- June 17, 2020
- Posted by: iPay Editor
- Categories: high risk merchant account application process, high risk merchant account instant approval uk, high risk merchant account provider, high risk merchant account solutions, High Risk Merchant Accounts, high risk merchants uk
The Covid-19 pandemic has hit the world in such a way that it is suddenly disrupted the world’s economy. So many businesses had no other option but the close their business due to social distancing measures. The businesses which had a greater impact from this were small businesses wherein they had to temporarily halt the business and few have permanently closed their businesses.
Despite the hard times there is a silver lining. According to a survey conducted there was something surprising that was discovered.
The bad news is that almost 40% of the small businesses were forced to either permanently or temporarily close their business due to Covid-19 pandemic. Few business that are impacted are restaurants, pubs, bars, retailers etc. Restaurants because in the beginning due to the lockdown they had to temporarily close only there was a partial lift in the lockdown people didn’t want to dine-out due to the social distancing norms. Few other sectors that got affected are schools, colleges, non-profit organizations etc.
Now the good news is that not all small businesses have faced the wrath of Covid-19. There was a quick spike in sales for a few businesses. Medically linked businesses have seen a considerable high sales.
Contactless payments has become the new trend:
There is a rise in contactless payments especially through smartphones and contactless cards. When it comes to physical purchase , POS systems are handled with extra caution, also cash is handled with special care. So there is a boom in card-not-present mode of payment.
Online payments or credit card over the phone has become go to payment options for food and beverage industries. And moreover this form of payment is much safer. Every business is trying to follow a new business model and trying to survive the pandemic. Lots of outlets are offering options to shop online and also contactless payments.
Be careful of chargeback and frauds:
There is no sleep for chargeback and fraud even during pandemic. So many people have become jobless due to the current crisis and there are few fraudsters who are trying to make use of this situation to their advantage.
Several business have reported attempted fraud and chargebacks.
Fake websites are created in the name of stores and misused. Purchasing something small like hand sanitizer feels hard right now. People just want to stay home and are anxious to purchase things online than stepping out. Fraudsters are taking this opportunity for their wellness.
Some websites look so legitimate that it has every rules and restrictions formed by the government. And there will be ads which will pop up asking for personal information which people easily fall for. There are websites selling face masks and cleaning supplies which only exist to rob customer credit card information. The scammers will later misuse your card information.
Here are few tips to protect yourself from fake websites:
- Check the websites URL if you find anything suspicious report immediately.
- It is really a good idea to install an ad blocker.
- Also be aware of scam calls.
- Email and text messages, Phishing is a form of scam which everyone’s aware of.
This time too shall pass:
The Covid-19 pandemic has shook the entire world. We don’t know yet when the world will be back to normal like before. We don’t even know whether there an end for this pandemic and how long will that take. People are trying to adjust to the new normal. Every business is trying to do something new to survive.
Questions? Call IPayTotal now. We understand your situation and we are in this together.