Cash flow plays a crucial role in the survival of every business. The importance of quick processing of payments is something that every merchant understands. Sometimes, there are delays in this processing which can have disastrous consequences on the business. Therefore, it is vital that the merchants carry out some steps to make sure that the processing time is minimized.
How to ensure speedy processing to get your funds faster
There are some measures that you can take to make sure that your account is protected and processing does not take a lot of time.
Refraining from keyed transactions
This one is crucial for merchants who own brick and mortar shops. The processing time is significantly influenced by how the card was used, whether it was swiped or keyed in. Keyed transactions are categorized as CNP or Card Not Present, which implies the card not present since the equipment cannot determine whether the card is physically available or not. Retail shops that have an excessive number of keyed transactions might make the processor suspicious owing to which it might implement a hold. This will make sure that the processor has funds for covering chargebacks. Keyed transactions also tend to take longer to process. Occasional keyed transactions are not a problem. It is using it consistently that can pose difficulties for you and thus should be avoided.
Do not cross processing limit
Mobile processors set limits for merchants. These limits are decided according to the processing history of the business. Crossing these limits can lead to holds. Accounts can even be terminated owing to this. Therefore, if you wish to make sure that you get your funds past, this is something that you need to avoid at all costs. You will need to be careful about the weeks or months that are unusually busy. Exceeding your processing limit drastically can land you in trouble.
Proper documentation
Large individual transactions can also be problematic for your accounts. You will be asked for proper documentation, such as an invoice or signature. Furthermore, your funds are held until you provide all the required papers. Therefore, if you have any large transactions, it is advisable to have numbered invoice along with a signature which will save you from a lot of hassles.
Minimal chargebacks
This is vital for ecommerce merchants. It is crucial that you make sure that your chargebacks are kept to a minimum. If chargebacks are high, your processor might get the idea that your customers are not satisfied with your services or you have been accepting cards which are not verified. Both of these ideas can be detrimental to your business. Have a clear review policy featured on your website. Enable the security features of your processor. If the billing address does not match the shipping address, be cautious about the order.
Selecting the right processor
All processors are not the same. As a merchant, you need to select a processor who has fast funding time. The industry standard is processing the payment within two working days. However, some processors tend to take longer than this. As a merchant, you need to make sure that your processing history is impressive and for this, having the right processor on board is crucial.
Dynamic Merchant Solutions is an option that would not let you down. We can ensure that you get your funds the fastest way possible. We offer next-day funding without at no additional cost. If the batch of transactions is closed before the bank’s cut-off time, the merchant will receive the funds the next day. If you wish to make sure that you get your funds faster, contact us today to get a FREE quote. We’ll tell you how much you can save on payment processing.
