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Everyone knows the rewards of payment facilitation. That’s why it’s an attractive prospect for SaaS businesses in vertical industries looking to grow, build value, and gain more control over their user experience.
All the upside does come at a cost, though. The risks you take as a payfac are complex and wide-ranging, from compliance, fraud, and PCI to card regulations and merchant due diligence.
Succeed, and the rewards can be significant. On the other hand, fail, and you could pay a hefty price. It’s a balancing act between how much risk you’re willing and able to take and the rewards you want to attain. Once you find that balance, it can impact your decision to become a payfac and which business model you ultimately choose.
So, what are the significant risks you face as a payfac? Let’s take a look.
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What is a Payment Facilitator and Why They are Key for Growing Companies?
Payment facilitators are a central pillar of successful businesses, and in this guide, we’ll cover everything there is to know about the topic.
Here are some of the key points we will cover:
What is a payment facilitator?
How does the payment facilitation model work?
What are the primary functions within payment facilitation?
What are the challenges of becoming a payment facilitator?
What is PayFac as a service, and how can it help companies overcome common payment facilitation challenges?
What is a payment facilitator?
A payment facilitator, also called a PayFac, is an entity that helps companies accept electronic payments from customers via multiple channels by quickly onboarding them as submerchants. Thus, the company can use the PayFac’s infrastructure to easily collect payments from its customers while the PayFac manages all administrative and technical aspects of the infrastructure.
How does the payment facilitator model work?
The payment facilitator model simplifies the way companies collect payments from their customers. It also helps onboard new customers easily and monetizes payments as an additional revenue stream.
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Key Details
What is a payment processor?
What is a merchant account?
What is a payment gateway?
Who is involved in payment processing?
Applying for Payment Processors: The Process
Merchant Account Application: Approval Questions
Payment Processors: Getting Started
How do online payments work?
#paymentprocessing#paymentmethods#payments#onlinepaymentgateway#onlinepaymentprocessing#PaymentProcessingGuide
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It’s practically impossible to do business these days without accepting credit cards, whether in person or online. In order to take credit card payments, however, you will need to use a credit card processing company.
Best Credit Card Processors
Square: Best for Growing Businesses
GETTRX: Best for Growing Businesses
Stripe: Best for Online Businesses
Helcim: Best for High-Volume Businesses
Stax: Best for High-Revenue Businesses
Merchant One: Best for Easy Approval
PayPal: Best for E-Commerce Businesses
Clover: Best for New Businesses
QuickBooks: Best for Online Businesses
Unfortunately, it can be confusing to know which credit card processor is right for your business. Some companies charge a fee per transaction that becomes more affordable as more credit card transactions are processed, while others use flat-rate pricing that can be friendlier to businesses with fewer credit card transactions. Forbes Advisor has researched the best options available to bring you a list of the best credit card processing companies available today.
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PayFac as a Service Monetize Payments, Boost Your Revenues
GETTRX’s PayFac-as-a-Service solution is the seamless and simple way for ISVs and SaaS platforms to lower customer acquisition costs, boost lifetime values, and increase customer engagement.
Ready to Solve Payments For Your Customers?
PayFac as a Service helps you hit the ground running and quickly onboard customers while adhering to compliance standards. GETTRX absorbs the stress of fraud monitoring and compliance reporting while you focus on your business.
Lean on our payments expertise and offer your customers an end-to-end solution.
******PayFac as a Service******
--> Seamless Solutions
--> Instant Payment Facilitation
--> Cost Efficient
--> Out Of the Box Payment Compliance
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Payment Processing Security: 7 Things
Online payment security is about safeguarding your business. Being vigilant about protecting personal information and protecting customers against fraud attacks on the internet has become important and crucial for businesses.
https://www.gettrx.com/payment-processing-security-7-things-to-consider/
#Payment Processing Security#Payment Processing#online payment security#secure connections#avs#tokenization
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In recent years the technology transformations have provided great opportunities for nonprofits to improve brand awareness and increase funds for the cause they sustain. For example, Nonprofit payment processing platforms offer more accessible payment methods for donors.
