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SOME SECRETS ABOUT PAYMENT PROCESSING THAT SHOULD BE KNOWN BY ONLINE ECIG MERCHANT ACCOUNT

The world is engulfed in an economic recession and the need to save money is the highest priority for every company. Each company is finding new and innovative ways to reduce expenses. The banks will get bailouts from government, the credit cardholders are given lower rates and some rewards, but who will help the merchant? For consumers, the retail companies give huge discounts so that they will spend more.

When the banks upgrade their networks, the costs have to bourn by the merchants. The merchants should always take the brunt of the costs. However, all hope is not lost.  There are ways for merchants also to save money.

The fees and rates for transactions using the card – not – present credit card is the highest in this industry due to the reason that chargeback’s and fraud occurs more frequently with this. For the merchants, the following 3 steps will reduce costs:

1)    Identify the risks and reduce it.

2)    Learn about Payment Processing basics.

3)    Get all the details about the rates and fees that you are paying.

Identify the risks and reduce it

Several online merchants think that the fees in their line of business are inherently high. However, there are valid reasons for the high fees. The primary reason being: the risk is high.

You should take steps to reduce charge backs. The description and the type of the product have a great impact on your customers. Be very clear with these details or they will call their credit card issuer and apply for a charge back.

The claims that are made by you regarding your product should be genuine and right otherwise the customer will surprise you.

One of the most insignificant but important factor is the shipping time. If the customers don’t get their products on time then they will cancel their order prompting you to refund the money.

Learn about Payment Processing basics

Keeping your self updated with the latest technology in the industry will help you reduce your processing costs as you will be in a position to re – negotiate the rates with your existing provider if the competitor reduces the prices.

Also, you can apply for any new services that will better suit your business and which may also cost lesser. You should know exactly what the fees are that you are paying and why is it being charged for you. Learn about what the competitors are charging for the same services.

Get all the details about the rates and fees that you are paying

Only a few wise merchants look in to fine print of their agreement and find out about the fees they are paying. Were you aware about interchange which is a fixed fee only set by MasterCard and Visa. Moreover, this fee is not very small and has a huge impact on your profits.

Risk – sharing is how the bank’s primarily work. It is because of this reason that the banks partner with service providers. 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.