Running your own store carries risk. A break-in, for instance, can result in a huge loss for your company. Likewise, a fire break-out can result in the loss of property and lives. To protect the business from such accidents, merchants apply for chargeback insurance that covers possible damages. Chargeback insurance...
What are Micropayments?
Have you ever bought a subscription to an OTT streaming platform or a music app? Or, did you ever pay a small tip to the Uber driver using online payment modes? Well, these are called micropayments. The definition of this payment method varies for companies. Some consider all transactions less...
What Merchants Need To Know About Mastercard SecureCode?
The growing number of fraudulent activities requires an added layer of protection for your transactions. MasterCard SecureCode is just that. This ensures that even if someone gets access to your credit/debit card, they won’t be able to use it unless they enter the authentication code sent to the registered mobile...
Everything You Need To Know About Scheduled Payments
Schedule payments can be regarded as a regular standard or recurring payments. They are executed on a recurring basis as specified by the payer. Most customers prefer setting in scheduled payments to maintain track of the respective expenses while not missing out on any important payments. A scheduled payment also...
Decline Code 01: Refer to Card Issuer
When purchasing with a credit or debit card, it's important to understand what a decline code is and what a decline code 01 means. A decline code is a message from the issuing bank to the merchant when a card is declined for payment. Decline code 01, also known as...
Card Not Present Transactions: Everything You Need to Know
Card-not-present (CNP) transactions are those in which the cardholder is not physically present when the transaction takes place. This can include online purchases, over-the-phone orders, or even mail order transactions. Because the cardholder isn't present to verify their identity, these types of transactions are considered to be higher risk than...
SMS Payments: What is it & How does it Work?
As we all know, SMS payment is a process of making a payment by sending an SMS from your mobile phone. In other words, it is a type of mobile payment. It is very convenient for those who do not have cash or cards with them. All you need is...
How to Avoid eGift Card Fraud?
When you shop on the internet, it is hard to know for sure whether a website is legitimate or not. You might worry about giving your credit card number and other personal details, but with eGift cards you at least don't have to worry about having someone physically steal your...
What is a Merchant Identification Number?
A Merchant Identification Number, or MID for short, is a unique number assigned by MasterCard to registered merchants. It uniquely identifies the merchant company on the MasterCard network and facilitates transactions that come into question. The numbers are 14-digit long and can be found on any authorized cardholder receipt issued...
What Is a Card Not Present (CNP) Transaction and Why Does It Cost More?
A card not present transaction is an ecommerce transaction in which the customer did not present a physical card. Typically, this scenario takes place when you shop online using your computer or mobile device. Although these transactions are often considered “card not present” (CNP), there are some cases where cards...