We have work with most types of businesses, ranging from traditional ecommerce to regulated businesses such as financial services.
Costs are determined by many factors, with the primary being business location, volume, risk category, and distribution.
Business location is where your company is incorporated and/or where your business takes place.
Volume is how much you expect to process, usually measured per month.
Risk category is an assessment based on the risks associated with your business and the industry you’re in.
Distribution is how customers interact with you, how they pay, and how you deliver. Distribution is a big factor in assessing the risk.
It depends on your business. To speed the process up as much as possible, we obtain pre-approvals and help you prepare a complete application.
The whole process can take from two up to eight weeks, depending on complexity and risk. We’ll be with you through it all, so don’t worry.
There are many simple tricks to reducing chargebacks, such as having a clear billing descriptor (what customers see on their bank statement), sending receipts by email customers, and making it easy or customers to contact you if they have any questions.
You can also cut down on fraudulent transactions by using advanced fraud prevention technologies.
Settlement schedules are usually on a weekly basis but can be more frequent or less frequent depending on your business’ risk category and volume.
Larger volume and lower risk means more frequent settlement.
Higher risk means less frequent settlement and the acquirer may maintain a rolling reserve.
We almost always find it best to offer both, since you target different customers. Those who prefer cards will pick card when they check out or deposit, while those who use alternative payment methods will select their preferred method.
If you only offer one, you inconvenience your customers, or at worst lose potential customers.
You need to cater your portfolio of local payment method both on where your customers are based and what industry you are in.
With our long expertise in ecommerce and regulated businesses across the globe, we can guide you accordingly.
Each payment method has its own risks. Many of them use prepaid models or irreversible bank transfers and don’t have the chargeback risks associated with cards.
However, there are still risks that you will need to consider when offering these new methods.
Payment Initiation was formalised under PSD2 as a way for trusted third parties to create payments on a buyer’s bank account which, once the payer authenticates, are sent to a predesignated recipient, which can be a person or a business.