What are some of the issues merchants face with online payment solutions?

High risk merchants run online business with the steep sales volume and high risk of online transaction. And there are many challenges merchants face while running their business that affects their business volume and denting the bottom-line margins.

Tech Support and Ecommerce are most sensitive industry facing most number of issues with online payment solution. Let see below we have discussed the key issues faced by merchants in current scenario with best possible solution to deal with such issues.

High Rate of Chargebacks 

The most prominent challenges among the merchants, is risk of chargeback levied by the customers to get their money return back. When customer is not satisfied with the service or he found any suspicious activity by the service provider, he can file dispute with card issuing bank. And bank may reverse the transaction with authority to chargeback the same amount from the merchants. Dealing with such undesirable action for merchants is really a difficult task.

Fraud Identify of Buyers

Many times few fraudulent customers use credit card of others, either stolen or using secretly without authorization of original owners or credit card acquired through fraud documents. And when actual cardholder notices such fraudulent transaction, he would be not liable to authorize such transaction, and high risk merchants don’t have any provisions to avoid such transactions.

In such situations, cardholder reverses the transaction and ask bank to get money back from the merchants, resulting chargeback with cost of fulfilling the order and revenue from sale.          

Payment Processing Time

After payments made by the customers, if the processing time is longer than normal working days, it can affect the cash flow of merchants resulting short of money supply for carrying our further business transactions. A Payment gateway for tech support taking too much time to process the money from customers account to merchants account would be not suitable for high risk business owners dealing with such online trades.       

Timing and Payment Failures

Another key challenge for high merchants like Tech Support and Ecommerce business owners is the timing of payment and failure of the transaction. Technological glitches are hovering around likely to attack during such online transactions. Payment can fall anytime due to internet connection break or thanks to human error made by the customer while filling payment details. Payment gateway for technical support should have an integrated feature to avoid such failure and maximize the transaction volume for better topline growth.