A nonprofit payment processor handles everything from accepting donations to buying merchandise, paying membership fees, or purchasing tickets for events. -source GETTRX
While it offers various benefits, it also comes with several challenges when making online payments for donations. Needless to say, donors want to ensure the details of their sensitive transactions and personal data don't end up in the wrong hands.
Detail Read: Tips for Non-profits That Process Donors' Credit Card Payments
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Important Factors to Consider When Choosing a Payment Processor-Expert Opinions
Online transactions is a booming industry and it’s rapidly growing every year. As a merchant, it is important to stay up-to-date by providing several payment options to drive your business and increase your customers’ experience. How do you begin to accept online payments?
Credit card processing or payment processing is an electronic process that allows customers and merchants to automate online payment transactions. These transactions are usually processed, verified, and accepted by a payment processor.
Read More: When Choosing a Payment Processor
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Zero Processing Fees: Everything You Should Know About
Zero fees or no-cost credit card processing sounds attractive. And, why won’t it? You have invested so much effort, time, and money into setting up your business that you will gladly go for zero fees credit card processing to avoid extra expenses. But is it really zero cost to you?
Is it possible to have ‘no cost’ or ‘zero charges’ at all? There are so many things to keep in mind before you choose zero fees processing.
Zero Fee Processing
Zero fees processing is a process in which credit card processing fees are passed to the customers. This is called surcharging credit cards. Though a business doesn’t get charged with any processing costs, the customers pay the fees.
No-fee credit card processing is available with several traditional processors; however, companies nowadays are offering ‘free’ or ‘no cost’ processing. In this process, the processor will handle surcharging on your behalf.
Is Free Credit Card Processing Really Possible?
Well, the answer to the question is, ‘yes’. Some merchants offer zero fees processing as a term to cover most of the cost. But, you still incur costs, like compliance fees, monthly fees, etc. Also, surcharges are applied to credit cards only. If a customer chooses to pay with a debit card, there will be costs of processing the transaction. To top it all, there may be equipment charges too.
Read More: Zero Processing Fees: Everything You Should Know About
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Everything You Must Know About Cards Not Present Fraud!
Card-not-fraud is a type of credit card fraud in which the customer does not physically present their card to the merchant. Usually, these types of fraud occur with transactions that are conducted online or through mobile, which makes them hard to detect and prevent. However, the merchants can watch the possible signs to avoid these frauds.
In addition, these frauds rose when the eCommerce boom triggered the pandemic. Reportedly, it has cost retailers around $130 billion in the past five years. Therefore, to lower them, different sectors and credit card companies are following preventive measures. For instance, some companies are making secure CNP transactions, merchants are using text message authentication, especially when the amount being transaction is high, and etc.
How does CNP fraud work?
These frauds occur through online scams, where hackers create a clone of genuine websites to steal the customer’s information. These malicious campaigns are spread through emails, text messages, fake social media pages, and other rouge mobile apps. Some attackers can even steal confidential information from the places like restaurants or other non-secure areas, especially when you make an unsecured transaction.
Another most common way fraudsters steal credit card information is through the Dark Web, where data breaches happen commonly.
Understanding the card-not-present fraud
Often credit card payment processing companies ensure that they can minimize card-not-present frauds. Some of the common procedures include:
Verifying the address given by the customers
Matching the billing address on the file given by the credit card company
Checking the validity of CVV, which is used as a security code.
Prohibiting merchants from storing these secure codes
To Know More: Read Everything You Must Know About Cards Not Present Fraud!
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How to Prevent Fraudulent Credit Card Use
Content Source : How to Prevent Fraudulent Credit Card Use
The use of credit cards is on the rise, as is credit card fraud. Such instances accelerated during the Covid-19 pandemic when demand for electronic payment options was on the rise for the shopping of necessities. This is paired with the report of varonis.com, which states that scams rose up to 400%, making COVID-19 the largest security threat.
A credit card fraud occurs when someone hacks your account virtually or steals your card physically.
