Payment credit http://fimendurance.com/ Tue, 27 Sep 2022 22:01:22 +0000 en-US hourly 1 https://wordpress.org/?v=5.9 https://fimendurance.com/wp-content/uploads/2021/10/icon-5-120x120.png Payment credit http://fimendurance.com/ 32 32 SaaS Payment Processing: Main Types and Challenges https://fimendurance.com/saas-payment-processing-main-types-and-challenges/ Tue, 27 Sep 2022 15:08:05 +0000 https://fimendurance.com/saas-payment-processing-main-types-and-challenges/ Consider how customers interact with your SaaS products. They choose the plans and payment methods. Billing information must then be collected and billed. Finally, their subscriber data needs to be stored and backed up to allow companies to bill monthly and manage things like upgrades, downgrades, and discounts. All this combines the different systems into […]]]>

Consider how customers interact with your SaaS products. They choose the plans and payment methods. Billing information must then be collected and billed. Finally, their subscriber data needs to be stored and backed up to allow companies to bill monthly and manage things like upgrades, downgrades, and discounts. All this combines the different systems into one transparent process, which takes place automatically in the background. Below is a brief overview of a number of different systems.

1) SaaS analysis (optional but recommended)

The last software, optional but strongly suggested, is an analysis tool in SaaS mode. Statistical tools in SaaS can integrate seamlessly with subscription management. Your subscription management platform can store tons of data but is often not as good at managing it and presenting it to you for analysis. SaaS analytics solutions fill these gaps. These tools allow an analysis of metrics, RRMCRUCK and churn which is vital for the growth of SaaS products.

2) Subscription management

Subscription management allows you to bill customers’ billing information each month. Every time you make a single sale on a site, they charge you once. The SaaS customer can,

however, pay monthly, annually, and any payment cycle. Subscription management software can manage these processes. Recurly provides a simple solution to manage subscription management with SaaS software.

3) Merchant Account

In merchant accounts, you can make a payment by transferring money from a payment processor to your account. You say, “hey, I want a subscription”. Merchant account says Cool – you could use that money. Usually your payment gateway provider provides merchant accounts, so this is not a problem for you. Stripe and PayPro Global also offer payment gateways and merchant accounts.

4) Payment Gateway

A payment gateway is an electronic system that allows customers to make secure payments. The payment gateway sends your customer the amount they need from the payment card to their credit card. PayPal and Stripe are two such payment gateways.

Is it a problem for software companies to offer services? Behind every requirement we mentioned are many complex things. To convert, it is essential to optimize the billing system for each of your customers, regardless of where the customer lives, and this includes the introduction of new cryptocurrencies. Fees, retries, and retries are more difficult for SMBs with growing revenues.

1) The total cost is much higher than you expected

Scaling is sometimes difficult. As your product grows, everything in it needs to grow as fast as your product. You must build all the components necessary to provide new payment systems to expand the market or for a new geography. The next important cost comes into play—a cost often overlooked by the CEO to build the system—opportunity costs. Instead of focusing on differentiating your products and your value proposition, your teams will focus on managing and maintaining each of your revenue-generating components.

2) You will need more than one payment processor

When it comes to payment processors, you should consider adding specialized tools. It is important to choose several payment processors to meet the needs of a business. When converting, you want your customers to be happy and streamlined in your buying process. The company also supports a customer’s payment method, currency, and geographic location preferences. The total number of payment processors does not meet the specified criteria.

3) The distribution of your income will have to evolve with your product

There are no single subscription payment systems in the product life cycle. It’s not a simple process. Your product can evolve, as can your overall business model. For example, large organizations will benefit from additional support for the introduction of new products and services and product offerings. Your entire income stream will change under these changes, so your system must adapt to this change.

4) You handle tax overhead, plus full liability

It is not just an attempt to calculate and charge a tax for a particular buyer wherever he is on earth; it is also an obligation to register for taxes. Most of these tools provide no assurance for this. You can always use tools to compensate yourself for the risks of making a bad return for the best possible result. This could mean hiring tax experts for yourself.

5) User experience

The SaaS industry must do its best to retain customers. A poorly designed interface or a lack of easy payment options frustrate customers. With subscriber models, accepting credit card payments is complicated, and there are many opportunities for payment

wrong process. At checkout, the customer’s payment information is transmitted through an online payment processing system. It is collected via an online payment platform from merchant accounts.

6) Encryption and secure payments

SaaS organizations face the challenge of protecting customer data in the cloud. Moreover, these challenges extend to payments for users. Security and encryption in the payment of payments are essential in any organization. The patented CardSecure solution is supported with PCI standards-backed P2PE encryption and tokenization to remove sensitive information. It also helps improve customer security and reduces the risk of data breaches and information loss.

7) Failed transaction management

According to a report analyzed by the US Bank, 82% of small businesses that failed failed because they did not have sufficient liquidity. The number and frequency of inaccessible transaction costs will likely make the difference in the SaaS business model. Fixing them can also cost time and money, even when undetected. As an entrepreneur, it is impractical to manually audit all transactions in SaaS.

