How to Process Credit Card Payments After Signature Rule Change

In this article, we discuss the details related to Credit Card Payments After Signature Rule Change. We will discuss old and new rules related to the payment after signature. For more information, feel free to contact Merchant Stronghold at the toll-free number.

What was the Earlier Credit Card Payment Rule?

The MasterCard was the first network to announce the change. Before that, credit card payment followed these rules:

And that slip was kept by the merchant as a document of a genuine purchase.

Before the year 2017, a cardholder needs to sign over the payment slip after the successful transaction.

Now, in case of chargeback or fraud, a merchant is allowed to use this payment slip as a piece of evidence.

The other card networks such as Visa, Discover, and American Express were also following the same steps.

Why There was Need to Make Changes to the New Rule?

Other card networks such as Visa, American Express followed over the steps of the MasterCard. But the Visa made it optional to sign on the receipt. Here are factors that made card networks to change the norms related to signature.

Also, a signature is not a strong evidence to fight against chargeback/fraud for a merchant.

The Card brands wanted to speed up the payment process by eliminating a step that is Signature.

Most of the signatures were unrecognized by the customers.

Also, most of the people are adopting the internet banking methods, where signature rules are not applicable.

Moreover, by applying the proper safety instruments, a merchant can reduce the card fraud and number of chargebacks. And new methods are more reassuring than the previous ones.

This is one of the most recent changes and many customers are not aware of this. The process of Credit Card Payments After Signature Rule Change is a lot easy. However, many customers still wait to sign the slip after making the payment.

Looking for More Information Related to Credit Card Signature Laws? – Merchant Stronghold

If you need more information related to the Credit Card Payments after Signature Rule Change. Then feel free to contact Merchant Stronghold. We have a team of experts, 24/7 available to guide the merchants with their various issues.

Let's Understand Features Provide By Authorize.Net

Here are the features of Authorize.Net that are discussed in brief. For more details or any query get Merchant Stronghold executive to assist you.

Advanced Fraud Detection

There are various filters and transaction filters that can be added to avoid frauds.

Authorize.Net also offers IP address, regions or transaction from a specific location.

Secure Customer Data

By using Authorize.Net services, the customer can save their payment information and use them every time they make payments.

And, the data entered or stored by the customer remains safe from any exploitation.

Payment Types

If you are looking for expanded payment methods then you can choose authorize.net.

They offer EMV chip cards, digital payments, major credit cards, signature debit cards, e-checks and more.

Recurring Payments

Recurring Payments can give the sleepless night to a merchant as they have a high chargeback rate.

It also gives independence to the customer to make payments anytime without the hassle of entering the details again and again.

Account Updater

It updates monthly credit card transaction details.

This helps the merchant to avoid the interruption due to lost transaction details.

Invoicing

The customer gets the direct email of the recent purchase on their registered email address.

Also, it sends the email regarding any overdue payment to the customer as an alert.

The merchant should get Authorize.Net Credit Card Processing after looking at their plan very carefully. You can contact Authorize.Net to gather the information you seek.

Get Authorize.Net Credit Card Processing

Firstly, you need to register yourself as a merchant to Authorize.Net. After that, create a merchant account there as well. Here are the detailed steps that can help you get through the process:

• Start by checking the pricing and plan offered by Authorize.Net by visiting the website.
• After that, you need to check the requirements to get the services.
• Click on the Apply Now button to get the service you need.
• Enter the details related to your company including the geographical location information.
• Authorize.Net will send you an email regarding your application and its status.
• Once your verification is complete, you will be given the services you want.

You will also be provided a merchant account to manage and handle data associated with your business and get Authorize.Net Credit Card Processing.

What are the advantages of Multiple Payment Gateways Website

Advantages of Multiple Payment Gateways Website – If you wish to take your business online then we recommend you to create an eCommerce website for it. Once you have created an eCommerce website then the next question should be related to the payment options. The digital methods of payment have expanded up to an extent that people are very comfortable using the card and online wallet rather than using cash.

