Two Important Aspects Of Cross Border Payments Fraud Measures And Super Speed

One of the advantages of using a payment service provider is that it enables cross border payments. There are many aspects of cross border payments and two of the most important components of the same are as follows:

-Counter-fraud measures is a necessary concern for almost all merchants. The global fraud scenario has evolved rapidly and quickly. New strategies are being evolved and deployed, forcing the online merchants to put in maximum efforts to protect themselves from fraudsters.

There is no denying that security is imperative in order to protecting revenue and to keep reputations intact, but the crux of the issue is that fraud measures (taken to extreme) can turn out to be counterproductive. It means that it can possibly turn away genuine buyers on suspicion of fraud. For high risk payment gateway, consider Noire Pay.

-Speed is a very important factor and a necessary consideration in the context of overseas payments. A fast checkout is imperative for enhancing conversion, while selling products outside. Payment friction or check out friction is one of the primary reasons for major drop outs during a payment. One of the primary reasons for checkout friction is checkout noise.

These may include banner ads and up-selling that pops up. But mostly it is the time consuming process online that contributes (to a large extent) to the noise. The problem can be tackled by providing a wide array of payment wallets where the consumer’s card details can be stored securely.

How To Avoid Bad Cheques

Checking ID-

Checking ID is the first step to be done. It is an important step. When one verifies the identification of the cheque writer, it helps one know whether or not the one writing the cheque is the same person owning the account. Keep a note of the address on the ID to ensure if the address is same as the one on the cheque. However, it need not be a bad cheque if the addresses do not match up.

Information-

Gather contact information and make sure that the information provided is legitimate. This is an important aspect of the whole deal. The cheque needs to have all the updated information of the writer of the cheque. This is important. Make sure that the latest necessary information in included in the cheque. The first step, in case of some payment error or in case of some error with the cheque, is to contact the customer as it can be just an honest mistake on part of the consumer. In case it is otherwise, write a letter to the same informing about any legal action that you may be planing to take.

Merchant accounts-

Making use of merchant accounts, enabling accepting payments online, is a relatively easy and safe option to avoid the hassle of bad cheques or cheques that are susceptible to bouncing. When paired with a whole payment system, the account enables the acceptance of recurring payments. This is extremely beneficial for businesses which provide services for which payments are to be made periodically, but on a regular basis.

For merchant account and Chargeback reduction, consider Noire Pay.