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. |