Age verification and ID verification have never been so important. Electronic Verification Solutions (EVS) offer an effective way for firms to protect data, revenues, and reputation by authenticating customers’ identities. Find out more today!

Identity Fraud – a Growing Problem

In the digital era, the rise in identity fraud is rising both in number of cases and cost to victims. 2019 research shows an average of 15.6 million reported cases worldwide over the previous two years. The Insurance Information Institute also reports a loss to victims of $1.7 billion in 2018. Perhaps most concerningly, this figure increased twofold between 2016 and 2018.

The Risk to Your Business

The problem is also a significant one for US businesses. Research by the National Cybersecurity Society shows an increasing number of frauds cases in recent years. Because of this, it is vital to consider identity fraud in your firm’s wider cyber security strategy.

Trading with fraudulent customers has been known to affect firms’ cash flow, business debt, credit scores, and relationships with customers and suppliers. Safeguarding your business against fraud by verifying customers’ identities is therefore vital for business continuity and reputation.

Why Are Identities Stolen?

Individuals’ identities are stolen and used by criminals to defraud legitimate businesses. With this false identity, they then fraudulently use this position to obtain funds, credit and services from businesses.

How Electronic Verification Systems Secure Your Business

EVS systems provide a multi-layered approach to protecting your organization against identity fraud. They can be setup to integrate seamlessly with existing business process structures, while knowing your firm is in safe hands.

Good EVS systems provide the following business benefits. At the core, identity verification establishes exactly who you are doing business with. This significantly reduces the risk of fraud, and enables adherence to regulatory compliance obligations. 

Another important reassurance that EVS provides is age verification. This service ensures that under-age individuals cannot purchase goods such as alcohol, medicines or other age-restricted products. With this reassurance, US firms can ensure that business reputation is upheld, and that they are in compliance with state and federal laws for age-restricted product sales.  

Phone verification is also another dimension of EVS systems. Integrating this procedure within existing business processes enables quick and simple verification of a customer’s phone number. This can be achieved either through SMS verification, or through voice command.

Finally, EVS enables customer details to be checked against various Watch Lists. Whether at US federal level or internationally, the verification process is seamless. This protects your business against domestic or international fraud attempts. Well-integrated EVS systems achieve this peace of mind with no negative impact on business efficiency or customer experience.

Why Choose EVS to Combat Identity Fraud?

EVS systems offer a number of benefits to businesses. With a robust system that can be seamlessly integrated into all firms’ existing processes and procedures, EVS gives the best of both worlds.

Great value is provided through competitive monthly price points and low transaction fees. The plans are also setup with no upfront charges, and no minimum spend thresholds to satisfy.

From a manageability point of view, the EVS system is able to carry out the full suite of checks via one integrated transaction. It can also be integrated into your existing business processes and systems, meaning you are not restricted to working in or creating alternative platforms.

With EVS, your business can reduce the risk of fraudulent or under-age customers and satisfy regulatory compliance obligations. Best of all, these benefits can be achieved without changing existing business processes or disrupting the buying experience of your legitimate customers.

Find Out More

Find out more and apply online for our ID verification services. 

Free free to email info@NationalACH.com.  Or call 866-ACH-7600 today.

References

Multi-currency payment processing enables companies to accept payments in a variety of currencies. A multi-currency merchant account facilitates payments in major currencies. For US firms selling internationally, a multi-currency merchant account may be just the solution you need!

Over 50% of US online shoppers claim to buy on a semi-regular basis from overseas websites. Worldwide this number increases to 67% of online shoppers buying in from abroad. This represents a great opportunity to US businesses. But it also underlines the importance of offering payment in different currencies to attract international customers for your business.

Expanding your business to sell internationally is one of the fastest routes to revenue growth. To do so, being able to offer your new customers the ability to buy in their own currency is vital. Not only does this build trust, but it saves your customers from paying currency exchange fees.

In this article we look at the benefits of multi-currency processing for your business.

Why Multi-Currency Accounts Make Sense

There are three main ways that multi-currency accounts can help your business.

• Marketing – to generate more sales
• Administration and process – to limit customer complaints and provide seamless transactions
• Business reasons – reducing the costs of payment transactions

Put simply, if a potential customer sees products or services priced in their own currency, they are more likely to buy them. It means customers do not need to try to calculate exchange rates, or be put off entirely and looking elsewhere.

