What is (AML) Anti-Money Laundering?
Anti-money laundering (AML) is a set of regulations designed to stop the practice of generating income through illegal actions.
AML regulations place an obligation on financial institutions such as NTC to maintain accurate customer records to ensure they know who their merchants are and the nature of their business and that these institutions are not aiding in money-laundering activities.
Anti-Money Laundering (AML) Break Down:
AML laws and regulations target activities that include
Financial institutions are expected to comply with Anti-Money Laundering laws and make sure that clients are aware of these laws.
Posted in Best Practices for Merchants, Travel Agency Agents Tagged with: customer, financial institutions, funds, merchants
Preventing double refunds depend on the timing of the chargeback. It is a bit challenging, the key lies in attention to detail.
A chargeback may already exist for the transaction when a customer say they just spoke to their bank. Merchants must pay attention to this big clue.
There are different time limits for resolving disputes before they become actual chargebacks, depending on the issuing bank.
Preventing Double Refunds Before Chargebacks are Filed
Provide prompt refunds to customers when they are warranted.
Posted in Best Practices for Merchants, Travel Agency Agents Tagged with: bank, chargeback, credit, customer, debit, merchants, refunds, transaction
Double refunds are when a customer is provided with two refunds for the same transaction. Chargebacks can be involved in a double refund.
Double Refunds Happen When:
Chargebacks are filed after a refund is issued. The consumer contacts the merchant and requests a refund, but the funds aren’t returned immediately. The consumer thinks the request for the refund was ignored and files a chargeback. Then both the chargeback and the refund are being processed.
Chargebacks are filed before a refund is issued. The consumer calls the bank and initiates a chargeback. Then, the consumer calls the merchant and expresses dissatisfaction. To try to avoid a chargeback, the merchant provides a refund. However, the merchant has no idea of the fact that a chargeback has already been filed because the consumer calls the bank first
Even thou a merchant provided a refund with a customer that doesn’t guarantee that a chargeback won’t be initiated. Same thing with chargeback that has been filed doesn’t guarantee that customer won’t contact the merchant and demand a refund as well.
Just because a merchant provided a customer with a refund that doesn’t guarantee that a chargeback won’t be initiated. Same thing with chargeback that has been filed doesn’t guarantee that customer won’t contact the merchant and demand a refund as well.
It is possible for the customer to receive a double refund for the one purchase transaction.
Posted in Best Practices for Merchants, Travel Agency Agents Tagged with: bank, chargebacks, consumer, customer, merchant, refunds, transaction
A data breach is any instance in which secure data information has been released or stolen intentionally or unintentionally. The organization that exposed or lost your information will notify you. The steps you should take depend on the type of information that was lost or stolen. In general, you may choose to do one or more of the following:
Posted in Best Practices for Merchants, Credit Card Security, Travel Agency Agents Tagged with: accounts, bank, credit, data, data breach, fraud
That is a LONG time to be paying for a terminal equipment that doesn’t cost more than $400 these days.
If you can’t pay cash for your credit card terminal, you can just charge it to a business credit card. The interest paid is still tax deductible. That’s a savings of nearly $2,000 that can be better directed toward developing and expanding your business.
Need to set up account give us a call at 888-996-2273.
Posted in Best Practices for Merchants, Travel Agency Agents Tagged with: credit card, merchant, terminal
Credit Card Terminal for…..
Some processors offer a free terminal to their merchants, but as we all know, there ain’t no such thing as a free lunch! A free terminal carries with it a yearly Terminal Replacement or Warranty charge of $50 to $100/year. That’s still much less than what a lease would cost you, but it’s not really FREE
If you’re not currently in a lease but are considering one, don’t be deceived. Instead, calculate the total cost of leasing vs. owning. The best and most affordable option still lies in ownership.
If you need to set up an account give us a call at 888-996-2273
Posted in Best Practices for Merchants, Travel Agency Agents Tagged with: credit card, merchants, processors, terminal
Some processors specialize in leasing terminals, but equipment lease locks up merchants and ends up costing you more, whereas you could get that same machine in a matter of months and get more than one.
If you lease a terminal you may also be required to purchase equipment insurance, another added cost. And, have the equipment return at the end of your lease. If a merchant owns an existing equipment, it can be reprogrammed at NO CHARGE and the merchant can continue to use it.
For account set-up, give us a call at 888-996-2273
Posted in Best Practices for Merchants, Travel Agency Agents Tagged with: merchants, processors, terminals
Posted in Best Practices for Merchants, Travel Agency Agents Tagged with: travel, travel agents, travel industry
There are a lot more details of what makes up a credit card rate, this information is a good start to know more about a merchant account. All merchant accounts are subject to the same costs with respect to interchange fees and assessments.
Most rates are made up of three parts:
Assessments – are paid directly to card network associations (Visa, MasterCard, Amex, etc.)
Interchange – are paid to the issuing bank that issued the card, and is typically made up of a flat rate.
Card present transactions (the card is physically present or swiped) are typically lower than card-not-present transactions (the card is keyed-In like e-commerce and mail-order transactions).
Card-not-present transactions have higher interchange rates because they are riskier.
Processor fees – the fees involved with providing the service, risk assessments, the type and size of the transaction. This includes the margin between the total rate and the two previous parts, along with other fees, like chargeback or statement fees.
Posted in Best Practices for Merchants, Credit card Processing, Travel Agency Agents Tagged with: bank, card, card network, chargeback, credit card, merchant account, rate, transaction
Posted in Best Practices for Merchants, e-commerce & m-commerce, Mail Order Telephone Order, Merchant Account Services News Articles, Travel Agency Agents Tagged with: currency, Currency Conversion, customer, e-commerce, merchants, moto, point of sale, terminals, virtual merchant
