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03 JUN

How do independent stations collect money with credit cards and how to avoid chargebacks?

Life Style
STELLA
Apr 20,2022
49

The fact is that whether you are opening a physical store or running an independent station, global payments card processing fees it takes a lot of time and effort.

So in order to make the store operation smoother, there are some issues that we need to understand in advance, such as how to collect credit card issues for independent stations!

Common credit card collection channels.

OceanPayment

Founded in 2014, Qianhai is headquartered in Hong Kong and has operations in Shenzhen, Shanghai, Europe and the United States. Clients include well-known independent sites such as boongoo technology, anker and woowrish.

Marine payment features:

10% guaranteed product deposit and 180 days rejection period

Interest rate of 3.5%, +, 0.3 USD

Only business account opening, office photo, business license, business identification information are allowed

Can only be cashed on a company-to-company bank account

Analysis of the reasons for unsuccessful payment of international development credit card collections are mainly through the following.

1. Incomplete or incorrect information or stop payment in the middle. The bank cannot or refuses to debit the payment due to incomplete or incorrect information when the customer fills in the credit card related information.

2. The card balance is insufficient or the card expiration date has expired. The card used by the consumer to pay exceeds his credit limit or the card has expired.

3. Unauthorized transactions. The card used by the consumer for payment is a 3D card, and the 3D verification code is not filled in during the online payment process.

The management system will determine that the transaction is unauthorized and refuse the chargeback.

A 3% convenience fee is what?

When a consumer chooses to pay with a credit card rather than one of the company's recognized regular forms of payment, such cash or cheque, the seller will charge a convenience fee. A convenience charge must be disclosed to the customer and is normally calculated as a percentage of the transaction amount (commonly 1% to 4%) or as a small flat fee.

Most processing costs for credit cards are what?

A firm will normally pay 1.5% to 3.5% of each transaction's total in credit card processing fees. You might have to pay $1.50 to $3.50 in credit card fees for a $100 sale.

0% processing fee: what is it?

Businesses can handle credit card payments using the "zero-fee" processing technique without having to pay any processing costs. The processing cost for credit cards is paid by the customer, not by your company.