Where is the payment industry leading too? Mostly, the question arises because of the cashless society we are moving into. This industry is evolving really fast. Therefore it is getting hard for merchants to cope up. It is confusing to realise what will really work out in the near future. Even worse, the method might evolve to something totally different.
This is what the payment industry is confused about currently. Although, this industry is benefiting from payment methods like MOTO processing. Also with existence of crypto currency like Bitcoin and Libra, the industry is thriving with new ideas. But it is hard to tell which one will be a game changer.
But not being on board with these methods is not an option either. Buyers want flexible payment methods. Visiting a store is becoming a thing of the past. Unfortunately this has increased the risks of frauds. Added on, the hassles like chargeback are always there.
One other method is the alternative payment method. Alternative payment methods are an alternate solution to making payments other than your credit card. The alternative systems include debit cards, charge cards, prepaid cards, direct debit, bank transfers, digital wallets, phone and mobile payments, checks, money orders and cash payments. Also, introduction of such methods are more effective when the payments are made for e-commerce.
Likewise, the risks in the payment industry are always there. On the brighter side, the benefits are no less appealing. Therefore, if your business can carefully be involved in payment industry, you are like to grab a greater bunch of customer. Hence, leading to an increased sale. Which in turn will let your business grow. Just be with the right partner to help you process your payments.
One common form of fraud is seen in MOTO processing. MOTO frauds or card-not-present frauds are mostly done through phishing. It is a method where the fraud person tries to create a website, e-mail or text that makes the transaction look legitimate. Therefore, both the merchant and the buyer may be helpless once it’s done.
Although both merchant and buyer are helpless in most cases the merchant has to bear the loss. Therefore, it is necessary for you to be very watchful of the MOTO transaction requests you may receive. Hence, you are at the risk of being liable for your loss of product/services and also the financial loss.
The problem with paper money we use is, it is moving far away from its basis of storage value. Also, with the world moving towards a cashless society, introduction of an alternative to money is important. Why is an alternate even required? Because, the way money has already been handled, it creates a way of providing power to the one having more possession.
PurePay realises the risks in the modern day payment industry. PurePay even helps you to have high risk merchant accounts if you are willing to move to a better payment industry. Above all, the financial market gets to be free from invaders seeking to make undeserved benefit from the market. So, being with PurePay makes life easier and a risk free environment for your business.
Therefore, we thrive to grow together. Join the family now!
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2018 – 2020 – We have been helping merchants obtaining credit card processing for their businesses