GLOBAL EXPANSION OF BUSINESS

Who doesn’t want to expand their business to the global market? Now, if you are the merchant with an e-commerce website then you have great opportunities right inform of you. You can start selling your products all over the globe using your website.

However, it is not as easy as it may sound, but you can definitely start somewhere, and this can be started by adding payment gateways.

Furthermore, if you are thinking to target a specific geographical location then the best way is to study the audience niche. Along with that, you can also look for the payment gateways popular in that region.

After that, you can follow the same pattern and keep adding more locations preparing a multiple Payment Gateways website.

TARGET TOWARDS BETTER REVENUE

Once you have added multiple gateways to your business, you’ll see an increased traffic on your website. This means you will get an increase in conversion rate, which could eventually lead to better revenue.

Furthermore, in a situation of crisis with a certain gateway, you can rely on another to keep your business going. Let’s try and understand this with the help of an example:

Suppose, you use 2 payment gateways A and B. One day, gateway A stops taking MasterCard payments and all the MasterCard credit card payments gets declined. In such a case, you can switch to gateway B and complete a successful MasterCard Credit Card Transaction.

So, one can say, one of the advantages of multiple Payment Gateways website is never losing a sale or transaction.

BACKUP AND FAIL-SAFE PAYMENT SYSTEM

ADVANCED SECURITY AND SUPPORT SERVICES

ARE THERE ANY DRAWBACKS OF HAVING MULTIPLE PAYMENT GATEWAYS?

CONCLUSION

Now that you know about the advantages of multiple Payment Gateways website and also their drawbacks. Hopefully, this will help you and your business to flourish. In case you need more specific details related to your business then you can contact Merchant Stronghold.

What are the difference between Payment Gateway and Payment Processor

Payment Gateway vs Payment Processor

Payment Gateway – A Gateway that simply allows the merchant to access the e-commerce market by allowing the transaction. This is an online point-of-sale for the business. You just need to have a merchant license and merchant account. Then you can get a payment gateway for your business.

Payment Processor – As the name suggests, they process the transactions by exchanging data between merchant and bank. Also, a payment processor will also provide credit card machines and other equipment you use to accept credit card payments.

There are some processors who provide the payment gateway services as well. Also, you choose from the various payment processors and payment gateway service provider, depending on your demand.

How to Choose Credit Card Processing with Payment Gateway?

Comparing and then choosing the credit card processor for your business can be beneficial for your business. Here is a guide that you can use to choose the best credit card processing with a payment gateway.

A Processor that Offers Business Specific Services

• What is the size of your business and your monthly transaction value? This can help you choose your chargeback limit according to the need.
• Does your business require mobile processing? Or online transactions? If yes, then look for your Payment Processor to fulfill your demands first.
• Read the contract very well and then sign the papers after a complete evaluation.

A Service Provider with 24/7 Support

• Credit Card Processing with Payment Gateway is your necessity.
• But make sure you get sufficient support as well.
• And do check the services provided by the payment processors in the case of disputes and chargebacks.
• This means the Payment service provider should also offer a good support in case of an issue.

Ask for Additional Fees and Other Service Charges

• Do not forget to ask the details related to the Service Fees.
• This includes the additional fees, PCI Compliance, and other charges.
• Also, compare these charges of various Credit Card Processing with Payment Gateway to choose the under budget service.

If you need help while choosing a payment processor then you can contact Merchant Stronghold. We will provide you with an expert to guide you in the right direction and get your up and running in 24 hours.

Merchant Stronghold also provides the assistance with high-risk business and merchant accounts. Call us at the toll-free number+1 (888) 622 – 6875 or access the 24/7-email support now.

Advantage and Disadvantage Offline & Online Payment Processing

Most of us clearly understand the difference between the two payment methods that we have. As simple as it sounds, the offline method uses cash money or other valuable items to make a payment/transaction. On the other hand, the online method does not involve any physical money while making a payment.

