Isle of Man-based online payment solutions provider SafeCharge International Limited has revealed that it has taken action to spread virtual operators' risks involved in card-not-present transactions through its multiple-banking relationships.
SafeCharge has been in business for eight years and integrates high-end gateway services with the most innovative fraud detection solutions available today. It also offers clients merchant accounts through several acquiring banks to spread their risks.
'The financial recession has created new economic breakdowns,” said Sharon Gal-Franko, Marketing Director for SafeCharge.
“Nowadays, relying solely on one acquiring bank is risky. What would you do, for example, if with very short notice were you informed that your bank would no longer process online transactions that are industry-specific coded? What if they announced bankruptcy?
'What would happen is you would not only lose revenues but you would have to find a new acquiring bank to apply for a new merchant account with most likely new and different requirements.'
SafeCharge stated that online operators, no matter if their traffic is local or international, should be aware of the risks they face today when working with only one bank. It stated that finding the connected payment service provider that has an array of acquiring banks in their portfolio and can fit the best one at the right time for the specific processing needs of e-commerce operators is what makes the crucial difference. In addition, SafeCharge revealed that processors must also be prepared if one bank suddenly falls or has to change industry requirements.
'SafeCharge is exactly that connected payment service provider that is trusted by the leading and most reputable acquiring banks in the industry,” said Gal-Franko.
“We are able to switch merchants' online processing to a different acquiring bank ensuring them incessant processing activity by only one system integration with no additional handling and administrative fees. Hence, no hassle of bureaucratic hardships.'