Advantages Of Mobile Payment For Transportation Service

If you are traveling to big cities, local commute (taxi or car) is the option most of us would

like to opt for. Your taxi driver may only accept cash payment which may cause you trouble like no cash, shortage of change, security issues etc. So it is better to use cashless payment methods, especially if you are related to the transportation industry.



Advantages

Mobile payment has many advantages over the traditional method of payment i.e. cash payment. When you are in the transportation industry, there is a lot of cash flow on daily basis, which most of the time is with the drivers as they are on road, providing services. It is not possible for the drivers to come back to the main station to deposit cash after every trip. So he has to carry cash along with him all day long until he is off duty. Due to which they become a target and may end up in unfortunate incidences (robbery). It is best to use a mobile payment method for security purposes, better services, and greater revenue. Let us discuss a few of the advantages of mobile payment in detail:

Effectiveness

It is very common for a customer to not have the exact amount or a change with him, resulting in wastage of time in arranging the difference for the customer. When you accept the payment through mobile, it merely takes 20-30 seconds to swap the card and get the customer’s signature. This will increase the effectiveness of transportation service and time saved can be utilized in serving the next customer, resulting in greater revenue.

Convenience

In today’s world, the flow of virtual money is more than hard cash. People like to use credit/debit cards instead of paper money. It is easy to carry, convenient and a secure way of making payments. The transportation industry is rapidly growing, which increases the demand for multiple payment methods for the customer’s convenience and safety. Most of the customers availing transportation services prefer making the mobile payment rather than paper money, as it is the most convenient.

Control

If you have more than one driver i.e. multiple drivers, it becomes important as well as tedious to control and manage funds effectively. You need to find out an organized way to watch your money. By using credit card processing, you will be able to keep an eye on payments made by clients, what each driver earned, everything you want to know with the help of an online merchant portal.

CONCLUSION

Apart from these three advantages, there are many more advantages of using mobile payments. The above-listed advantages help service providers to manage his/her business more efficiently, increase profitability as well as provides security. With the help of such payment processors, payment is directly deposited into the merchant account, so there is no chance of losing a payment.

What is Credit Card Processing & How does it work?

Credit card processing is not a new concept. Everyone claims to know the process: swipe the card, hit the button and the transaction is complete in a blink. But do you really know the process? Do you think that it is as simple as it seems? It actually is a much more complex procedure than what you witness. The fact is swiping the card and signing the recipe is the first and the last step of the procedure. In between lays multiple steps that include more than one person working invisibly for the customer to complete that particular transaction.

Let us understand the transaction process in just three steps

STEP 1: AUTHENTICITY

At the point of sale, a cardholder gives the card to the merchant to swipe the card on POS terminal to make a payment.

Credit card details are sent to the acquiring bank, which forwards the same to the credit card network

Authorization request includes credit card number used for the payment, expiration date, billing address, card security code and the payment amount.

Credit card network clears the payment and a request is sent to the issuing bank for authorization.

STEP 2: AUTHENTICATION

When the issuing bank receives the authorization request, it validates the credit card number, checks the availability of the funds in the cardholder’s account, verifies the billing address and validates Card security code (CVV number).

It is up to the issuing bank whether to approve or deny the request. When they make a decision, it sends back the suitable response through a proper channel (credit card network and acquiring bank).

Once the merchant receives the authorization, the customer is provided with the receipt at the completion of the sale.

STEP 3: CLEARING AND SETTLEMENT

In the clearing stage, the transactions get the post to the cardholder’s monthly billing statement and in the merchant’s statement.

For settlement, service provider routes the batched information to the association member, which in turn forwards all the approved transactions to the corresponding issuing bank.

The merchant sends all the approved authorizations in a batch to the acquiring bank by EOD.

The merchant account gets credited for the cardholder’s purchases by the acquiring bank (minus merchant discount rate). At this time, the issuing bank posts the transaction information to the cardholder’s account. The cardholder receives the statement and bill is paid off.

Then the issuing bank transfers the funds (minus interchange fee, which is shared with the credit card network) within 1-2 days. Then the credit card network pays from the remaining funds to acquiring bank as well as the acquiring processor.

What are the benefits of E-Check

Benefits of E-Checks

Let’s take a look at some amazing benefits of E-checks.

