Merchant Account Providers Offer Protection Against Fraud and Chargebacks
Every business that accepts credit cards, both online and in-store will be subject to chargebacks at some point. Fraud is another critical issue that may arise, and knowing how to manage these business-critical issues is paramount to keeping your business profitable. With a merchant account directly from a financial institution, risk management is minimal, and may not encompass all the potential risks your business could face. Merchant account service providers, on the other hand, offer built-in protection, helping keep your business moving forward. Here are the top ways having fraud and chargeback management helps your business.
Many merchant account service providers offer technology and applications that help businesses reduce risk, from dedicated account managers to virtual terminals, returns, and more. Not all account providers are created equal; some have customer service reps that are only available via email, aren’t located in the U.S., and don’t respond to business-critical issues in a timely manner. Along with the technology in place, providers also have the knowledge and expertise to handle these issues when they pop up, as they’ve dealt with them before.
Release of Assets
Sometimes, fraud and chargebacks aren’t resolved easily. A business can have their assets frozen during an investigation, or have all payment processing capabilities stopped. Merchant account providers can give insight on the best practices to release funds with due to their relationship with acquiring banks. For a lack of payment processing, they can easily set up another merchant account to restore full business operations.
Reduce Required Reserve Rates
Whenever a merchant account is opened, the risk profile of a business is always assessed. Is your industry more prone to chargebacks and fraud? If so, your reserve rates may be higher. With the right systems in place from a merchant account provider, you can reduce the associated risk, and lower your rates. With more free capital, it’s easier to grow your business and achieve PCI-compliance.
Protect Your Business from Fraud and Chargebacks with Total-Apps
With a Total-Apps merchant account, businesses in a variety of industries can rest easy knowing that solutions have been implemented to reduce many different risks. From fraud, chargebacks, and a halt in payment processing capabilities, Total-Apps has a solution. Our team of dedicated account specialists developed solutions based on each merchant’s requirements to save time and maximize profits.
Contact Total-Apps today to see how we can protect your business against fraud.