Payment in local currency also minimizes any chance of the customer being charged more for the transaction by their credit card provider. In turn, this reduces the risk of chargebacks being initiated, and increases the likelihood of your firm keeping a happy customer.

How do Multi-Currency Merchant Accounts Work?

When a customer makes a payment, your multi-currency account automatically converts it into USD before processing the funds. By working on a pre-determined daily exchange rate, the account provides predictability for that day’s transactions. This offers the advantage of predictability, and you will have a clear understanding of how much each sale is worth.

Price setting for overseas customers can be done in one of two ways with a multi-currency merchant account. The ‘Controlled’ approach means the customer sees a consistent price in their own currency for each product. Businesses then receive payment in USD in accordance with that day’s exchange rate from the currency in question.

The ‘Variable’ option works the other way around. This involves the price being set in USD. Prices then change for customers in local currency and are based on that day’s exchange rate from USD. While the Controlled approach is more customer-centric, businesses can choose which option works for them.

Which Currencies Are Included?

The major currencies of the world are included as standard in multi-currency merchant accounts. This includes USD, GBP, CDN, AUD, EUR and JPY. Other currencies are also available on request if your business has a particularly strong customer base in another country.

Simplifying Your Processes

Making use of a multi-currency merchant account reduces your firm’s need to open offshore bank accounts. Not only does this reduce the administration involved with doing so, but it also saves you the cost of regular currency exchanges.

Although customers can in theory make international payments with credit cards and debit cards from anywhere in the world, your business should consider this. Not offering prices and payment options in local currency risks your business not looking serious to international customers. To appeal outside of the US, firms should be looking at local currency and even different languages. Doing so builds trust, demonstrates commitment, and reduces the reality or perception of forex charges being charged to the customer for the transaction.

Find Out More

Find out more and apply online for our multi-currency merchant accounts. 

Feel free to email info@PaynetSecure.net. Or call 888-5-PAYNET today.

References

Nutraceutical merchant accounts are a great way for nutraceutical firms to seamlessly accept payments. The accounts enable acceptance of payments from customers in the US and overseas. With access to hundreds of US and international banks, all payments are covered. Check out our nutraceutical merchant accounts today and get your business finances in good health!

Improve the Health of Your Business Finances

With our nutraceutical merchant accounts, your business can enjoy a range of benefits. Although the nutraceutical industry is classified as high risk by traditional banks, we welcome all merchants.

The benefits to your business finance are tangible – and immediate. The inbuilt chargeback prevention within the accounts protects your cashflow and reduces risk. With no risk of chargeback, your business finances automatically become more secure, and no holds are required on funds.

The range of online dashboards and reporting are also invaluable in giving you visibility of your finances. With better sight and real time visibility of payments, you can plan cashflow and order volumes efficiently.

With the accounts, you can setup one-off and recurring payments quickly and easily. You can integrate the payment gateway into your ecommerce store seamlessly. And perhaps best of all, you can offer your customers a wider choice of payment methods. The more choices you can offer, the more sales you are likely to make.

Get Your Payment Processing Ready for Your Market

Business in the nutraceutical industry is thriving – we know that. With 3 in 4 Americans reporting use of dietary supplements and other ways of boosting their lives, your business cannot sit still. And internationally, the wellness industry accounts for over 5% of global GDP.

There are opportunities to sell more and more products to boost energy, appearance, sexual desire, and more. Whether your business sells skin care, weight control, stress reducers or other products, these accounts are the perfect fit.

But the business model is not always a popular one with traditional banks. Many reputable and successful nutraceutical firms suffer from banks labelling them as high risk. This is because the industry is known for high chargeback levels, which can be costly to banks.

Also factored in are the regulatory conditions for the nutraceutical industry, and the risk this represents. Lastly, one-off payments are more popular with traditional banks. With many nutraceutical customers paying on regularly recurring payment models, this also increases risk.

To thrive in the nutraceutical industry, your business needs the right payment processing infrastructure in place. Our nutraceutical merchant accounts offer the perfect solution to this.

Keeping it Secure

Our nutraceutical merchant accounts also place a premium on security. With growing cyberthreats and more sophisticated hacks on a daily basis, this is a must.

