Third party payment
Many of us want to apply for credit card and attached gift provided along with the payment by credit card commonly used. But often the application failed, we did not get the gift but also the card request declined. How can we avoid the application failed:
The first thing is to choose one of the appropriate card for you. Simple speaking: The card owners can choose card related with card. Normally you can apply for it only if you have a card. The approval rate is very high. For woman the first choice is the kind of card which is especially for girl. It is also suitable for us girl’s appearance aesthetics. In the meantime the benefit and right are enough for card using. Young people first choice is the YOUNG card which is specialized issued for young people. The application criteria is easy and the credit limit is high enough. If you are under 30 years old, you can try to apply for this one. Big amount cash out: If you are urgent for using cash, the card support big amount cash out is very perfect for you. 100% cash out meets your need. Of course there are other many types of cards, but for application, you should choose according to your own interest and consuming habit. The card application channel is very important. You are advised to be very watchful to not apply with the eloquent sales man at scam agent. You probably not only fail to apply but also get cheated with your money. After you have gone through all the procedure in card application, it’s not the end of it. Generally the last step in application is phone visit, which is a key link for approval. It is a oral investigation in the bank system. It may seem simple and casual but it also has the purpose to verify if you have proper and qualified. After everything is ready you can wait for card approval notification and enjoy your consuming with credit card.
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Today we will move forward on our last topic regarding obtaining more sales for foreign trade. This part we have not involved on merchant credit card payment.
If I called to inquire the price, before I even open my mouth, many freight forwarding may reply that they need to check in their office before answering me. Sometimes I only want to ask the general situation instead of details or data. If you are not clear about the general location of the port and fee, how could I transport goods via your side. If I need to transport goods through the America I want to get a outline or main idea: one person tells me he doesn’t know and the other tells me the price and follow up with me the condition there. Which one you think I might choose. In other words, the first person is being responsible to not just give random price. But if not good to hear, you are not working hard enough. We often say we will work harder, but what you don’t know is people better than you are exerting their greatest effort. We ignore one thing most of time. For most of who first purchase overseas, they don’t have much information about international trading. They even haven’t heard about FOB, CIF not to say understand it. Then what should we do. We need to know what our client really want and need. For example, if you purchase in the first time at abroad, what things you care about. If it were me, I want to know about the following: How about product quality, with guarantee or not. Price high? How much is the transport fee? If I have insurance for my funds? What to do with time difference? How to pay? Seller attitude. What if the product quality has problems? As a matter of fact, most of our clients may have concerned over these. We will give simple analysis next time. Ecommerce merchants dealing with many aspects: payment processing, price inquiry, customs, factory and so on. When we discuss with our client, what aspect we can use to get the advantages.
Weaken price: many people complains about this: our price is too high that no client would come to us for purchase. If in such case, the factories in Shanghai with high cost would not be able to survive. Everything related is high, for salary, each worker salary is twice as those in other province. Price is a sensitive concept. We are going to weaken the price concept in international trading. But weaken does not mean no discussing on price. It is recommended to see in the broad sense. Product price is price, transportation fee is price and so on. Why cannot we include all related things into consideration for our client. Product, shipping fee, tax, customs clearance fee… Is so many trade terms and conditions, I tend to go with bulk-cargo for CIF, DDP. If the merchandise not too many, we can deliver to your door, with proper price and save time and trouble for client. Just like domestic courier service, door to door, without going out consuming. When we weaken the price, we can refer to the delivering to door service. May be some friends think it’s too much trouble. Actually it doesn’t . As you are considering for your client. But in international trading, you have to let them know you are doing favor for them, because they don’t know our things for do them a good turn. I found this when I reported price of FOB, after price inquiry, the client always follows up with me on: how much is the shipping, when it arrives. Therefore I directly report and fix this once at one time. Grab off the advantage before your profession even think of it. Maybe our foreign client has different way of thinking but this point should be included. We can see a lot of overseas websites provide free shipping. In fast developing ecommerce industry, credit card payment solution is a very popular option. Many business man in this industry often go abroad to see their clients in addition talking online or per phone. There are some suggestion in meeting your clients for newbie.
Set an appropriate appointment for meeting. If you plan to go on a business trip and visit your client on your way, make sure notify your client ahead. Before you set off, please send the information to your client regarding the specific date and purpose by phone or Telex. If it’s an temporary visit, you also is advised to contact the employed officer to set a date. Let him prepare for your visit before he has settled to talk business with you. Avoid interruptions amid your communication. If the meeting site is in your company, please notify your staff not to interrupt. Too much interruption will affect the communication enthusiasm. Behave yourself in the communication. Just adhere to the common courtesy and maintain a pleasant posture. You will forfeit the good opinion of many people. Admit your mistake in appropriate time. If you seemingly make a mistake which cause big or small damage to other person, a regret words normally can get forgiveness from other one. At least it can make them not that irrigated at the time. Then you can explain thoroughly after they calm down. Your documents are material should be enough and fully. Specific things are more persuasive than oral expression. When your client heard you say: “We have a pamphlet in English. They will get a surge of interest and move on to ask you a lot of questions related with product. If you have collected your materials at ordinary times, you can answer all questions asked. It is very much helpful for your business meeting. Business processed through third party payment is required clean, professional and clear. This could cover all areas even though the client are from different industries and countries. How should we respond our client who comes to inquire, in order to enhance the inquiry conversion rate. We have listed some strategy below for your reference. Step1:estimate 1. Estimate client type. For new client: Analyze the client words and speech to get to know what the client needs. And check the origin country of the client including: website product information. 2. For old client: check the client inquiry information and the categories of product in question, the product inquired long before and the product inquired in recent months. Step2:analysis 1.Verify client information and search website, company name, review the website on “about us”, “product”, “news” and “contact”. 2. Search client email to check on which websites the client had ever sent the inquiry and inquiry details; To analyze it’s big or middle, small client, it’s import trader or export trader or online store private small company. For big client who inquires, be more careful and cautious, with profession, as big client is more selective and know well about the market. Step3:price report 1. Price report be precise, clear, professional, and vary by different region. It is advised to report interval instead of specific price. Secondly the product numbers of price report should be controlled, try to lead your client. Use PDF for price report form, try not to use work/excel. 2. Product image be clean and clear with details of product showed. You may recommend one or two main products. The price quotation file be marked with date, product name same or differ with client searched or modified. The first thing to do after the merchant account setup is website integration, which is technically integrating the website with the API of credit card payment processing gateway. This step enables the transaction submitted from merchant website to third party gateway to finally be charged in the bank system. The transaction data such as: customer information, transaction amount, date, billing information are confidential. The processing system uses encrypted technology and https plus other measures to make sure the transaction parameters secured. After integration done the merchant need to test transaction with his own card. If the transaction tested is successful, than the preparation is completed, the merchant can start live transaction processing after that. There are many parameters in one transaction, so the merchant need to make sure all parameter is submitted according to the API instruction.
