2020 was challenging in many ways for most people, including for business owners who had to reinvent themselves during such hard times. It was a year of new strategies and to rethink the way to do business. Many retailers turned to e-commerce platforms to survive during a year when people purchased less than usual.
According to a report from eMarketer, before COVID-19, the global retail market was expected to expand by 4.4%, to $26.460 trillion in 2020; however, the current scenario decreased the forecast by two percentage points, to $190.79 billion.
During the year, iPayTotal successfully supported merchants in need of payment processing solutions to succeed during hard times. Now, to keep the great job we did in 2020, we are here to provide you with the best payment processing tips to start the new year with the right foot and increase your profit.
Control your chargebacks
A high volume of chargebacks is bad for any business. In 2016, e-commerce lost over $6.7 billion due to chargeback requests. Customers can file a chargeback due to defective goods, fraudulent transactions, issues with the credit card or ‘buyer’s remorse’.
Every time a customer files a chargeback, the merchant must pay a fee ranging from $20 to $100 per transaction. Merchants with a high volume of chargebacks usually have their businesses classified as high risk, which is bad among payment processor providers.
Using an efficient system to verify the validity and expiration date of the card.
Following proper security standards.
Finding a merchant account provider that has the structure to help you prevent chargebacks, like iPayTotal.
You must understand the importance of reducing your chargeback ratios and actions you can take to avoid them, such as:
Keep an eye on fraudulent actions
Fraudulent actions are still a significant threat to merchants who own online businesses. Cybercriminals are more creative in their attempts to steal customers’ information and money, and the merchant’s revenue. Luckily, some tools and tactics can help you secure your e-commerce platform and significantly reduce fraud actions, such as:
Good service does not have to be expensive
You do not have to pay expensive rates to have a good payment processing service. Many providers charge excessive fees and do not provide you with reliable and quality service.
At iPayTotal, you will find reasonable rates and the best alternative for your business. We have customised solutions according to your business’ needs at a fair rate. Pay attention to payment providers who hide fees on their contracts and choose your high-risk payment processor wisely.
Expand your business internationally
A domestic merchant account will not provide you with the benefits of an offshore merchant account, and the chance to expand your business internationally. If you want to grow your business, you need a payment provider to help you gain more business worldwide. You will save on taxes, reduce chargeback rates and secure your business from fraud.
At iPayTotal, you will be able to open an offshore merchant account, even being classified as a high-risk merchant. We specialise in high-risk industries and can offer the most suitable options for your business, such as:
Use alternative payment methods
Digital currencies, or cryptocurrencies, were a significant breakthrough for the e-commerce universe. They are a fast and cheap way for merchants to provide services and goods and have many advantages than credit cards and other payment methods. One of the most significant benefits of using Bitcoin as a payment method is the security of operations.
iPayTotal is a leader when it comes to Bitcoin payment processing. We provide high-quality services at fair rates for high-risk businesses. We also offer pay-outs in Bitcoins. The moment your application is accepted, you can start receiving pay-outs in Bitcoin with a renowned Bitcoin wallet.
These small but effective actions will help you work towards a successful business journey. At iPayTotal, we can help you with all of these tools. Our experienced team is ready to support you and guide you through the application process until setting up your high-risk merchant account.
Contact us at iPayTotal today and find out more about our options for high-risk businesses.