A stolen credit card is unlikely to cost you huge monetary loss and will be a major hassle, which is why it’s critical to take precautions in the first place. It will ensure smooth credit card processing and mitigate the risk of security breaches.
There are a few best ways you can consider now to prevent credit card fraud and spot potential unauthorized access of your card at an initial stage. In order to protect your credit card information from fraudsters, it's important to stay proactive and keep track of your accounts.
To help you prevent and stop credit card fraud in its tracks, here are some types of credit card fraud you should be aware of.
How Fraud Detection And Prevention Work
Fraud detection and prevention works include:
An order comes in along with the transaction information of customers, such as CVV and AVS codes. The order data push to the FDP risk model and gets assessed for multiple data points, such as device characteristics, customer location, and behavior to compare them with typical customer attributes. The system then determines if the transaction is adequate based upon the risk score or whether it should be rejected or forwarded for manual review.
If it goes for manual review, the reviewer will analyze the order data to access if it varies from within-range customer behavior. FDP systems will connect with the customer to question for more specific authentication. As the system stores historical data, it can shape new security rules.
When customers invest their money and trust in eCommerce businesses with their information, it’s the business’s responsibility to maintain that trust and ensure a hassle-free purchasing experience while mitigating the risk of security breach - source (GETTRX)
5 Credit Card Frauds and Best Ways to Avoid Them
1. Interest Rate Reduction Scams
Over-the-phone scams are one of the popular frauds that come from “companies” claiming they can help the credit card holder's target's interest rate and save them thousands on interest.
How to Prevent Interest Rate Reduction Scams
If one has a desire to reduce their credit card’s interest rate, they can call the card issuer’s customer service line. You can find the helpline right on the back of the card—and speak with the issuer themselves.
Even a genuine third-party service has no monetary gain negotiating rates with a credit card issuer. The best and safest approach is not to trust all phone calls from anonymous numbers claiming themselves a legitimate credit card company.
2. Skimming
In credit card skimming, a hacker makes use of a device, known as a skimmer and fetches the credit card information. While you swipe a credit card through the device, the skimmer will store every information available on the magnetic stripe of the card. This stripe contains information such as the expiry credit card expiry date, holder’s full name, and the credit card number.
How to Prevent Skimming
It's recommended to use credit cards carefully at places like gas pumps, vending machines, or laundromats in which prevention might be challenging or oversight of the machines might not be direct. It is a good approach to use a mobile wallet wherever possible. It is one way to reduce risk.
3. Overcharge Scams
Overpayment scams happen when a scammer asks you for a ‘refund’ since she has sent you an overpayment for a product or service you are selling.
How to Prevent Overcharge Scams
The best thing one can do to prevent such scams is not to open a suspicious email with suspicious links or attachments. It is recommended to connect with the credit card official published customer support channels. These all are the safest and quick options for getting to the bottom of the situation. never visit or log onto your account from a link in a suspected email. It is always recommended to open your browser separately and type in the accurate address.
4. Donation Scams
Donation scammers ask for donations on the phone, in person, by email via the internet for an organization or an individual. Further, they will ask you to pay via credit card, and steal all your complete information from the card and hack it.
How to Prevent Donation Scams
The victim receives mostly an email or a phone call, in which the scammer pretends to be from an organization or charitable trust.
According to kspersky.com, scammers have pre-developed high-pressure strategies, such as stressing the urgency, which will increase the chances of targeting a victim to donate on the spot.
In most cases, they get success in convincing them to share their credit card information. Make sure to never share your credit card details at any cost with an unauthorized or suspicious company.
5. Phishing Scams
In phishing scams, hackers claim a legitimate credit card company or financial institution and provide suspicious links or fraudulent instructions to access victims' financial information. Once an individual has shared his financial information like credit card number, CVV, or other details, they successfully steal the money from their bank account.
How to Prevent Phishing Scams
Avoid answering security questions on an unsolicited call. This includes questions related to personal information, such as the address street, date of birth, SSN, and the three-digit code mentioned on the back of a credit card.
