Tips: Credit Card Processing

Want to see how Chargeback Gurus can help your business prevent fraud and chargebacks? Schedule a demo with us here: https://hubs.ly/H0mgh-T0​​ Because card payments are very popular these days and the use of cash for payments is not, merchants must understand the best practices for processing credit card transactions. The ease and simplicity of these transactions for the consumer is highly dependent on choices made by the merchant such as which payment processor to use, what protocols to follow, and how to configure the payment terminal to balance ease of use and security. Unfortunately, lowering friction in a payment experience for consumers can come at the cost of increasing the risk of fraud. Merchants must make choices about aspects like how to handle various authorizations messages or deciding when to re-run a declined transaction, and these choices can have a big role on the disputes that happen afterwards. For payment processing, a number of details are needed for authorization of the transaction. These include (but are not limited to) the full account number, the expiration date, the transaction amount, the cardholder's billing address, and the Card Verification Value (CVV) code. The payment terminal that receives this information sends it over to the merchant's acquiring bank, which then passes it on to the card brand and then bank involved with the cardholder. This is how a request for payment authorization works. The transaction can go through once this authorization process has been completed. One of the best practices for credit card processing involves the merchant choosing a good payment processor. The ideal payment processor should offer a fast, reliable network, and affordable and transparent pricing structure, and attentive 24/7 customer support. Because payment processors rely heavily on a merchant's chargeback rate, it's important to keep that down. Otherwise, merchants may be blacklisted by mainstream payment processors and forced to deal with ones that accept high-risk merchants, which then results in a lot of extra fees and sacrifice of service quality. Other best practices involve always requiring Address Verification as well as CVV matching as well as avoiding processing EMV cards by swiping the magnetic stripe instead of using the chip. Merchants having a hard time keeping their chargeback ratio down can choose to utilize a third-party chargeback services provider like Chargeback Gurus, who can help them get back on track with fighting, preventing, and winning chargebacks. Read the article: https://www.chargebackgurus.com/blog/credit-card-processing ©Chargeback Gurus 2021 Production: Emily Woodward Narration: Phil Claffey