Payment Card Industry Guidance: Your acquirer should be ready and eager to provide you guidance through the issues, challenges, and technical details of the payment card industry.
Industry/Vertical Market Experience: It’s always helpful to select an acquirer that has experience in your industry/vertical market. These acquirers understand the needs and conditions of your business.
Tools & Technology: You should engage your acquirer about the tools, technology and services that it supports that are particularly relevant to your business. For example, does the acquirer support technology that makes transactions faster and more convenient at the point of sale? What factors impact your cost of acceptance? (Electronic vs. manual entry; vertical-specific incentive programs, etc.)
Security: Ask your acquirer what its policies and practices are with regard to fraud avoidance. It should have a clear and multi-faceted approach that involves technology—such as MasterCard SecureCode™ acceptance—and best practices.
Chargeback Management: Chargebacks usually happen when there is a customer dispute or an error and/or the dollar value of the transaction-and financial liability-is typically reversed back to the merchant. Ask acquirers what their policies and procedures are for chargeback management.
All of this information is important to choosing an acquirer. But don’t worry, we’ve made it easy to select a licensed acquirer by clicking here. It’s just another way we’re providing value to our relationship.