The days when businesses could survive being cash-only establishments are long gone. Now, customers have replaced the bundles of cash in their wallets with several credit cards. According to a 2020 study conducted by Federal Reserve, almost 27% of U.S consumers prefer to use their credit cards for making online or offline purchases. Therefore, if…
When you are accepting credit card payments, chargebacks are unavoidable. They are also significantly time-consuming to dispute. At the same time, they are quite expensive to be ignored. In some cases, they might cost as much as $20 to $100 in total fees for every transaction. When you receive multiple chargeback complaints, your business will…
Implementing an authorization hold on credit card transactions is regarded as a simple and safe way to minimize the overall costs while preventing unnecessary complications -like re-authorizing a transaction or providing funds. Authorization holds on credit card transactions also help in protecting you from potential fraud while preventing chargebacks at the same time. The utilization…