Recent Innovations in Online Credit Card Processing Services

If you have an online business, you probably use one of the major online credit card processing services to accept credit card payments from your customers. Online credit card merchant accounts have definitely improved in recent years and the amount of credit card fraud has actually started to decline for the first time ever. However, when choosing an online merchant account, you should be aware of some recent innovations that have made online merchant accounts much more safe and secure. Therefore, here's a quick list of some of the innovations to online merchant accounts in recent years.

Improved Risk and Fraud Management

These days, many online card processors have very sophisticated fraud prevention and risk assessment systems in place. No longer do most processors rely on simply matching the customer’s zip code to a credit card account to verify an address; modern processing methods verify almost all types of credit card information entered. For example, many credit card processors can now accurately match name, complete address information, as well as typical purchase amounts with the customer's card issuing bank.

These types of intelligent fraud management systems are getting better at potentially fraudulent transactions; therefore, this results in fewer charge backs to merchants and also helps reduce the loss of inventory that is shipped to fraudulent customers.

Improved Credit Card Information Handling

Many online credit card processors now offer the ability for your customer’s credit card information to be safely stored on processor service servers. Therefore, if you have customers that frequently shop at your website, the customer will not be required to repeat the tedious steps of entering credit card information over and over. Generally speaking, the customer will usually only be required to enter the three digit security code located on the back of the credit card to authorize the payment.

Multilingual Interfaces

Most credit card processors now offer the ability for payment web pages to be presented in a choice of popular languages. While in the past most credit card processors offered payment instructions and payment pages only in English, many processes have realized that with a global economy more and more citizens worldwide are making credit card purchases. This can help create a much larger market for your product or service and help increase sales revenue accordingly.

Better Online Dispute and Refund Management

Today, better online payment processors offer online dispute resolution services for both customers and merchants. Where credit card disputes used to take weeks or sometimes a couple of months to complete, these new types of dispute and refund management websites help quickly resolve credit card disputes and allow merchants to present their case for avoiding a potentially costly chargeback. Therefore, instead of wasting valuable time and money sending documentation back-and-forth in the mail, you can quickly upload documents to the site and generally have disputes resolved in one or two days only.

Better Real-Time Reporting

Online payment processors now offer very sophisticated real-time reports that allow small business merchants to quickly analyze and review all sorts of useful credit card transaction information. Merchants can quickly review transaction summaries as well as complete transaction details. Furthermore, you can review chargeback information, transaction settlement information as well as trend and sales revenue reports. In fact, the types of reporting information offered by new by today’s online credit card from processors is almost limitless.


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