The accounts enable you to enter MOTO payments with secure virtual terminals. You will also benefit from Level 1 PCI-DSS payment gateways. These protect both your business, and your customers’ personal and financial information. Your account can also be customized to detect and handle fraud depending on the nature of your business.

Easy Application for  Nutraceutical Merchant Accounts

It is free and easy to apply for our nutraceutical merchant accounts. Each account comes with the processing capacity you need to concentrate fully on sales.

Your initial application and documentation are all submitted online. You are then assigned a account manager to guide you through your account opening.

We keep admin to a minimum, and you will only be asked to provide standard documentation. This helps our underwriting team understand your business in more detail. Doing so helps them tailor your application and minimize your risk.

Our US nutraceutical merchant accounts are approved within 3-5 business days. Once approved, your business can accept credit card payments from your customers right away. Apply today for your nutraceutical merchant account today and revitalise your firm’s potential!

Find Out More

Find out more and apply online for our nutraceutical merchant accounts. 

Feel free to email info@PaynetSecure.net.  Or call 888-5-PAYNET today.

High ticket merchant accounts for high risk merchants are the perfect solution to payment processing concerns. For legitimate firms in high risk business-to-consumer industries, finding the right payment processing account can be a challenge. Our high-risk merchant accounts are the solution

Payment Processing Should Not Be a Big Ticket Event

For firms operating in high ticket industries and selling online, payment processing accounts can be costly or difficult to obtain.   This slows down business, makes payment transactions expensive for your business, and place volume limits on your allowable transactions.

Our high-ticket merchant accounts can help in two ways. For business-to-business (B2B) sales that are considered to be standard risk. This is because other businesses are less likely to initiate chargebacks, or for the transaction to be fraudulent. Our B2B hight ticket risk merchant accounts can even offer you lower interchange rates with ticket amounts over $10,000.

Business-to-consumer (B2C) sales are considered much higher risk by traditional banks. What value is considered high risk can vary and can be anything from $500 up to $1,000.  High risk merchant accounts are readily available for companies selling high ticket goods or services.

Payment Processing Options for High Ticket Merchants

In addition to better rates and acceptance for your high-ticket card processing accounts, you can also give your customers greater choice of how to pay. For businesses selling a range of high-ticket products or services into the B2C sector, being able to offer a wider choice of payment methods can be highly lucrative.

High ticket merchant accounts enable your business to offer customers payment by credit card, debit card, echecks, and ACH.  Offering alternative payment methods such as echecks and ACH are proven to increase sales by up to 30% simply by offering an alternative to card payments at checkout. 

ACH and echecks also save you processing fees since there is no interchange with direct debits from bank accounts.  Compare this to card payments where fees are high due to interchange. 

What High Ticket Products Are Acceptable for High Risk Payment Processing?

High ticket merchant accounts are a great solution for selling goods and services online. Even items that traditional banks consider to be too high risk are accepted by our banks.   

For online retailers selling anything such as auto accessories, collectible items, fashion brands, furniture, financial services, precious metals, coins, and luxury goods, there are payment processing solutions that you need. The accounts are also good for selling custom made items, high-end services, tickets, and other premium items.

You will be able to offer your customers the ability to pay using a variety of options to suit them. Offering to accept payments through all channels including online, MOTO virtual terminals, mobile apps and credit cards and debit cards is a sure way to increase your sales.

How a High-Ticket Merchant Account Can Make Your Profits Soar

Unlike working with traditional banks, our banking partners give high risk businesses the opportunity to grow without restrictions on payment processing.  High ticket merchant accounts give you the opportunity to process big ticket sales on goods or services without the usual restrictions.

Other reasons to apply for your high-ticket merchant account include aggressively competitive rates, multiple payment methods, and quick settlements of your funds to improve cashflow. An extensive partner banking network enables smooth payments from your customers in the US and internationally.

You also get top security Level 1 PCI-DSS Payment Gateway along with a variety of fraud prevention tools. This enables you to manually review any payment that may be suspect in order to protect your business and reduce the risk of chargeback.

With fast approvals and superior customer service, you get the payment processing capacity you need to management and grow your business.

Find Out More

Find out more and apply online for our high ticket merchant accounts. 

Feel free to email info@PaynetSecure.net.  Or call 888-5-PAYNET today.