But the thing is that many of us do not know how these payment methods are different in terms of advantages and disadvantages. In the next section of the article “Offline vs Online Payment Processing”, we will discuss a detailed difference between the both.

Advantages of Offline Payment Processing

There is a reason why most people around the globe still prefer to use cash for their daily money transaction. Some advantages of the offline method of payment are given below:

• The offline transactions are transparent. This means both the lender and receiver are sure about the transaction at the moment of the deal.
• Offline mode of payment is direct and do not depend on any other source. For example, the Internet or payment gateways.
• Easy to use and understand. Many people face difficulty with the online mode of payment.
• Being a traditional method of payment makes it more trusted. People still trust the bank checks and drafts and use them for payments.

Advantages of Online Payment Processing

In the war of Offline vs Online Payment Processing, the online method is winning so far. This is due to some advantages of this mode of payment.

• Speaking of frauds, the online methods are safer as the online payment gateway takes the responsibility for the money during the transactions.
• Online method is quick and easy. You can transfer a big chunk of money with just a swipe of your finger.
• You have the record of all the payments. This helps in reducing the payment frauds.
• Worldwide acceptance and 24*7 availability.
• You can make a transaction in any part of the world without facing the issue of currency difference.

Disadvantages of Offline Payment Processing

It’s not safe at all. The party on the receiving end will have to check and recheck the received payment.

The offline method is limited by many factors by distance and acceptance of another party.

Not recommended for the transaction of a large amount.

Disadvantages of Online Payment Processing

• Card frauds – All of us heard about the credit card and debit card fraud reports.
• Identity theft can cause the loss of money and data of an individual.
• The online method requires the person’s identity in order to make the transactions.

But the good news is these issues can be dealt with. You just need to reach the Merchant Stronghold for more information.

Accept Multiple Currency with an Online Merchant Account

Multi-Currency Merchant Account 

Having a multi-currency merchant account can be a very easy way to increase the sales for a business from the international buyers. The Multiple Currency Merchant Account or Multi-Currency Merchant Account allows a merchant to display the prices of products and services in a different currency. This means the buyers can choose the product from the list and make the payment as per their currency. This also helps Merchants to increase revenue.

It is very much required to have a multi-currency merchant account to accept the payment as the world is becoming a single marketplace. In order to sell products and services to global buyers, US sites are on the top till now. We at Merchant Stronghold offers the Merchant Accounts for your businesses as well as the 24/7 services. In case of any issues or queries related to the account setup or another technical glitch, you can visit us at merchantstronghold.com.

BENEFITS OF MULTIPLE CURRENCIES MERCHANT ACCOUNT – MERCHANT STRONGHOLD:

For Merchant:

• Increase In Sales: As a Merchant, if you display the prices in different currency then it helps in increasing the sales globally.
• Higher Conversion Rate: While shopping from a website a buyer does not need to focus on converting the price into local currency. The only focus should be on buying product or services and making payment in their local currency. Using Multiple Currency Account gives you a higher conversion rate of shoppers to buyers.
• Reduced Chargebacks: Transparency in currency makes it easier for the buyers to make a purchase, which in turn reduces the chargebacks. Also, a reduction in other service queries from the buyers, as Merchant showcases that they care about the buyer’s shopping experience.
• Enhanced Buyer’s Trust: As the buyer becomes more comfortable in buying any product or services in their local currency. So this builds the buyer’s trust or enhances their loyalty towards the merchant.
• Reduction In Expenses: Using Multiple Currency Merchant Account reduces the processing fees or expenses. Also, lowers the foreign exchange risk.
• Competitive Advantages: Multiple Currency Merchant Account gives you the provision of being top of the competitors as well as, makes your customers visit again and purchase more from your site.

In order to resolve these queries, you may directly contact Merchant Stronghold Support. You may also visit us at merchantstronghold.com for further assistance. Also, we assist you in getting a merchant account for your online business with the 24/7 support. So, there will be no need to manage your merchant account on your own as our experts will do the job for you. For more details visit app.merchantstronghold.com