keep track of all the transactions, including the daily, weekly, and monthly ones. They will provide you critical information that you can use to grow your business faster. For example, you can test different sales strategies and find out which ones produce the best results. And you can also do the same with marketing and price strategies.
- Acceptance of many brands. Nowadays, you will find many different credit card brands on the market. And if your payment processing partner is not able to accept payments from most of them, then you may encounter many problems. Why? Because of the inability of your clients to make payments. So, if you do not want to lose a lot of sales, then you should ensure that your processor can accept transactions from a big number of credit card brands.
- Acceptance of multiple currencies. A similar situation with the ones of the credit card brands can happen for the currencies that your clients may use. Not all your clients will make payments using the same currencies. So, if you do not want to lose a part of your clients, then you need to make sure that your partner can accept payments from any currency. This may mean that you will lose some money due to the conversion rates. But this situation is a better alternative than losing sales.
How Does a Strong Chargeback Defense Looks Like?
The 3 features presented above are quite important, but most payment processing companies will provide them. But the number of companies that also provide a strong chargeback defense is quite low. Keep in mind that this feature can make the difference between a successful business and a failed one. Without a strong defense, you may become the target for fraud attempts. And you do not want to encounter this type of problem. So, you need to make sure that your payment processing partner provides the following defense features.
- Instant alerts. The most critical feature that a mobile merchant should expect is a method through which you can be instantly notified when a dispute arises. You should avoid at all costs the companies that will send you written notifications. The best alternatives are emails and, even better, SMS notifications. Only then will you be able to respond fast and deal with the disputes without suffering any losses.
- Online dispute management. Your payment processing partner must also provide you with an online dispute management method. You may not have time to make phone calls and send faxes every time a dispute arises. But an online method will allow you to deal with the problems anytime from anywhere. So, you will save a lot of time and increase the percentage of wined disputes. Also, the risk of becoming a target for mass fraud attempts will reduce to 0.
- Chargeback assurance. The last essential feature that you should look for in a strong chargeback defense is assurance. You may not be able to win every dispute. So, your partner can offer you the possibility to have an assurance for every transaction made. Of course, there will be a clearing process that every transaction must pass through. But this will ensure that you will never have any losses from possible frauds.
Keep in mind that these 3 features are only the most essential ones. If you do your research properly, then you will be able to find companies that provide other types of defense features as well. And if the quality of the rest of the services is high enough, then you should choose from the companies that provide the best possible defense.
Other Features That a Mobile Merchant Needs from a Payment Processing Company!
Besides the essential features presented above, there are several other features that a mobile merchant can expect from a payment processing company. Although the importance level is slightly lower, the influence that they will have over the success of your company is quite high. So, you should also take them into consideration while searching for the best possible partner.
- Offline processing. In most cases, you will depend on internet connectivity for your ability to receive payments. But sometimes, you may not be able to have an internet connection. And you will not be able to make any sales that require online payments. So, if you want to avoid these types of situations, then you need a partner that includes an offline processing feature. But only if this type of situation is frequent for your business. Not every mobile merchant will need this feature, so its importance is not mandatory for everyone.
- Mobile apps and devices. There are several apps that a reliable payment processing partner can and should provide you with. But the most important ones are those needed for reports and payments. Also, not all of your clients will be able to make payments contactless. So, you may also need a device that can be used through your phone to receive credit card payments. Yet again, you should look for these features only if your business requires them.
- Most payment processing companies also provide different types of integrations that their client can use to improve certain aspects of their business. So, you should also check these integrations and make sure that your partner will provide you with as many integrations that can help you improve your company.