What is SaaS payment?

The Saas pricing model is subscription-based, and the best method to collect recurring charges is direct debit and credit card processors. They both offer flexible security as well as stress relief for both the customer and the business.

What is a payment processing system?

A payment processor is a company that handles credit card transactions for businesses. It acts as the intermediary of reference between the various players in the trade – generally the trader and the customer.

What is SaaS subscription management?

Subscription management systems, often referred to as recurring billing engines or subscription billing systems, are useful for automating recurring revenue and subscriber subscription payments.

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Nagad offers cash back on MasterCard credit card bill payments https://fimendurance.com/nagad-offers-cash-back-on-mastercard-credit-card-bill-payments/ Sat, 24 Sep 2022 10:31:00 +0000 https://fimendurance.com/nagad-offers-cash-back-on-mastercard-credit-card-bill-payments/ Nagad offered a cashback offer of up to Tk 400 on MasterCard credit card bill payments. To avail the offer, consumers must register their Bangladesh Bank-approved MasterCard credit cards in the Nagad app, a press release said on Saturday. Nagad app has the option to pay bills by adding Bangladesh Bank approved debit or credit […]]]>

Nagad offered a cashback offer of up to Tk 400 on MasterCard credit card bill payments.

To avail the offer, consumers must register their Bangladesh Bank-approved MasterCard credit cards in the Nagad app, a press release said on Saturday.

Nagad app has the option to pay bills by adding Bangladesh Bank approved debit or credit cards.

A credit card bill can be paid instantly by going to Nagad’s ‘Bill Pay’ option and clicking on the ‘Credit Card Bill’ payment option. In this way, a customer will receive 1.5% cashback over two cycles or up to a maximum of 400 Tk.

This benefit will be available for both newly registered cards and previously registered cards in the Nagad app.

This cashback will be paid out in two cycles. The first cycle, which began on September 21, will continue until October 20, 2022, the statement added.

Cashback of 1.5% or a maximum of Tk 200 will be available if one registers or pays the bill from a newly registered MasterCard credit card.

Later, the second cycle will run from October 21 to November 30, 2022. During this time, if you pay the bill with a MasterCard credit card, you will get 1.5% cashback or a maximum of 200 Tk.

A consumer can only get cashback once per bank card in a cycle. But they will get this advantage again in the new cycle.

Customers can avail this facility from MasterCards of multiple banks in the same cycle and in this case the consumer will get a maximum cashback of Tk 200.

To activate the offer, the consumer must first select “Bill Pay” in the Nagad app. Then they should select “Credit Card”.

‘In the next step, select ‘MasterCard Credit Card Bill’. Then select “Remember me” and select “Continue”. Select “MasterCard Credit Card Bill” from the following list. Set the bill amount and press next with PIN. Then press and hold the bottom of the screen to complete the transaction,” the statement said.

Nagad’s Chief Commercial Officer, Sheikh Aminur Rahman, said, “Nagad always wants to provide more digital services to its consumers. Paying MasterCard credit card bills through Nagad will be a hassle-free process for consumers. We started this cashback campaign because we want to get them more interested in this issue. We hope that consumers will no longer have to queue at banks to pay their bills. They will get this benefit from Nagad.

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PG&E warns of high power bills due to heat wave, offers payment assistance https://fimendurance.com/pge-warns-of-high-power-bills-due-to-heat-wave-offers-payment-assistance/ Sat, 24 Sep 2022 01:52:30 +0000 https://fimendurance.com/pge-warns-of-high-power-bills-due-to-heat-wave-offers-payment-assistance/ Did you turn down your thermostat to stay cool at the start of the month? If so, be prepared for higher electricity bills. Pacific Gas and Electric Co. warned customers in a recent email announcement of an increase they will see on their electric bills after a heat wave brought record temperatures to parts of […]]]>

Did you turn down your thermostat to stay cool at the start of the month? If so, be prepared for higher electricity bills.

Pacific Gas and Electric Co. warned customers in a recent email announcement of an increase they will see on their electric bills after a heat wave brought record temperatures to parts of California. for a few days in early September.

According to data from PG&E, residential energy consumption during the September 6 heat wave increased 31% compared to the September 4 period of last year. PG&E currently has 222,850 electricity customers in Sonoma County. This number includes both residential and commercial customers, with residential customers accounting for 87% of the company’s service contracts.

One consumer feeling the pinch is Neil Mogannam, owner of Fourth Street Deli in downtown Santa Rosa. He said during the heat wave his bill was higher than ever. The highest amount his bill had ever reached, he said, was $2,800. This time he paid around $3,800.

For his house, he normally pays between $200 and $240 a month, but this time, he said, his bill was around $420.

“I paid for it, but now I’m more aware of the payment because I can’t afford to pay that much,” Mogannam said. “But what do you expect from a company?”

Along with the warning, PG&E offered different payment plans that customers can request to help ease the cost burden.

