Management of HIGH RISK merchant accountS – Sales Receipt processing

After completing a sale and accepting the payment made by the customer, it is essential for traders to follow several practices that make sure the sales receipt is processed accurately. It is also important to check that the payment processing goes on in such a way that there will be no consumer chargebacks and disputes. Following are a few suggestions that will help a trader implement a credit card processing account –

-       A sales receipt that indicates “No Chargeback” – This is a new type of sales receipt that is in circulation and is sold to merchants. The “No Chargeback” receipts will contain a statement printed on them. This statement indicates the cardholder’s waiver right in case of a chargeback. It is essential for merchants to know that this receipt will not protect them against chargebacks. The “No Chargeback” receipt will not remove the cardholder’s right to dispute transactions.

-       Only one entry per transaction – It is very important for traders to make sure that all the transactions are entered not more than once. Moreover, the transactions have to be deposited only once. You may receive a chargeback due to duplicate transactions only if:

1)    A merchant enters the same transaction into the terminal more than once.

2)    If the merchant enters the bank copy and the merchant copy of the sales receipt with the merchant bank.

3)    If the merchant deposits the same transaction with more than one merchant bank.

-       Voiding incorrect or duplicate receipts – It is better to make sure that the incorrect or duplicate sales receipts have all been voided. Moreover, care needs to be taken to check whether all the transactions have been processed only once.

-       Deposit sales receipts – It is essential for traders to deposit the sales receipt with the respective merchant banks as soon as they can. The best thing to do is to deposit the sales receipt the following day after a particular transaction takes place. It is a bad habit to delay depositing the sales receipts.

-       Timely deposition of the credit card transactions – the credit card transaction receipts have to be deposited well on time with the merchant bank. It is always better to deposit these credit card transactions on the same day the transactions were generated.

-       The merchandise has to be shipped before the transactions are deposited – the e-commerce transactions as well as the marketing transactions have to be carried out in an environment that is not face-to-face. It is a good practice not to deposit the sales receipt at the merchant bank before the consumer receives the merchandise. If the charges are seen on the credit card statements of the consumer before the goods are received, it may result in a dispute. For all the credit card transactions, it the essential that the sales receipt is not deposited before the consumer receives the merchandise. However, remember that the current transactions are posted into the consumer accounts and can be seen 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.