COST-EFFECTIVE

Pricey credit card networks can be avoided with the use of ACH as transaction fee is comparatively low. There is no limit on the transaction amount. If any merchant, looking for a cost-effective processor to accept large payments, ACH is where your search ends.

FUNDS

In traditional paper check method, it might take days to process a check whereas it is not the same with e-checks. Via E-checks funds get transferred faster and more conveniently.

RECURRING PAYMENTS

If a business is working on memberships or subscriptions, it is wise to choose the ACH electronic network rather than the traditional method.

IDEAL FOR SUBSCRIPTION-BASED BUSINESSES

There are many benefits to choosing E-checks for subscription-based businesses. Some of them go as follows:

AUTOPAY

Irrespective of a canceled credit card, ACH payment processing makes sure that the customer does not miss payments. Credit card numbers may change rapidly but it is very rare that the account details of the customer will change. With the use of ACH payment processor, it becomes easy to avoid payment gaps.

SAVE MONEY

Business can save a huge amount of money by long-term subscriptions. With electronic payments, network exchange fee is not applicable, which in turn helps the merchant to save a lot.

EASY & SECURE

In addition, it is easy to initialize online e-check payments. A merchant can create a simple and secure form as per the customer’s convenience. Autopay feature can be set within minutes that avoid extra work of writing checks every month.

REWARDS

With the use of ACH, savings are amazing, which can be available to attract new customers while retaining old ones. Schemes like an incentive for customers, rewards, discount offers or cash offers help businesses attract more customers.

WHO GETS BENEFIT

As a result, there are 8 types of businesses that enjoy benefits the most from E-check payments.

1. Membership Businesses

2. Schools

3. Non-profit Organization

4. A business accepting bulk payments

5. Online subscription-based businesses

6. Retail Businesses

7. Insurance Companies

8. High-Risk Merchants

Credit Card Payment Processing Services for Apparels Stores

Painless Payment Processing Service

When we talk about payments, the first thing that a merchant would expect is a secure and uncomplicated payment processor. But it is common to come across certain complications like wrong entry, human error, duplicate authorization etc. While dealing with these issues, it is also important to take care of data security and compliance. So choosing a payment processor that simplifies these complexities rather than increasing the mess is a highly important decision that every merchant has to take.

Payment Processor for Apparels Store

Three things that your payment processor should fulfill are:

1. Connect from anywhere

2. Connect to any payment

3. Connect via the device of your choice

It is important for the merchant to choose a payment processor that provides a comfortable payment experience to his/her customer so that you can win customers trust as well as his loyalty. It is important to understand what your requirements are while choosing a payment processor. Few “must haves” are:

FLEXIBLE PAYMENT PROCESSOR

Payment processor should work in favor of your business and customer, both. It should be well integrated, should reflect the working of the business (how business operates), type of payment accepted and back-end system. A highly integrated system works as a lifeline for the merchant and the business.

SCALABLE

Payment processor should be able to cop up with the growth of the business, else merchant will end up in wasting a lot of time, resources and money in the up gradation of payment processor.

SUPPORTIVE

There are times when things do not work as planned. Choose a payment processor provider that is by your side when needed. The provider should be available either by phone or through email or live chat whenever needed.

FINAL WORDS

We at Merchant Stronghold are a leading provider of payment processing services. We have a long list of happy customers who are engaged in the apparel industry and hence, we can do the same for you! Our team understands the unique needs of various industries including clothing and they are the best professionals to meet your business needs.

Few Factors to Consider While Choosing A Payment Gateway For Your Online Businesses

You can follow this article to compare the Payment Gateway provider in the market. For more information, you can contact Merchant Stronghold for the assistance. Also, we can help you choose and compare Payment Gateway Provider.

Factor 1 – Fees and Additional Fees for the Services

The transaction processing fees and other fees for the services can affect your profit. As a merchant, you should compare the payment processing fees of the services and then get the one that is required. Here are the different fees or charges that a payment gateway service provider can ask.

• Monthly fees
• Termination Fees
• Setup fees
• IRS (Internal Revenue Service) fees
• Batch fees
• Contract Fees
• Annual fees
• Customer service fees
• PCI (Payment Card Industry) compliance fees
• Statement fees

These are the list of fees that a payment gateway provider can ask. There could be more than what are available in the list above.