Phishing scams are a time-sensitive matter and difficult to identify on the spot. But one can consider a short timeframe o in which instructions must be completed as a red flag.
Further, claims like the alleged company “have been unable to contact you until now” or that “this is the last chance for you to take advantage of this offer,” should be considered as another possibility of scams.
Instances of identity theft by credit card fraud increased by 44.6% in 2020.
Accessed theft cases that occurred by new credit card accounts reached 48% in 2020.
Around 40 percent of cardholders do not have text alerts or emails from their credit card company or bank enabled.
According to the FTC report, 38 million dollars were reported in credit card fraud linked directly to COVID-19.
FAQs
How can someone use my credit card without the card? A hacker can use several ways to get a hold of your credit card number without actually having your card. They may have phished you via email or may have placed a skimmer on a petrol pump.
How do crooks get credit card details? Criminals target ATMs for financial frauds. They attach skimmer with ATM and copy PINs and card details and trap the card in the machine.
How do I get my money back from unauthorized transactions? If the transaction occurred via a merchant, it's recommended to contact the merchant and ask for a refund for the purchase. The merchant may repay your purchase if the bank doesn't. In case you want to contact a bank, you can contact via the number on the back of your ATM card.
What happens if you falsely dispute a charge? In the eye of the law, it is a crime and has consequences for falsifying testimony. Those who make false claims under oath could face fines or imprisonment, depending on the severity of the case.
Wrapping Up
Your financial safety is in your hands. It is always recommended by experts to put best practices in place to prevent credit card fraud. After taking immediate action to prevent additional fraudulent activity, request copies of your credit reports from credit bureaus to ensure the fraud didn’t extend further.
Keeping monitoring your accounts and responding quickly if you spot unusual activity is critical to mitigating the risk of credit card fraud. So make sure to implement the above-mentioned credit card fraud prevention tips.
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How Online Payment Gateway System Is Future Of Finance
The financial services landscape has undergone a huge transformation in recent years; and, ‘payments’ is one such area that has seen accelerated growth. With the cashless payment trend, consumers are now making transactions through alternative online payment gateways, like mobile payments, e-wallets, prepaid cards,
As a result, more and more SMBs start relying on it to scale their businesses. Local, as well as new businesses, like utility bills, etc., are embracing online payments, leading to the innovation of new platforms. So, what is in store for online or contactless payment gateways systems in finance? In this article, we’ll look closer at how online payment gateways will dominate the industry in 2021 and beyond. Let’s get started!
Digital or Online Payment Gateways Today: An Overview
Be it using a QR code to pay at a store, or tapping a sales terminal with a mobile phone, digital methods of paying for products and services were there even before the pandemic. Spurred by the virus outbreak, a steady shift to online payment would ultimately lead to a cashless society. According to an analysis by PwC, global cashless payments are believed to increase up to 80% by 2025. Also, Asia Pacific will grow fastest with these transactions.
What is the reason behind this growth?
During the lockdowns, people adopted digital behaviors. This shift to digital behavior would continue to increase, requiring more investment in secure online payment solutions. Also, this shift to cashless brings with it a more profound change. With new business models emerging every day, the payment infrastructure is being reshaped. Below are some more reasons behind the growth of online payment options-
Pandemic Accelerates Digital Payments
With the increased use of contactless payments and IoT payments, the payment industry saw a dip in the use of cash. In the pre-pandemic era also, digital currencies were growing rapidly. However, when the pandemic became a serious issue, authorities recommended a shift to cashless transactions to curb the spread of the virus.
Customers’ Demand For Frictionless Experiences
When it comes to online payments, it makes the transaction process frictionless. It minimizes the barriers involved in the offline checkout process. A user can make transactions with one of the most convenient online payment solutions, like digital wallets, one-click payments, or other invisible payment methods.
Real-Time Payments Adoption
Merchants across the world are adopting real-time payment, which enables them to send or receive the money within seconds. But what is the reason behind the adoption of RTPs (real-time payments)? Well, the driving force behind real-time payments is rooted in the increased use of P2P apps, smartphones, digital currencies, and more! The immediate need to meet the growing customers’ demands pushes the buyers, merchants, and individuals to use RTP. Also, the competition among business players with innovative business models also contributes to the growth of RTP.
