How to Earn the Trust of Your Payment Processor
Getting the services of a third party to handle your financial transactions may not be that easy as you think. A payment processor is a company which processes all credit card transactions and is authorized by you as the third party.
Payment processors have the critical functions to evaluate every transaction whether it is valid by using strict standards and regulations. To avoid disruptions of payment processes, getting the full trust of your payment processor by observing the following tips may just do the trick.
Avoid Raising Suspicions
Trust cannot be built overnight. You have to start building your trustworthiness from the start. From your application form to every transaction that comes after it, no entry should be deemed critical that may raise suspicion of your payment processor. Be honest and be extra careful that there are no contradicting information on your application form. You will be greatly rewarded for your truthfulness preventing a frozen stripe account from the very beginning.
Keep Track of Customers’ Transactions
In these times where there are a lot of scammers everywhere; make sure that you will not be an unwilling accomplice with your complacency or you will end up in the investigation room yourself. Always check dubious transactions made with your business. You might have entertained transactions that can raise the suspicion of your payment processor. Inexplicable amounts of purchases on certain products, for example, pharmaceutical pills or syrup by someone not connected to medical facilities will definitely raise eyebrows. You can also establish a pattern when the same individual makes forty purchases of pistols within two months.
Build a Reputable Image
Your reputation as a merchant is significant. Filing your taxes honestly and without delay will give you an advantage. Any tax miscalculation or tax litigation on your part will inevitably tarnish your credibility and may cause freezing of your accounts.
You have to maintain friendly, fair, efficient, and truthful service in your business to all your customers. Any complaint from customers about unfair practices will give negative implications. How much more when a lawsuit is up against your company for dishonesty, inefficiency, and discourtesy? Your account will surely be frozen for an extended period until you prove otherwise.
Comprehensive Reporting
Filing of essential documents is inherent for a responsible business entity. From legal documents to daily transactions, a hard copy of each should be filed efficiently every now and then. From your clearances by licensing bodies that prove the legitimacy of your line of business, you also must have files on the following; official receipts from every transaction, customer information, order forms, delivery specifications, and tracking numbers. Prompt submission of these vital documents, when asked for, will erase any suspicion of tampering or making fake documents.
Watch Your Mouth
Any pretense on your marketing strategies will be used against you. Don’t promise the sun when you can actually reach the moon. Always be true to your customers.
Honesty is indeed the best policy. Do not make any move that will negate your trustworthiness. Be on-guard against dishonest people and do truthful reports. By doing all these, you will never experience frozen accounts by your payment processor from here on out, and that’s for sure.…