Most payments appear to have been processed as usual. But you do see a few failed transaction notifications, a delayed settlement notification, and a vague request for “further review” from your processor.
None of your products changed. Customers continue to arrive at your site. Your checkout works most of the time properly. Today, money didn’t flow into your account as quickly as it should. So now you’re trying to figure out how to make systems function that were designed to be completely invisible.
When a Basic Solution Is Not Enough
Most online stores start with a basic solution for their payment needs since it is relatively easy to establish. In this case, you add a checkout process, connect with a third-party payment processor, test a couple of transactions, and then move on. This will suffice for many types of products and low-value sales.
At that point, a general-purpose payment account will likely prove unreliable. It will not provide a clear reason why transactions fail. Funds will likely be held without adequate notice. And in some cases, your company will be treated as if it were a problem rather than an entity operating under normal rules.
Industry-Specific Factors Impact How Payments Are Viewed
A merchant account with an Internet-based payment processor can view all merchants in a different way than other types of processors. Merchants who operate in certain high-risk industries are scrutinized more closely due to the higher likelihood of chargebacks, fraud, potential for subscription disputes, regulatory compliance issues, or even reputation risk.
It does not mean that your company is disorganized or dangerous. It simply means your type of business requires special assistance from a processor that has experience with your type of business.
Examples include companies that require adult industry payment services (i.e., compliance, privacy, high risk categorization, etc.), which need processors that have knowledge of these areas. Even though they have operated successfully as compliant companies, a lack of experience by the processor could lead to significant interruptions.
Other examples of industry-specific factors apply similarly. When your payment needs don’t fit neatly into a generic checkout model, you will need more than just a payment button.
Supporting Each Day’s Operations Will Make Them Simpler
While obtaining approval for a specialized payment solution is important, so too is knowing what occurs post-approval.
You’ll want to know the expected settlement timeframe. Realistic expectations for chargeback procedures. Fraud screenings that do not flag legitimate customers. And communication that enables you to effectively manage your business operations. Additionally, you’ll want assistance explaining the documentation required prior to turning a minor issue into a major operational disruption.
Helpful payment support reduces surprises. Supports protecting cash flow. Enables you to maintain movement through the checkout process. It allows you to make less stressful decisions when an issue arises.
Build Your System Around The Real Business As It Exists Today
Your payment system should represent how you actually run your business – NOT how a typical system thinks it should run. When all of your Payments are going through without problems, you can focus on processing your orders, offering excellent customer service, creating quality products or information for your customers, and ultimately grow your business to an appropriate level.
Typically, this type of work does not generate much excitement. Most of the time, it should be almost invisible. However, once you have the proper tools in place, you’ll begin to appreciate the subtlety and positive effects. The issues seem to go away. The answers come faster. Your business feels slightly more under control.