Archive - January 2023

What are chargebacks from a perspective of American law and business? By this concept, we mean such a form of consumer protection in which a monetary transaction is canceled due to a person’s statement challenging the withdrawal of money for a product or service as a result of payment using a credit or debit card. Business Hack 1. Write a Clear Return and Refund Policy 81% of consumers who initiate a chargeback do it for convenience reasons. That is why any business, whether an enterprise software industry representative or a small souvenir seller on a Florida beach, needs to explain its refund or return policies to customers clearly. It will significantly reduce the chargeback level. Business hack 2. Communicate with Customers before They Refund Payments The level of a chargeback...

Different trends continue to shape the future of industries globally, and how the key market players utilize these trends will influence the development of the economies in different countries. The power dynamics are changing as business enterprises gradually evolve from using cash and checks to the more comfortable way of digital payments, making such transactions more seamless and efficient. Generally, how the market players go about using these trends will influence the global digital economy. These key market players are currently adopting new product developments, partnerships, and strategies to continue boosting their profits and maintaining their market share. This article examines some of these future trends, including the ones at the forefront and others less known. It will also...

Maintaining an online customer base requires a solid and reliable payment system for both parties. Sometimes it’s painful to see businesses’ loss of potential customers because their payment methods aren’t exactly what customers do need to finish transactions.  In this case, the problem is obvious: there are no customers to purchase without the proper payment method. So, how to set up online payments without much hassle? The most convenient payment methods from our partners Let us clarify the entire process for you. Regardless of what business you’re in, the steps to offer payment options are the same. Best Practices for Collecting Payments Online If it is needed to provide customers with the best experience possible, businesses should consider several factors that simplify the...

We got used to in-store payment, but nowadays, we have a trend about online paying that is becoming more popular and efficient. Every online transaction implies four participants: Cardholder (credit car owner) Merchant (business owner) Acquirer (bank from a merchant side) Issuing bank (bank from a consumer side). In 1871 Western Union presented the first electronic fund transfer. Since then, until the 1960s, this process was slowly improving. The Federal Reserve of America in the 1910s started to use a telegraph to transfer money. A new chapter in online payments’ development rockets with an internet era. Today, it’s the well-adjusted sphere. Online payment processing is required for businesses that utilize or intend to use online payments. The in-store method of going business also...