AI And Machine Learning In Payment System
If a business has multiple payment integrations, AI and machine learning can benefit a lot. Many businesses are leveraging the power of these intelligent technologies in many ways, like fraud detection, facilitating digital transformation, improved customer service, etc.
Fraud Detection
For a financial entity, AI-based fraud detection is crucial. Given the high fraud rates due to the growth of online transactions, this is something every business that accepts online payment should have. With AI and machine learning integrated into payment gateways, businesses can detect and block potentially fraudulent cases.
Customer Service
Companies are often overwhelmed by the transactions. To top it, customers inquire about delays, processing issues and expect quick answers to their questions. With AI in online payment systems, chatbots can tackle the basic questions of customers and provide quick responses. Several businesses are using chatbots to improve their customer service and will continue to do so in the future too.
Digital Transformation
AI and ML can be a game-changer for digital payment, making online payment gateways smarter and faster. With these technologies, businesses can get useful insights and revenue-generating patterns. AI inclusion will also optimize sales, improve inventory processes, or more!
Open Banking Supporting Innovation
Open banking is a growing trend worldwide and is expected to grow in the coming years. Large corporate enterprises and companies use open banking. Moreover, traditional banking can no longer fulfill the requirements of a digitized world. Thus, shifting to open banking has the potential to open a business to many opportunities.
Some Macro Trends Dominating The Future Of Online Payments
Now that you know the most important reasons behind the growth of online payment solutions, you need to know how the upcoming years play out. Below are the top macro trends that will impact the future of online payments-
Digital Wallets
Digital wallets enable users to access funding sources, load or store payment methods on their smartphones. With the rise in the use of Google Pay, Apple Pay, and other super apps, like Alipay (China), digital wallets will be an important ‘front-end’ payment solution. The use of digital wallets is perceived to account for more than half of all e-commerce payments by 2024. Consequently, banks and other financial institutions are partnering with/investing in digital wallet businesses to create better payment platforms.
Cross-Border Payments
Frustration with the time-consuming traditional banking model has resulted in the rise of non-bank providers. New solutions, like the P27 initiative, are competing against the card-based solutions that integrate over 25 million inhabitants across 4 countries and currencies across a single instant payment system.
Financial Crime
With an increase in e-commerce, there has been an increase in fraudulent cases, such as data breaches. Open banking, digital wallets, mobile payments, etc., is opening doors to financial crime. Moreover, some payment providers that support merchants and customers to move money across borders are also involved in money laundering cases.
Security, data privacy, and compliance are the top concerns for banks, financial managers, and fintech. Thus, there is an urgent need for better collaboration among banks, financial institutions, payment providers, and cybersecurity measures.
What Does This Shift To Online Payment Indicate?
With the increasing use of the internet and smartphones, people are becoming tech-savvy. This creates endless opportunities for mobile or digital payment markets. In the post-pandemic era, online payment gateways are expected to flourish in the coming years. Though cards remain the top choice for payments across the world, digital wallets are gaining traction.
As a result, traditional cash flow is declining, pointing towards a cashless society in the near future. Still, there are countries that are dependent on cash due to a lack of internet infrastructure or trust in financial institutions. Cybersecurity and data privacy are other concerns. However, voice-activated payment, biometric payment, or other forms of digital payment will likely become mainstream.
Banks, fintech, and card companies should understand the emerging online payment trends. In order to survive in a world where digital wallets and super payments apps are so important, businesses need to work with banks and integrate payments directly into their services. Cross-border offerings, bill payments, etc., could also provide larger banks with some great opportunities.
Payment service providers need to ensure a transparent global structure to create trust among users. They should have the ability to bear credit risk and master data in order to win the global scale race. Also, central banks need to improve their knowledge to get insights into the global players that are not banks. Besides, card providers need to consider steps like partnering with reliable digital data providers to ensure relevant merchant services space.
The Future Of Online Payments Gateway In Finance?