“The extremely prolonged heat wave has caused customers to turn up their air conditioners, and any increase in power consumption will lead to higher energy bills,” PG&E spokeswoman Deanna Contreras said in a statement. .

“We’re here to help our customers manage their energy use and costs.”

Danielle McCants, customer operations manager for Sonoma Clean Power, said while customers won’t have a rate change due to higher usage, they will see their bills go up as customers use more power. energy.

Contreras said there are several tools, rebates, rebates and offer plans for customers to help pay their bills.

There’s the One Time Assistance Plan which offers eligible customers an energy credit of up to $300 through the Energy Assistance Program through the Community Assistance Program.

There’s also the Low-Income Energy Assistance Program, which provides up to $1,000 for household energy bills. Qualification for this program is based on federal income guidelines, according to the PG&E website.

Eligible customers can also request longer term support for their invoices. The California Alternate Rates for Energy program saves 20% or more on monthly gas and electric bills through enrollment.

“We know that no one wants to be surprised by higher-than-expected energy bills,” Contreras said.

“While customers can’t control the weather, which impacts energy bills, there are also factors that customers control, such as how much energy you use; when you choose to use energy; your tariff plan; and apply for financial aid programs…if you are eligible.

The Family Electricity Rate Assistance Program is for households of three or more people. According to June 2022 data from PG&E, 5,743 Sonoma County customers are eligible for this program, but only 1,593 are enrolled.

McCants said Sonoma Clean Power customers can also enroll in the GridSavvy Rewards program and get paid $2 per kilowatt when they save energy during periods of high electricity usage, like during the recent surge. heat.

Santa Rosa resident Steve Share retired about a year ago and now lives on a fixed income. Share said he and her husband hadn’t had any problems with bills lately, but were worried about what might happen over the coming winter months due to the significant rise in prices natural gas.

“We’re very careful about how much energy we use,” Share said. “I think we can manage at the moment, but I think there is concern that we don’t want to spend our savings. That’s not what our savings are for.

Share said that because they are both retired, he and her husband are spending much more time at home and using just as much energy as when they stayed home during the pandemic.

The only difference is that their costs are much higher than before.

“We can support this type of payment, but it will impact other things depending on our income,” Share said.

Sara Edwards is the business reporter for The Press Democrat. You can reach her at 707-521-5487 or sara.edwards@pressdemocrat.com. Follow her on Twitter @sedwards380.

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Huobi taps AstroPay to facilitate crypto payment in Latin America https://fimendurance.com/huobi-taps-astropay-to-facilitate-crypto-payment-in-latin-america/ Fri, 23 Sep 2022 19:21:15 +0000 https://fimendurance.com/huobi-taps-astropay-to-facilitate-crypto-payment-in-latin-america/ Huobi, the sixth-largest crypto exchange in the world by trading volume, recently partnered with payment solutions provider AstroPay to launch deposits and withdrawals to local currency accounts in Latin America. Through this partnership, AstroPay will facilitate fiat-to-crypto payment services for Huobi Global users in the South American continent. Through the AstroPay digital wallet, consumers in […]]]>

Huobi, the sixth-largest crypto exchange in the world by trading volume, recently partnered with payment solutions provider AstroPay to launch deposits and withdrawals to local currency accounts in Latin America.

Through this partnership, AstroPay will facilitate fiat-to-crypto payment services for Huobi Global users in the South American continent. Through the AstroPay digital wallet, consumers in Argentina, Brazil, Chile, Colombia, Peru, Mexico and Uruguay can add funds to their account in their respective currencies.

The agreement also allows Huobi Global users in the region to purchase and subsequently trade via a variety of payment methods, including credit and debit cards, bank transfers and local alternative options. such as Pix in Brazil and SPEI in Mexico.

“Latin America boasts a young and dynamic population brimming with enthusiasm for the crypto industry, and we have seen a significant increase in the number of new Huobi Global users in this region,” said Lily Zhang, Chief Financial Officer. from Huobi Global. “Our collaboration with AstroPay underscores our goal of making buying and trading digital assets a secure, convenient and enjoyable experience for everyone.”

Sara Rita, Chief Commercial Officer of AstroPay, said, “AstroPay is renowned for its expertise in providing payment services to businesses looking to target the diverse Latin American market. Huobi Global users will be able to buy and sell their crypto assets in local currencies, which will ultimately lead to higher trading volumes and greater engagement in the cryptocurrency industry.

The wide variety of payment methods offered by AstroPay allows crypto exchanges to be ahead of the competition by reaching thousands of new customers in emerging markets. Overall, the service supports over 130 alternative payment methods, such as local debit and credit cards, cash, online bank transfers, and electronic funds transfers (EFTs).

Huobi recently bolstered its engagement in Latin America with the acquisition of local crypto exchange Bitex.

The agreement, the financial terms of which were not shared, allows Huobi to expand in Latin America where Bitex has an extensive network, namely Argentina, Chile, Paraguay and Uruguay.

As part of its acquisition process, Huobi plans to integrate Bitex’s exchange operations into its global platform. However, the eight-year-old startup will retain its branding and continue to be independently managed by its current management team.

