A merchant, whether be small or big, every person in business needs funding. The payment flow or cash flow in an online business is irregular and depends upon various factors before getting into the merchant’s hand.
We have covered a few of the strategies with which a merchant can get his funds quickly.
An Omission of Chargebacks: A business should be customer-centric and should always provide good if not the best customer service. Still, it is not necessary to have a chargeback-proof business. Always try to minimize the chargebacks. It would not only help your business in getting funds faster but also reduce the chances of getting under the TMF (Terminated Merchant File).
Documentation of Larger tickets: Just like any unusual high overall volumes will draw the attention of your merchant account provider, so will an unusual large individual transaction. The third-party processors hold the funds until you provide the documentation, or until the closing of the chargeback window. Most merchant accounts have the policy of holding the amount if the transaction exceeds the specified value. However, it’s usually a good idea for a large transaction (over $500) to have a numbered invoice and signature.
Quicker Funding and Less hold times: If you have chosen a processor with fast funding commitment then it will only be able to fulfill what’s promised if your business is healthy. Funding directly relates to your transaction timings. Getting funds faster is healthy for business but only when the business is doing well.
Choose a processor with good Customer Service: In an online business, fast funding also relates to good customer service. Understand and test how the customer service and response time is of the provider you are opting for.
If you are going through a tough time and need to change the processor or want better and quicker funding, give a call to Merchant Stronghold.
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