Exciting New Fraud Prevention and Charge Back Reduction Services for High-Risk Merchants
MagicPay works with several fraud prevention and identity verification systems to provide higher-risk ecommerce and other merchants with a more robust credit card processing system.
February 11, 2014 (Newswire.com) - Web-based purchases and therefore web-based credit card processing has become not only mainstream but a vital component in the success of many businesses. It is important, therefore, that every transaction that is processed through the web or via mobile can be done quickly, accurately and safely for both parties.
In their ongoing efforts to offer the most reliable merchant services to their clients, noted merchant services provider MagicPay has set up several new fraud prevention tools. These systems, although certainly available to anyone, are designed with high-risk merchants in mind. Along with MagicPay's verification program, the merchant services provider also works in partnership with Visa's VbV (Verified by Visa) and MasterCard Secured Code. With these programs, MagicPay can help these companies prevent charge backs and fraud.
"The online payment processing game is an ever-changing one," said Rami Levi of MagicPay, "and you have to keep up with what's happening with the consumer, the merchants and the overall landscape. It can be a daunting task just trying to do business. That's where we come in. We take the headache away from our clients and allow them to just get on with running their companies."
For higher-risk merchant accounts, the ability to prevent fraud and charge backs is vital to their financial success. MagicPay's program is designed to step in and reduce both the cost of charge back disputes and the overall number of charge backs. The merchant services provider helps to acquire Issuing Banks to enhance the capabilities of the merchant's payment system with intelligent, innovative and integrated payment management services.
Additionally, with the use of Verified by Visa and MasterCard SecureCode, MagicPay helps eliminate fraud and charge backs by ensuring that merchants who use these programs are more secure for the purchasers and conversely, that those making purchases are in fact the true card holders. Another crucial feature is that MagicPay's fraud prevention services lower the need for manual fraud screening by merchants who are worrying about suspicious transactions. Additionally, because of a better interchange rate in many cases and the reduction of fraud issues and charge backs, the services offered by MagicPay make it far easier for merchants to expand into international markets.
"There are two winners when it comes to credit card fraud and charge backs," continued Levi, "the person perpetrating the fraud and the issuing bank. The problem is, that the more fraud there is, the higher all of our prices go. Someone has to pay the fees, and as if this weren't' bad enough, a merchant can lose their business with too many fraud and charge back claims. This is one of the primary reasons we've instituted our program."
As online transactions have grown into the multi-billions each year, so in turn have charge backs and the fees associated with them. Whenever a charge back occurs, the merchant must pay a fee in addition to refunding the money and this can be quite costly for high-risk merchants. Some examples of high-risk merchants include internet perfume stores, motivational and self-improvement courses, non-retail pawn shops, herbal supplement sales, electronics, internet jewelry sales and auto accessories, just to name a few. MagicPay can help all these and more. They aren't high risk because of any built-in problem with their businesses, it's just been proven that some merchants are more likely to be victims of fickle buyers and unscrupulous frauds.
MagicPay not only hopes to assist high-risk merchants, but to ensure a safer and more cost-effective e-commerce environment for everyone. With the new fraud prevention and charge back reduction tools and their own ongoing efforts; MagicPay is pleased to be able to announce yet another forward-looking merchant services program.
MagicPay was formed at the beginning of 2012 to be a full-service merchant account provider with a special focus on mobile payments. Although mobile payment merchant services did exist, MagicPay was created to expand the mobile payments market and take things to a whole new level by offering off-line processing, inventory options and lower processing costs. The company's overall goal is to not only provide the best possible credit card processing to its clients, but to continue to explore new and better methods for providing merchant services on smart phones and tablets.
MagicPay is dedicated to providing its clients with the best possible service, and has expanded its service options into such areas as e-commerce and MOTO accounts as well as retail merchant accounts. As the company grows rapidly, it continues to attract merchants by offering unique services and features such as their free marketing software that allows merchants to create coupons and rewards programs for clients.
With the introduction of such innovations as Eco-statements, the EPN and credit card processing solutions for collection agencies, Magic pay hopes to continue and grow as an industry leader with the highest level of service and environmental integrity.
To learn more about Magic pay, please visit their website at:
Categories: Business Technology