The leading crypto platform said the takeover adds to its breadth and depth as the company strives to capture the potential of digital assets in a region of more than 660 million people. To that end, Huobi plans to add more fiat currencies and work with local partners to expand its ecosystem in Latin America.

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Increase in the use of mobile payment and e-wallet in the UK https://fimendurance.com/increase-in-the-use-of-mobile-payment-and-e-wallet-in-the-uk/ Wed, 21 Sep 2022 23:01:23 +0000 https://fimendurance.com/increase-in-the-use-of-mobile-payment-and-e-wallet-in-the-uk/ Mobile payments are now the predominant payment method for Britons, with almost half (43%) making purchases via their mobile every week. That’s according to a new report from leading fintech-as-a-service partner Rapyd, showing that of those who made an online purchase in the past 90 days, on average, 49% paid with their phone. mobile, compared […]]]>

Mobile payments are now the predominant payment method for Britons, with almost half (43%) making purchases via their mobile every week.

That’s according to a new report from leading fintech-as-a-service partner Rapyd, showing that of those who made an online purchase in the past 90 days, on average, 49% paid with their phone. mobile, compared to 47% who used their laptop. Specifically, Rapyd’s analysis reveals that clothes, restaurants, groceries and utility bills were the most popular transactions made in the last 90 days, showing that Britons now prefer to use their mobile for everything from everyday purchases to more sensitive transactions.

Interestingly, Rapyd’s European e-commerce and payment methods report also reveals that e-wallet usage is growing in popularity among Britons, with ApplePay usage being highest in Europe (29%) . Additionally, one in six (16%) say ApplePay is their preferred in-person payment method, higher than cash (12%) and on par with credit cards (16%).

Therefore, Rapyd urges businesses of all sizes to ensure they have the right tools to support a multitude of payment options for their customers.

Commenting on the results, Sarel Tal, VP EMEA at Rapyd, said:

“With consumers having to go cashless at the height of the pandemic, many realized how convenient mobile phone payments were and have since maintained the habit. Our results show that mobile payments are not only here to stay, but are now the preferred payment method for a variety of online purchases, from takeaway delivery to bill paying. Furthermore, we expect this trend to accelerate, with mobile commerce in the UK expected to grow more than twice as fast as the overall e-commerce sector, reaching £100m by 2024. .

“It is therefore essential that companies take the time to understand the change underway and ensure that they have the right infrastructure in place to support the habits and preferences of their UK customers. For example, our results show that over a quarter of UK consumers want to see PayPal as an option at checkout, while 13% are looking for ApplePay. Offering multiple, relevant payment options in a fast and secure manner not only prevents cart abandonment, but also helps facilitate a seamless experience that encourages long-term loyal customers.

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Interswitch welcomes payment players to Techconnect 2.0 https://fimendurance.com/interswitch-welcomes-payment-players-to-techconnect-2-0/ Tue, 20 Sep 2022 23:34:39 +0000 https://fimendurance.com/interswitch-welcomes-payment-players-to-techconnect-2-0/ By Chinenye Anuforo Observe market trends and the growing need to improve customer experience and security in the electronic payments ecosystem, Africa’s leading integrated payments and digital commerce company, Interswitch, is set to welcome industry leaders. digital payments ecosystem industry at its Techconnect 2.0 event, where conversations will focus on issues that will drive the […]]]>

By Chinenye Anuforo

Observe market trends and the growing need to improve customer experience and security in the electronic payments ecosystem, Africa’s leading integrated payments and digital commerce company, Interswitch, is set to welcome industry leaders. digital payments ecosystem industry at its Techconnect 2.0 event, where conversations will focus on issues that will drive the growth of digital payments in Nigeria.

The event will also see the tech giant launch six cutting-edge solutions and services that will facilitate digital service processes for consumers during the 2-day event to be held on September 21-22, 2022 in Lagos.

This launch follows months of preparation – developing and iterating on solutions that meet varied needs in the digital payments space. These services and solutions leverage the existing payment architecture to provide competitive service delivery to businesses in the digital space.

Among the range of solution launches is Payment as a Service (PaaS), which helps reduce investment costs for financial institutions, by providing a robust product offering through cloud-based platforms to enrich experiences. customer payment, with security at all times. its core. The payment-as-a-service solution will allow banks and payment ecosystem players to focus on specialized services, leaving Interswitch to handle back-end payment processes.

In addition, Interswitch Security-as-a-solution (ISaaS) is to be deployed, which has payment security as its primary focus, providing financial institutions with tailored electronic security solutions that protect against the increasing levels of electronic fraud that prevail in the payment ecosystem. . Interswitch Security-as-a-Solution protects customers against card fraud, application fraud, payment fraud, merchant acquiring fraud, money laundering, among others.

Another ingenious solution that the tech giant is going to roll out for the Nigerian banking community is Banking-as-a-service (BaaS). The solution includes a suite of technologies that facilitate banking services such as branch banking, internet banking, API protocols, mobile banking, among other advanced banking services. With BaaS, financial institutions will seamlessly provide a host of other services such as bill payment, card issuance, collection, disbursement, and credit administration facilitation.

