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Management of HIGH RISK merchant account – Sales Receipt processing

after a sale is completed and the consumer’s payment is accepted, it is necessary for a trader to pursue a number of practices which ensure that the receipt of the sale is processed accurately. Also, it is very important see through that the processing is carried out in a manner which leads to the reduction of the chances of consumer disputes or chargebacks. The following points are some of the suggestions that a trader could implement into the processing account for credit cards:

-       A sales receipt indicating “No Chargeback” – This is a new kind of sales receipt that has been in circulation and is being sold to traders. These “No Chargeback” receipts have a statement printed on them which indicates the waiver right a cardholder has in case of chargebacks. It is very important for a merchant to know that this receipt does not protect the trader against chargebacks. Also, the “No Chargeback” receipt does not remove the right of a cardholder to dispute transactions.

-       Only 1 entry for every transaction – It is vital for a trader to ensure that every transaction is entered no more than one time. Also, the transaction needs to be deposited no more than one time. A chargeback may be received in case of duplicate transactions only if :

            - A trader enters that very transaction in a terminal for more than

              once

           - If the trader deposits the bank cop as well as merchant copy of the

             sales receipt with the merchant bank.

           - If the trader deposits a similar transaction with more than 1      

              merchant bank.

-       Voiding duplicate or incorrect sales receipts – It is always best to ensure that duplicate or incorrect sales receipts have been voided. Also, a care has to be taken to see that each transaction is processes not more than once.

-       Deposit sales receipts – A trader needs to deposit the sales receipt with the merchant banks as soon as possible. The best option is to deposit these sales receipts the very next day after a transaction takes place. It is not a good practice to hold on to these sales receipts.

-       Timely deposition of credit card transactions – The receipts of credit card transactions need to be deposited on time with the merchant account bank. It is a good practice to deposit the credit transactions on the very day the transaction was generated.

-       The merchandise needs to be shipped before the transaction is deposited – The direct marketing and eCommerce transactions take place in an environment which is non-face-to-face. The sales receipt should not be deposited with a merchant bank until the merchandise is received. If the consumers see charges on the statement of the credit card before the merchandise is received, they could contact the issuers for disputing the billing. For card-present transactions, the sales receipt should not be deposited until the goods are sent. However, a trader needs to remember that the current transactions are being posted to the accounts of the consumers which can be viewed in real time.

Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.