In the upcoming years, non-banking institutions will transform the payment systems and customer experience. There is an influx of non-bank players from tech giants, as well as startups that are giving tough competition to banks. Moreover, with the evolving trends, like changing customers’ expectations, the dominance of mobile channels and smartphones, etc., fintech startups are transforming the banking industry.
Thus, if financial service companies must maintain their customer relationships, they need to embrace and respond to these changes. They need to look for new solutions to tackle online payment issues customers struggle with. Banks or other financial institutions have done a lot to improve the processes involved in digital payments. Much remains to be done, though.
For example, cross-border payments are beneficial for the new non-bank players. As cross-border payments are still expensive for customers, non-bank players are focusing on this area. This causes banks to reconsider their payment approach.
So, what is the scope of online payment for the future? As the online payment ecosystem flourishes, it is going to make the future of payment gateways brighter than ever. However, in order to stay at par with technological advancements, payment gateways also need to evolve constantly. The digital payments industry needs to pick pace with the latest technologies to reap the benefits online payment gateway can bring in the future.
This “How Online Payment Gateway System Is Future Of Finance” is originally published by Ashok Sharma.
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Payment Processing for Nonprofits: The Essential Guide [2022]
Online payment processing has become the most important thing for any organization, with philanthropists using it the most. As a nonprofit, if you want to collect online donations from your donors, selecting a payment processor that enables you to do so securely and affordably is essential.
According to stats reported by Double the Donations, overall online revenue increased by 23% over the past year, up from 15%. These stats are just another example of how online donations are becoming the leading way to donate funds.
While there are many general payment processors in the market, some dedicated payment processors work exclusively with nonprofits. So, to help you navigate through the market of nonprofit payment processors and choose the right payment solution, we have compiled a nonprofit payment processing guide that covers everything in detail.
This Nonprofit Payment Processing Guide Covers the following;
What is Nonprofit Payment Processing?
Important Payment Processing Terms
Why Do Nonprofits Need a Payment Processor?
What are Different Types of Donation Methods Required for Payment Processing?
How Does Payment Processing for Nonprofit Donation Work?
Difference Between ACH Payments and Credit Card Payments
Benefits of Great Payment Processing Tool
What are the Common Nonprofit Payment Processing Scams?
Methods to Prevent Nonprofit Payment Frauds
How to Choose the Best Nonprofit Payment Processor
Frequently Asked Questions
Payment Processing for Nonprofits: The Essential Guide [2022] is originally published at GETTRX on January 05, 2022 by Ashok Sharma
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Trends in the Payment Industry for 2022
Trends in the Payment Industry for 2022 is originally published at GETTRX on December 23, 2021 by Mickey Khan
With the #digitalpayments industry trends taking over the payment market worldwide, businesses need to find ways to stay ahead of the changes in technology, consumer behavior, and compliance requirements. # #business #technology
Merchants also need to incorporate various changes, upgrading their business to keep up with the emerging technology and demands of customers. #paymentrends #payments #mobilepayment
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How does Credit Card Processing Work?
Content Source : Credit Card Processing: A Detailed Guide for Merchants
Step 1: Merchant takes the credit cardholder’s payment information at the card terminal (with a chip, magnetic stripe swipe, or through the contactless tap), over the phone, or online.
Step 2: Credit card processor directs the card info to the credit card network via an internet connection through a payment gateway.
Step 3: Then, the Payment gateway sends transaction data to issuing bank to request authorization via card networks.
Step 4: Once the customer’s bank validates the payment, it authorizes the transaction amount. Then, the authorization gets sent back to the merchant. (Note: If there are inadequate funds or suspicion of fraud, the transaction will be denied.)
Step 5: After the transaction is authorized, a hold is placed at the issuing bank for the amount.
Step 6: Then the merchant settles a batch of transactions (usually once per business day).
Step 7: After that the issuing bank releases the funds to the acquiring bank.
Step 8: Funds are deposited into the merchant’s bank, minus any interchange and processor fees.
Related Read: How Payment Processing Can Help Grow Your Small Businesses
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