Additionally, Nigerian banks can further leverage Interswitch’s robust infrastructure to issue cards that meet all the basic requirements of a standard processing system with Fintech Card Issuance. This solution also increases the revenue base of financial institutions while improving customer loyalty.

The MFS Mobile Banking Jumbo app is suitable for another segment of the banking community, as it aims to enable medium and small microfinance banks to further expand their services by offering digital financial products.

To consolidate its efforts to strengthen the security of customers who transact digitally, Interswitch is adding biometrics on point-of-sale (PoS) terminals and tokenization to its bouquet of digital security offerings.

For Biometrics over PoS, customers enjoy more personalized and seamless services when transacting at point-of-sale (PoS) terminals and automated teller machines (ATMs). While tokenization, on the other hand, secures funds and sensitive customer data when making digital payments by replacing their Primary Account Number (PAN) with unique identifiers, to ward off cyber fraudsters.

These solutions reaffirm the company’s continued commitment to improving the digital payments landscape in Nigeria through innovation and the development of best-in-class solutions and infrastructure that meet the pressing needs of the payments ecosystem.

Interswitch Techconnect remains an avenue through which the technology company brings together stakeholders in Nigeria’s technology and payments space to deliberate on topical issues within the ecosystem to collaboratively design ways that will better serve end users and stimulate the ecosystem.

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The most common forms of online payment fraud and how merchants can combat them https://fimendurance.com/the-most-common-forms-of-online-payment-fraud-and-how-merchants-can-combat-them/ Tue, 20 Sep 2022 11:17:00 +0000 https://fimendurance.com/the-most-common-forms-of-online-payment-fraud-and-how-merchants-can-combat-them/ By Pavels Smirnovs Online shopping has grown dramatically in popularity and reach over the past decade, with the events of 2020 forcing ever more consumers online and changing shoppers’ retail habits forever. Unfortunately, along with the rise of e-commerce, the number of reported online scams has increased. In the UK, consumer magazine Who found that […]]]>

By Pavels Smirnovs

Online shopping has grown dramatically in popularity and reach over the past decade, with the events of 2020 forcing ever more consumers online and changing shoppers’ retail habits forever. Unfortunately, along with the rise of e-commerce, the number of reported online scams has increased.

In the UK, consumer magazine Who found that online fraud soared between April 2020 and March 2021, with more than 400,000 reports to the UK Cybercrime Reporting Centre, a 33% increase from compared to the previous year. Meanwhile, in the Netherlands, nearly 2.5 million people were successfully targeted by scammers in 2021.

The figures for these two countries in the sample are undoubtedly problematic. Yet they represent a drop in the ocean of the total volume of online fraud occurring globally, which is estimated to have reached US$20 billion worldwide.

So how can merchants protect their customers from online fraud while ensuring they don’t fall prey to scammers? Let’s look at the most common fraud techniques used by cybercriminals and how to prevent them from happening.

Identity theft

Identity theft is as old as the internet itself. This type of fraud takes many forms, but from an e-commerce perspective the practice typically involves a criminal opening a credit card in someone’s name without their knowledge or stealing details of an existing card and uses it to make online purchases.

How to avoid it

For consumers, identity theft is often initiated using phishing scams. Fraudsters will do their utmost to redirect buyers to convincing fake versions of official payment pages, where victims will mistakenly enter their card details and then have them stolen.

Merchants can help combat this type of fraud by reminding customers to check for trust seals and suspicious URLs and by using modern payment methods with more sophisticated authentication in place. For example, 3D Secure (3DS) requires buyers to perform an additional verification step during checkout to prove that they are the rightful owner of the payment method they are using – typically an account password or code texted to their phone.

Another way to secure payments is to use an Open Banking solution to accept payments, which authenticates payments through the user’s banking app. Open Banking payments require less friction during the authentication process, as they are often approved using fingerprint or Face-ID sensors, adding security without ruining the conversion.

Payment Interception

Payment interception is more commonly referred to as “man in the middle fraud”. Payment interception can take many forms, including impersonating a company representative and sending customers to fake payment pages, or more sophisticated forms of hacking that literally intercept cardholder data when transmitted during the payment process.

How to avoid it

The interception of payment data is covered by a standard known as PCI DSS, which stands for Payment Card Industry Data Security Standard. PCI DSS is a set of requirements that merchants must meet to prove that they store and secure customer payment data securely.

The standards cover the processing and transmission stage of the payment process and require that all data be encrypted while in transit. The easiest way for merchants to meet the standards is to partner with a reputable payment provider who will host their payment pages securely and handle the technical aspects of the regulations.

Fraud Reimbursement

Refund fraud is also known as “chargeback” or even “friendly fraud”. This type of scam involves buying goods or services online, pretending they were unaware of the purchase, and then starting a fake dispute process to get the money back (while retaining the goods or using the service they have purchased).