Factor 2 – Allowed Card and Payment Types

Types of cards and payment types should be allowed while accepting the payment to help the merchants to compare Payment Gateway provider. Here is the list of popular Card Service Providers:

• VISA
• MasterCard
• American Express
• Discover
• JCB
• Diner

You must choose the card acceptance according to your customers. Also, compare Payment Gateway provider depending on the majority of card payments you get.

Questions that you can Ask while comparing Payment Service Providers – Merchant Stronghold

• Which is the best payment gateway for your business?
• How to add your website with payment gateway
• What is payment processor fees in the current market?
• Which is the best payment gateway for micropayments?
• What is payment gateway charges in the USA?
• Which is the best payment gateway API?
• What is the best payment gateway for Bigcommerce?
• Payment gateway providers list
• Which is the best payment gateway for small business?
• The best online payment processor for your business?
• What are available online payment gateways?
• Which is the best payment gateway for international transactions?
• Credit card processing comparison chart

You can use this guide to compare payment gateway provider. If you are looking for more details then feel free to contact Merchant Stronghold for the assistance.

Get Merchant Bank Account for your High-Low Risk Businesses

First of all, you need to lay out the demands of your business to shortlist the high-risk merchant account providers. Then out of those shortlisted service providers, choose the one that feels right. Here are some aspects of the Merchant Account that can help you shortlist good merchant account provider.

Efficient Support – The second most important requirement for the high-risk business account is the customer support. Choose a provider type that offers 24/7 support to their customers. This could help in dealing with a lot of matter in the future. Your queries will get answered quickly.

Hardware Services – Generally, the bank or merchant service provider offers the hardware equipment for the card and cashless payment. These devices can include wired credit card terminal, a wireless terminal, a POS system, or a mobile Smartphone-based system with a card reader and an application. Some of these services are free while others have some monthly charges.

High-Risk Business Management – A high-risk business bags number of Chargeback and Representment than other businesses. All these issues are handled by the account providers. To avoid more hassle, a merchant should get the account provider that offers efficient management for the high-risk business.

Charges – While getting a merchant account you must compare the account charges of various providers. This will help you understand the market price for the service you are looking for and purchase the one with reasonable pricing.

Terms and Conditions – You must thoroughly read the terms and conditions of the service provider. Make sure you understand everything and then sign the deal. If you are unable to comprehend the policies then you can hire an expert to get you the information you seek.

For more information, feel free to contact Merchant Stronghold and get assistance to find the Best Merchant Account for High-Risk Business. Furthermore, you can contact us using the toll-free number +1(888) 622-6875 and try the 24/7 email support. We provide specialized assistance for the high-risk business, merchant account handling, and other similar services.

Tips to Streamline Credit Card Payment Services

We help you get the best merchant processing services by evaluating your business closely.

Seamless Site Navigation

Generally, a customer explores a lot before making a purchase. Especially when they are trying your services for the first time. In such a case, you can offer smooth navigation while jumping from one product to another product as easy as possible.

Ask the customer to add the items they like to add to the wish list.

The products that a customer sees should appear on the recently viewed panel.

Jumping between the products should be easy and more manageable.

Make it easy for the customer to purchase the product whenever or wherever they are. This helps you streamline online payment services and make more profit.

Availability on Different Devices

There was a time when most of the navigation and internet surfing used to be carried out on the desktops. Nowadays, people use smartphones and tablets for online surfing and purchase. However, many of the users still navigate using the PC.

The matter is to make your website or platform easily available on the device.

Also, Smartphones and Tablets are also available in different screen sizes.

Make sure your website is responsive and works on different devices including Smartphone and computer.

You can also get a designer who can customize the website as per your requirements to get the streamline online payment services.

Offer the Best Customer Security

A customer has a higher chance to make a purchase when they clearly understand the policies. And it is a merchant’s responsibility to convey the terms and conditions to the customer.

Make sure the refund and return policies are clearly listed on the website.

If you are asking for personal details such as contact number, email address and residential address then make sure you keep this information safe and inform the customers about the same.

Furthermore, in case of a refund, make sure your finish the case in stipulated time.

Ask for an Expert’s Advice

The above-listed methods are very general. But if you are looking for the methods that fit your business processing then you can ask an expert to guide you. Earning profit is very important in the business and Merchant Stronghold can help you with that. 

Simply place a call at the toll-free number +1 (888) 622 – 6875 or access the email support now. We specialize in high-risk business and help you get the best merchant services.