The public opinion can do many things, from elect a president to crown an American Idol winner. Public opinion can also change the way the processing industry works. Since the recent waves of mass hackings and data theft, public opinion takes the side of “more needs to be done”. It’s true, but it is not that easy. Merchants and customers rejoiced when news of EMV card implementation hit the airwaves, but recent developments have all but sidelined the switch over until 2020. Even so, there are things that merchants and processors can do to quell a growing public issues with the industry.
One of the biggest issue concerns fraudulent charges. If you are a high risk merchant, such as an extended warranty merchant, you know that fraudulent charges are all too common. Some are actually fraudulent, while others are considered to be “friendly fraud” charges, where the purchaser later regrets the purchase and reports it as a fraudulent charge. This trend is growing, especially with online industries. You also know that finding an extended warranty merchant account in the first place was tough, as it is for every high risk merchant. While tough to find, it is a necessity, but one that typically comes with high fees and added costs. High risk merchants are usually the ones who suffer when fraudulent issues arise in public, as they are more prone to have them in the first place. However, by making sure that you have a good high risk merchant account provider, like EMB, you can help combat fraudulent issues.
In today’s social media driven world, reviews are everything. A good company can lose business with a few bad reviews, and if a customer’s information is hacked, chances are you are getting a bad review. Many times this cannot be helped, but it can be reduced by having a good processor with up to date security. Another thing that the industry has implemented is varying who ultimately processes the payments. While merchant account processors are the first in line, and then afterwards with large card companies or smaller companies filter the payments. This varying of payment processing can help combat mass hackings, and keep public opinion positive.