A chargeback occurs when a customer disputes a previously-made transaction, whether due to a stolen credit card or an error on the merchant’s part. For a small business accepting credit cards on a daily basis, chargebacks are unfortunately inevitable and can lead to hefty fees. However, there are precautions that you can take in order to avoid chargebacks.
The ability to store and transmit credit card information safely is a major concern for merchants and credit card holders alike. While PCI compliance ensures that your merchant account service provider is taking the appropriate measures to reduce the risk of fraud, tokenization takes security one step further by removing valuable credit card information completely out of the process.
Level 3 processing capabilities allow your business to process transactions beyond the consumer-to-business sale by expanding to business-to-business and business-to-government sales. Merchants who wish to increase sales by becoming suppliers to other businesses or government agencies should understand the basics of Level 3 processing.
For any business accepting credit cards and debit cards, whether through point-of-sale processing equipment or online payments, security is a major issue that should not be taken lightly. In order to protect personal credit card and account information from fraud or identity theft, merchant account providers should comply with the Payment Card Industry Data Security Standard (PCI DSS).
When you begin to look into merchant accounts services, you’ll quickly learn that your business’ needs don’t quite fit into a neat little predetermined package. The ability to customize your merchant account according to your business goals is critical to receiving the most efficient and effective services.
BluePay HQ gives you just that: the freedom and flexibility to design a merchant account package that best fits your business plan.