Plastic money has been providing us with financial freedom for ages. The ease of doing transactions is incredibly beneficial for modern life. Cards reduce the need to rely on others for financial assistance in an emergency. According to IDFC First Bank:
“Plastic money has become a necessity today. Fortunately, the benefits outweigh the drawbacks. The ease of access and the help they provide are undeniable. Therefore, more and more people today are turning to plastic money instead of cash.”
Despite many advantages, there are certain risks and frauds using cards for payments. The prominent ones involve:
· Processing Fees
Businesses that want to accept credit card payments must be cautious enough to have safe credit card systems to avoid any underlying risks or fraud. Use well-known software and equipment to prevent such incidents. Be extra vigilant while handing online payments as the credit card might be stolen otherwise your company will be liable for the whole loss.
The processing fee is a big watch out for merchants while accepting credit card payments. Different payment platforms charge different service fees to sanction such payments. You must consider the operating and overhead costs as they will take a serious bite out of your profit values.
Chargebacks are given in case of disputes when a payment is reversed after a customer disputes a charge on their account statement. The merchant might have made a processing error and accidentally charged the customer twice. But you have to be very careful handling chargebacks as the customer might not always be right. Even if you are right and the customer is not, it’s difficult and costly to dispute chargebacks.
SWIPE promises you one of the lowest rates per transaction for credit card payments along with security from fraud for businesses of all sizes. We have different pricing packages including Basic, Gold, Platinum and Diamond. Depending on the package Swipe charges 2% – 2.5% per successful card transaction. Our services provide you with the utmost smooth transactions. Our security features provide surveillance at every step to protect you from any fraud or risk.