This type of scam is a major concern for card issuers and merchants because it is widespread, with merchants having to absorb the costs of losing goods whose sales have been refunded.

How to avoid it

Transparent refund policies and accurate product and shipping descriptions can all help mitigate true chargebacks. However, merchants might again consider implementing Open Banking at checkout to combat scammers.

As mentioned earlier, Open Banking uses account-to-account transfers to pay for goods and services. Not only are the transactions fast and secure, but they also do not involve card network intermediaries. Therefore, no chargeback process is available, although legitimate customers still enjoy the usual consumer rights and protections.

A final word on anti-fraud systems

Eliminating fraud shouldn’t rely solely on strengthening checkout security. The best payment gateways and their platforms have sophisticated fraud mitigation systems that aim to assess risk and ward off the bulk of attacks from scammers without merchants or legitimate buyers ever being aware of. their operation.

AI and machine learning are used to analyze transaction data in real time, allowing fraud systems to spot patterns and identify scammers. Fraud filters can be configured individually for each merchant based on their industry or geographic location, with transactions noted and flagged if they appear suspicious. When properly implemented, risk control and anti-fraud systems should not impact checkout conversion.

Digital payment is the future

Despite all the accounts of fraud, phishing, and chargebacks, e-commerce and digital payments are undoubtedly the future of retail. Fraudsters will always be present, whether in the online or offline world, so abandoning virtual transactions is not a viable solution.

The most effective tool to fight fraudsters in 2022 and beyond is to educate yourself on common attack methods. Additionally, choose a reputable payment provider that offers the latest payment methods, such as Open Banking, while adhering to the protocols defined by the Payment Card Industry Data Security Standard.

About the Author

Pavels Smirnovs

Pavels Smirnovs is the head of the fraud risk division of ECOMPAY. As an expert in payment solutions and technologies, Pavels is in charge of detecting, investigating and preventing various acts of consumer fraud. His passion is security, IT and data.

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Behind the scenes of the 5FM 5 Drive Heritage Tour https://fimendurance.com/behind-the-scenes-of-the-5fm-5-drive-heritage-tour/ Mon, 19 Sep 2022 14:42:06 +0000 https://fimendurance.com/behind-the-scenes-of-the-5fm-5-drive-heritage-tour/ Planning a radio road trip is no small feat. It takes a commitment to awesome content, an A-team with a solid track record, a deep understanding of what listeners want, innovative technology, and the ability to think on your feet — or a set of wheels, so to speak. Picture provided. The 5 FM 5 […]]]>

Planning a radio road trip is no small feat. It takes a commitment to awesome content, an A-team with a solid track record, a deep understanding of what listeners want, innovative technology, and the ability to think on your feet — or a set of wheels, so to speak.

Picture provided. The 5 FM 5 Drive team in Mossel Bay at a desalination plant during the heritage tour

Planning for 5FM’s 2022 5 Drive Heritage Tour began approximately four months before the tires hit the tarmac, with a vision to travel across SA, find the most amazing people and places SA has to offer – no matter where they are – and to share that with the rest of the country, while finding new and innovative ways to push the boundaries of quality broadcasting.

Detailed planning

“It wasn’t our first rodeo and I’m sure it won’t be our last! We like to find things that can’t be done…and then do them. It’s part of our DNA. “At the start of this journey, we had over 100 outside shows (OB) under our belt, many with the show’s former producer, now program director, Michael Bossenger,” the 5 Drive host explains, Nick Hamman.

“As recently as May 2022, our current producer, Mike Bower, and I traveled to Zimbabwe and Zambia for Africa Month, with nothing more than a laptop, a sound card and a set. microphones and it worked like a charm,” he adds.

“It all comes down to planning everything down to the smallest detail, drawing heavily on previous years’ experiences shared by our staff, using all the resources at our disposal and making each year’s tour bigger and better than the previous years,” says Bower.

He explains that a big part of planning is knowing how things can go well and how they can increase levels of entertainment and engagement.

“But we also need to think about anything that can go wrong and put in place a process to address it, especially with the ever-present risk of load shedding and its massive impact on communications networks across South Africa,” says -he.

In one of the cities, for example, the team had to deal with a power cut for three hours, resulting in a very unstable 3G connection.

“We took it in their stride and came up with a plan – using a set of battery-powered connections, out-of-the-box content and audio produced on the fly. We aired what turned out to be an extremely fun, interesting and engaging radio show,” says Bower.

Logistic

In terms of personnel, equipment and technology, the team travels in a large van, with a Suzuki-sponsored chase car as backup, and consists of Nick Hamman, Nadia Romanos on News, Jude van Wyk on Sport and Bibi Mbangula on trafficking.

Behind the scenes, Mike Bower is the show’s producer and logistics liaison. Audiovisual editor extraordinaire Dale Wolf is part of the crew’s camera crew.

Each team member travels with a laptop, connected smartphone and headphones. The on-air team connects to the 5FM studio in Auckland Park via an external soundcard mixer, which houses four microphones and five headphone outputs. The signal is sent, via a laptop using a 4G connection – either via Wi-Fi or mobile hotspot – to the studio.

