What are best practices for accepting credit cards?
Merchants should always accept credit cards with security being top of mind. To reduce the risk for both the cardholder and the merchant - use the following tips:
1. Always keep digital documentation of rendered products or services (i.e. signed sales slip, credit card authorization forms, signed tracking information).
2. Never be afraid to ask for a form of identification to match a cardholder's name.
3. If a card is declined, find out why before rerunning the transaction! Multiple attempts of a declined card is not a good sign for you or the cardholder.
4. Refrain from "forcing" transactions through unless instructed by a VizyPay representative.
5. Make sure all networks and certificates are updated on security standards.
My account is on a temporary risk hold... What is this?
While the phrase 'temporary risk hold' may seem scary, it is actually a fairly normal process for merchants with a new processor. Processors like to establish history and gain a sense of understanding for a merchant's processing habits. After all, the processor is held liable for any transactions a merchant can no longer support. If your account is placed on a temporary risk hold, the processor typically wants to verify a few of your latest transactions. A representative from the processor will reach out upon the hold being placed on a merchant's account. Once the transaction is verified and documentation is provided, all funds will be released into the bank account and funding will continue as normal.
How can I avoid risk holds on my account?
Risk holds are usually placed on a merchant's account in the beginning stages of their new account opening. Typically it occurs within the first few settlements. To refrain from temporary risk holds - use the guide below:
1. Avoid a larger than usual initial settlement with VizyPay.
2. Stay within parameters of your "highest ticket" and "average ticket" sizes on the application.
3. If you are going to exceed those amounts, please contact VizyPay.
4. Avoid excessive declines and chargebacks.
5. Refrain from "forcing" transactions through.