If the merchant process USD currency which means the website sells and paid by customer in USD, the payment processing is also based in USD, than there is no currency conversion in between. But if the customer uses credit card issued by bank based in non-USD country, and the card are not debited in USD, than the currency conversion will be generated between the merchant bank and issuing bank. The issuing bank will convert the USD transaction to the local currency and debited in correspondent amount in other currency according to their exchange rate on that date. Therefore the customer may find the actual charged money is not exactly the same with the order amount on the website. The currency conversion is not avoidable in cross-border transaction. The payment industry has changed and developed very fast in recent 10 years. The credit card payment parts are the very main part of it. Third party payment not only provide just payment channel but also other services for assisting merchant to run their business and solve related issues. Settlement, account stability, industry type, transaction limitation, are all the most concerned question from merchant. Of course merchant themselves need to process the transaction based on authentic, good customer instead of invalid, fraud orders. The merchant who is honest always welcomed, meanwhile, they are supposed to take measures on improving services and preventing online risky elements. Strong risk control awareness is a very good point for run online international business. To protect ourselves for surviving long and also our customers, we are supposed to setup a series of anti-fraud system and build secured payment system with strength. But no one can say they block 100% risk from all over the world. So we also need to have an emergency defense mechanism, which enable our payment system to reduce the lost to the utmost and protect the existed resource as possible as we can. Experience is a very good factor for running payment system. Years of processing online transactions and serving the merchants and communicating with the bank. If you are not staying in this area for long you cannot get the point about what is going on and how to better update ourselves and serve our customers. Actually it not very hard to provide a technical IT service for online ecommerce business. You can start up your own business without strong basement. But if you can stand on the merchant side and the industry mechanism, it’s very much required experiences and your time with effort, energy and your true belief. If you require Accounts Payable services in addition to Accounts Receivable services, with Acardpay you can send payment instructions for distribution globally to third parties (suppliers, associates, overseas payroll) using an unrivaled network of over 50 local bank accounts.
Whether you are a travel business paying for overseas ground arrangements, a direct sales organization paying commissions, or software business paying developers, you can take advantage of the low-cost, high- efficiency domestic clearing networks around the world, without opening bank accounts yourself, and avoiding the high charges associated with overseas payments through the international banking network (SWIFT). When a consumer is either unhappy with a product or service or didn't receive a product or service he or she purchased, the customer's last resort is to contact his or her bank or Credit Card company after trying to resolve the issue with a Merchant. The Issuing Bank or credit card company, as a last option can issue a credit to the customer, called a Chargeback, compensating the consumer for his or her stated loss. Other reasons for a chargeback include bank payment processing errors, duplicate billing, identity theft, disputes over price charged and processed, or missed refunds.
Merchants may suffer heavy penalties for chargebacks. Chargeback processing is an expensive process for all parties involved, from the Issuing Bank to the Acquiring Banks, to the Payment Service Provider, and the fees charged to the merchant for each chargeback often reflects that. The card associations have strict rules about chargeback management which they require Banks, Payment Service Providers, and Merchants to follow. If a merchant receives too many chargebacks, it will no longer be given permission to accept credit cards from the card associations. It is always in a merchant's best interest to issue a refund before a chargeback occurs. Acquirers/Acquiring Banks are registered members of a card network, such as MasterCard or Visa, and accept (or acquire) Transactions on these debit and credit card networks' behalf for a Merchant. The card network connects Acquiring Banks to banks that issue credit cards, or Issuing Banks, so that a customer transaction can be verified. Whenever a cardholder uses a debit or credit card in a purchase, the Acquiring Bank will either approve or decline the Transactions based on the information the card network and Issuing Bank have on record about that card holder's account.
Aside from managing all Transactions that a cardholder completes with his or her credit or debit card, an Acquirer also assumes full risk and responsibility associated with the Transactions it processes. Because of this, the Acquirer charges various fees for its services. These fees vary by Acquirer, but they're commonly assessed on a routine schedule for activity such as Transactions, refunds, Chargebacks, and other various situations and reasons. The Acquirer assesses fees on behalf of themselves, the card network, and the Issuing Bank. |
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December 2018
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