“The system we use is an extremely versatile delivery mode. This mobility gives us the ability to go places that no Comrex-based OB van can,” says Bower.

However, the show’s unique content flow creates logistical factors that must be resolved well in advance.

The team has a limited time to travel, check into the accommodation, capture the content, pack it up, and get set up for the show. Carefully choosing the feature-based audio to be captured is in itself a very focused and intensive process.

Be listener-centric

The end goal of all of this remains the same: to be resolutely listener-centric.

While pushing the boundaries is their mantra, their main goal remains to keep an extremely diverse set of listeners glued to their radio sets.

“From the person stuck in traffic on the N1 who just wants the hits, news and traffic like any other day, to the person who would have packed up and joined us on the tour, who wants to experience it with us, and anyone in between,” says Bower.

This means anticipating what they want and finding the middle ground in terms of balanced content.

The 5 Drive Heritage Tour will run until September 30, stopping in all nine provinces, with a total of 20 consecutive outdoor broadcasts. Listeners can follow the tour on air, online, on all social media channels, as well as through the 5FM app, available for iOS and Android.

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GoTab launches RFID mobile ordering and payment solution https://fimendurance.com/gotab-launches-rfid-mobile-ordering-and-payment-solution/ Mon, 19 Sep 2022 14:23:00 +0000 https://fimendurance.com/gotab-launches-rfid-mobile-ordering-and-payment-solution/ Leading Foodservice Commerce Platform Launches Smart Tech to Streamline Customer Experience in restaurants, food halls, hotels, festivals and other event venues FSTEC debut September 19-21 ARLINGTON, Va., September 19, 2022 /PRNewswire/ — GoTab, a leading restaurant commerce platform, today announced the launch of its Radio Frequency Identification (RFID) technology designed to simplify mobile ordering and […]]]>

Leading Foodservice Commerce Platform Launches Smart Tech to Streamline Customer Experience in restaurants, food halls, hotels, festivals and other event venues

FSTEC debut September 19-21

ARLINGTON, Va., September 19, 2022 /PRNewswire/ — GoTab, a leading restaurant commerce platform, today announced the launch of its Radio Frequency Identification (RFID) technology designed to simplify mobile ordering and payment for customers in restaurants, food halls, hotels, festivals and other event venues. Using smart tag technology, RFID enables consumers to reload items from participating locations onto a single key card or wristband, creating a seamless ordering and payment experience for customers and driving increased transactions for providers.

“As the world continues to go digital, consumers want the same fast commerce experience they have with food delivery or shopping online, on the spot,” said GoTab co-founder and CEO, Tim McLaughlin. “With RFID, we are accelerating commerce, giving operators the tools to increase transactions and generate revenue while generating a fast and holistic consumer experience.”

Designed for convenience, GoTab’s RFID solution enables operators of single and multi-unit restaurants, food halls, festivals and other entertainment venues to deliver a fast and easy commerce experience. Prior to the event or upon entering the venue, guests receive a unique branded key card or wristband for each person, to which they can allocate funds from a credit or debit card. From there, customers can charge for food or retail items from multiple merchants on a single tab by simply tapping the card or wristband at each shopping station. Payment is then received via pre-allocated funds, or applied to a hotel or restaurant stay to be paid out upon completion based on location and usage. Additionally, the technology enables automatic reimbursement for customers if they spend less than what was loaded onto their card or wristband.

The launch of RFID follows GoTab’s new offering that enables multi-operator venues such as food halls, festivals, stadiums and more to automate vendor payments while enabling a seamless ordering and streamlined checkout process for customers via a single QR code. RFID, coupled with this multi-operator functionality, accelerates GoTab’s mission to help hospitality businesses optimize operations and drive sales through advanced mobile ordering and payment solutions.

To learn more about GoTab’s RFID solution, please visit https://gotab.io/en/demo-request/ or stop by GoTab’s booth at FSTEC on September 19-21which is located at booth #304.

About GoTab

GoTab, Inc., a Restaurant Commerce Platform (RCP), helps restaurants, breweries, bars, hotels and other large and midsize venues run profitable operations while making customers even more satisfied. It integrates with popular point-of-sale (POS) and property management (PMS) systems and allows customers to order and pay through a server, order and pay directly from their own mobile phone, or combine the two experiences on a single tab, thanks to its all-in-one point of sale, mobile ordering and payment functions and kitchen display systems (KDS). The guest never needs to download a mobile app or create a password. Operators benefit from flexible features that can be quickly applied to access new revenue streams through catering, takeout and delivery, events, online ordering, and more. Founded in 2016, GoTab processes over $250 million transactions per year with operations in 35 US states, Canada and growing. For more information, check out our media kit, request a demo here, or learn more at https://gotab.com/.

