Accepting credit cards means every merchant, everywhere will have to deal with and dispute chargebacks at some point. This can be a costly and time-consuming process if you don’t know how to navigate these waters. Here at Singular Payments, we try to give you tools to make dealing with chargebacks as simple as possible. Recently, Visa made changes to their dispute resolution process. Effective April 15, 2018, your deadline to respond to a dispute notification will be reduced from 45 days to 30 days. So, the tips we are about to share are even more important!
Twice a year the Interchange Association (commonly referred to as Bankcard Association) gathers top leadership to review interchange rates and card processing fees to assess any needs to modify pricing structures. Mastercard and Visa make up the existing bankcard associations. Their purpose is to establish and administer the rules and regulations governing the credit card business. Discover and American Express are similar but not technically associations since they are single companies. It’s at these biannual meetings that interchange rates for all card types from the major card brands, Visa and Mastercard, determine the dominate interchange rates by which all credit card processors must pay. There are hundreds of card types and therefore hundreds of corresponding interchange rates so what these meetings do is assess if the interchange pricing attached to each are effectively covering costs as infrastructure, security, and other variables change.
Now that the holiday rush is over and you’re back at work focused on improving your business and operations we have some ideas to help you save time, money and improve customer retention by upgrading how your customers pay. Giving your payments infrastructure a tune-up is a surefire way to spark a productive and profitable new year.
Closing out 2017 and looking forward to a bustling 2018 in the payments and payment facilitator space we’ve seen a lot of movement regarding platform rationalization due to technology consolidation. Every major player is buying pieces of the puzzle to become the complete end-to-end solution. For example, the following major mergers and acquisitions took place recently. In April of 2014, to kick off the M/A frenzy in payments, Vantiv bought Mercury.
If upping your marketing and incentive rewards game in the New Year is on your list then you need to check out the Akimbo Card program. Akimbo is now part of the Singular Payments + Payment Data Systems Family and we’re excited to share it with you!
One of the most fun things we get to do with software developers is go through a scope of work call to review all the bells and whistles of our APIs that they want to integrate into their software solution to WOW their merchant users. Through this process, we explore a variety of the goals and objectives of the integration to ensure once we map out the plan everyone is getting what they want. It’s kind of like building your Christmas list for Santa – but better because you make money on this endeavor month after month in recurring revenue share.
Chargebacks will suck the cheer right out of your holiday sales this season which is why we’ve compiled a list of tips to avoid them whenever possible. Reportedly 86% of all chargebacks are probable cases of ‘friendly fraud’ or mistakes by the customer, and at the current rate, friendly fraud will cost merchants upwards of $25 billion a year by 2020. Fraud attempts rose 33% in 2016, while successful fraud attacks increased 32%. Merchants lose out on $118 billion in sales due to false positives each year. So read on because this is important stuff!
Like most busy business owners, dealing with accounting, merchant services and reconciliation is a major pain. Payfac Pete is constantly looking for ways to simplify and improve these processes, so he can get paid quickly and keep his focus on what he loves- his business and his customers.
Prepare to process big sales this holiday season with these simple merchant tips. According to the National Retail Federation, 20-40% of annual sales for small and mid-sized retailers takes place over the last two months of the year. Now is the time to take some simple steps to prepare for the extra credit card processing and customer traffic to make sure you’ll have a great holiday season.
Fresh off the excitement of Money 2020 in Las Vegas last week we are excited to share what we learned and the trends we’re seeing in payments as more than 11,000 payments professionals gathered for 4-days to meet, share insights and collaborate.