5 Negative Payment Processor Facts You Are Unaware of in 2021
Both online merchants and customers expect online shopping and sale to be easy, effective, and safe. Ecommerce purchases initiate dynamic electronic procedures involving downstream actors such as banks and payment processors, to name a few. Furthermore, technical developments in smartphones and e-wallets, changing shopping habits, and potential for cross-border, multi-currency electronic payments have fastened PSP rivalry to sustain and expand market share.
With electronic transfers, e-wallets, and contactless cards, innovations have now streamlined and filtered business-to-business and business-to-customer interactions. If the online high-risk payment processing industry expands, consumer appetite for additional secured payment functionality and options drives progress in numerous ways.
Providers are under strain to go beyond conventional banking models to promote a cashless environment that allows for any order. For example, purchases of parking meters or vending machines. These specifications face technological problems for retailers, processors, and consumers to the edge of the transaction chain.
Online Payment Framework
Online payments are referred to as “card-not-present” payments. When e-commerce increases, so do the possibilities for payment frauds and identity theft. However, if you think your business might have a high-risk merchant account in the future, Myuser has you covered. Myuser avoids payment theft by handling risk in a better manner than any other processor.
Chargebacks, besides being expensive, can damage a company's image; an excessive amount of chargebacks can result in closed retailer accounts, potentially destroying the company. Now you might be thinking about how to reduce chargebacks? Although chargebacks can occur for reasonable purposes on occasion, the use of customer care policies focused on know-your-customer standards, as well as merchant usability, will significantly minimize or reduce chargebacks.
Most people think the best payment gateways for online payments and transactions are reliable. Then why do companies complain about them all over the internet? Why are businesses going bankrupt because of payment processors blocking their funds?
Now let's consider these 5 negative payment processor facts you are unaware of in 2021:
1. Country-Wise Operation
Your business is based in a nation that the payment processor does not support. Some payment processors are mainly distributed in North America, Western Europe, and Eastern Asia. They cannot be used if the nation in which the company is formed and based is not supported by these payment processors.
2. Not All Merchants Are Welcome
Several retailers tend to be unhappy with the company's regular practices on fraud protection and forbidden commercial practices. In one example, merchants request for payment processing and are notified that they are accepted by the payment gateway. Since completing one or two orders, these merchants discover that their transactions have been held up and their merchant accounts have been terminated because the payment processor considers their purchases to be high-risk processing and termed them as high-risk merchant accounts. There are a lot of companies that these payment processors doesn't support but Myuser supports them. Myuser facilitates businesses like replica, dropshipping, and e-commerce with over 1% dispute rate conveniently.
These cancellations tend to arise with little or without notice, and merchants experience difficulties settling unprocessed electronic payments satisfactorily and effectively.
Myuser, on the other hand, does not label legit users as a high-risk merchant account and freezes any of their funds. Myuser is the first non-frozen funds' payment gateway for high-risk businesses.
3. Customer Support Lacking
Most customer support of payment processing companies claim to provide 24-hour call support in English to all their customers but does not specifically mention a specific support phone number. This is a big explanation why they are unreliable as the best payment processors. However, the most company's website has an assistance feature, a user forum, and email support. We have found over 300 negative reports about different payment processors. Several of which share the fear that they might be a fraud or a ripoff. This indicates a gradual rise in concerns over time. If you get blocked, you won't be able to chat, or call support. Those customer support options will be unavailable. When you reach out via email, you will get an annoying automated reply saying, "you have more risk than we can support" and contacting real customer support member will be almost impossible.
With Myuser, we support the growth of the business. We encourage businesses to make more profit and grow with us. Hence, we offer a reliable hand of customer support 24/7 to ensure all your queries are fulfilled in a sustainable manner.
4. Cold Fund Freeze
Most payment processor website does not clearly feature any details regarding its cash reserve or account termination practices, all of which tend to be at the center of multiple grievances. Such renowned payment processors, in our view, should do a better job of describing the conditions that may lead to frozen funds until merchants join the program. Myuser presents you with a thorough description of the scenario in order to keep you stress-free. We don't want any of our customers to be worried about something important to them. We "regulate" the risk by assisting you with precise functionality rather than terminating your account.
5. Blocks Pages
If for any reason, payment processing companies suspect the product you are selling, they might instantly block your page by predicting future chargebacks. This is not the case for Myuser merchants. We are with you in every step of your business. Myuser scrutinizes every situation before making any abrupt decision that can potentially harm your business. We avoid being impulsive and blocking any merchant page without proper justification. We operate based on rational thinking and walk-through difficulties. If we deem anything questionable, we communicate first. That's what makes Myuser distinguishable from other payment processors.