Media Contact:

Madison McGillicuddy
[email protected]
(203) 268-8269

SOURCEGoTab

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How the new recurring payment rules for Mastercard will affect charities https://fimendurance.com/how-the-new-recurring-payment-rules-for-mastercard-will-affect-charities/ Mon, 19 Sep 2022 01:05:24 +0000 https://fimendurance.com/how-the-new-recurring-payment-rules-for-mastercard-will-affect-charities/ Chargebacks and litigation led Mastercard to change the rules for recurring payments. Here’s what your charity needs to know. Over the past few weeks, you may have become aware of the proposed new rules for Mastercard recurring payments; rules that could have a significant impact on regular nonprofit giving. In short, fundraisers will be obligated […]]]>

Chargebacks and litigation led Mastercard to change the rules for recurring payments. Here’s what your charity needs to know.

Over the past few weeks, you may have become aware of the proposed new rules for Mastercard recurring payments; rules that could have a significant impact on regular nonprofit giving. In short, fundraisers will be obligated (among other requirements) to alert their regular donors to their cancellation option after each recurring payment. We take a closer look at the rationale and what the changes will mean for charities.

Why did Mastercard make these changes?

The financial services provider announced its new requirements for merchants using a subscription-based billing model or a negative option model, or both.

While subscriptions offer many of us the convenient option of setting up ongoing payments, they have also resulted in a growing number of consumers feeling cheated or misled. This is especially true with negative option billing which is based on a free trial/sample model where the consumer provides their credit card details at sign up and is then charged on a continues if it does not proactively cancel. Many merchants have not been clear about these potential charges and as a result, “chargeback” disputes against Mastercard continue to grow rapidly (a chargeback occurs when the cardholder, or their bank/financial institution, raises a dispute in connection with a card transaction).

In response, Mastercard wants to see more transparency for merchants from the point of payment.

What announcements did Mastercard make?

Mastercard released two sets of rule updates in 2022, which will result in a revised regulatory standard for recurring payments. This revised standard was due to be implemented on September 22, 2022, but has now been pushed back to March 21, 2023 while organizations such as Fundraising Institute Australia (FIA), Fundraising Institute of New Zealand (FINZ), Public Fundraising Regulatory Association (PFRA) and a number of fundraising bodies and institutes across the world unite to lobby Mastercard to allow exemptions for charitable donations.

Why do we need an exemption? How does this affect the nonprofit sector?

The discourse surrounding Mastercard’s changes relates to the organisation’s definition that recurring donations to charities are “subscription services” (see point 8) and therefore charities receiving recurring donations must comply with the new rules. .

What are the new rules?

the rules may change but, as it stands, the following will apply from March 21, 2023 (as noted by FINZ in its September 6 email communication):

  1. Upon receipt of a first payment (regardless of the method of registration – face to face, website, etc.), you must send the donor an electronic confirmation of receipt of payment which includes the date of receipt, the amount of the donation, terms and conditions, frequency of payment and “withdrawal” options and contact details.
  2. After each transaction, Mastercard users should receive notification of the date of the transaction and the amount received (this does not need to be a formal receipt). You can offer donors the option to stop receiving these notifications after each transaction. You don’t have to follow this step if you don’t have an email address for your donor.
  3. Each transaction acknowledgment should include a reference to how a donor can cancel, whether it’s a link or a simple “to change/cancel your donation, please call” message, etc.
  4. You can choose to send official donation receipts after each transaction or send an annualized donation receipt.
  5. If you’re unsure how these changes will impact your charity, contact your payment gateway and/or CRM provider (Blackbaud, Salesforce, etc.) for guidance.

If your charity’s regular giving is facilitated by third-party platforms, their processes can help bring you into compliance – read this blog post from Raisely as an example.

Why is this a problem?

In short, it’s going to be a lot of extra administration.

Other concerns include:

  • Many nonprofits lack the staff and/or technology to manage these changes.
  • Recurring donations are not a significant source of chargebacks and therefore should not be tainted with this brush.
  • The new administrative processes will change the donor experience – from something that feels like a gift to something that feels transactional.
  • Donor confusion following the receipt of a series of new communications that they may not want or expect.
What do we hope to change before March 2023?

It is hoped that charities will be exempt from these new rules, as will recurring payments for utilities (e.g. gas, electricity, sewerage, fuel oil, water), telecommunications, insurance policies or existing debts. (for example, car loan or mortgage). payments) are (see points 5 and 7).

Organizations such as the FIA, FINZ and The Nonprofit Alliance (TNPA) lobbied for this exemption and it was these voices that influenced the delay in implementation from September 2022 to March 2023.

And then ?

For now, we should assume that the charitable sector must comply with the new Mastercard rules from March 21, 2023 and must be prepared to do so.

Those of us fundraising in Australia and New Zealand should closely monitor updates from the FIA ​​and FINZ as they work towards a more desirable outcome for the sector.

To read the full Revised Mastercard Standards for Subscription/Recurring Payments and Negative Option Billing Merchants, click here.

To read the letter from the (US-based) Nonprofit Alliance community to Mastercard, click here.

To watch Blackbaud’s “How to Ensure Compliance with Mastercard’s Revised Standards for Recurring Payments” webinar, click here.

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