Merchant Education

Daugiau nei šešerius metus sėkmingai rinkoje veikianti elektroninių pinigų bendrovė „Walletto“, savo finansiniais sprendimais žinoma daugelyje Europos valstybių, pastebi, kad įmonės tarptautinė patirtis ir ekspertinės kompetencijos vis labiau įgyja paklausą čia pat, Lietuvoje. Lietuvos klientams ypač aktualus, pasak įmonės atstovų, „Walletto“ įdirbis teikiant mokėjimo priemonių priėmimo paslaugą (acquiring) ir optimizuojant daugelį elektroninei prekybai bei elektroniniams […]

An interview with Walletto’s chief executive officer, Romans Baranovs.
Over the past six years, Walletto has embarked on a long and carefully executed strategy to collaborate with Visa and Mastercard in becoming principal members, thus allowing Walletto to provide e-commerce acquiring, card issuing, and payment services to its customers. Becoming a principal member is not a process that can be undertaken lightly. Walletto invested a huge amount of resources and time in that process, and getting to this stage has been a massive achievement.

Merchants who offer incentives such as subscriptions or free trials now need to follow new rules implemented by Mastercard. The aim of the requirements is to reduce the incidence of chargebacks and improve transparency for end customers. Merchants now need to provide clear communication about subscription terms, send confirmation emails, allow cancellation online, and issue receipts and billing notices. By implementing these changes, Mastercard aims to enhance the cardholder experience and minimise disputes related to recurring transactions.

Security is top of the agenda in digital financial transactions, and here Mastercard outlines the security rules and procedures that its customers need to comply with when issuing cards and managing merchant acquiring programmes. The ‘Security Rules and Procedures’ manual sets out the standards for compliance, data protection and cybersecurity. It also deals with conflict issues with local laws, security contacts, and physical and logical security requirements. Following these standards will ensure that personal data is handled securely and will also help to prevent unauthorised access to the Mastercard network.

Keeping cardholder information secure as it is passed to the merchant has become a whole lot easier, thanks to Mastercard’s Secure Card on File (SCOF) system. Now merchants, payment service providers (PSPs) and commerce platforms can tokenise consumers’ primary account numbers (PANs) as well as existing PANs already on file, replacing them with unique tokens. These tokens can be used for eCommerce and in-app transactions, adding a layer of enhanced security and protecting cardholder payment information as it passes through the purchasing chain.

The merchant edition of Mastercard’s Chargeback Guide provides merchants with a comprehensive breakdown of the network processing system. Topics covered include the Single Message System (SMS) and Dual Message System (DMS), which deliver messages authorising transactions, and facilitating clearing and settlement. The Chargeback Guide also explains chargeback cycles and goes into detail about procedures when filing arbitration cases on disputed transactions. There are certain regions, such as mainland China and the European Economic Area, where specific rules and procedures apply. These regions require merchants to provide detailed documentation and support in order to gain successful dispute resolution.

A number of different types of third-party agents work with Visa. These TPAs include independent sales organisations (ISOs), encryption support organisations (ESOs), third-party servicers (TPS), merchant servicers (MS), corporate franchise servicers (CFS), payment facilitators (PF), high-risk Internet payment facilitators (HRIPF), marketplaces, staged digital wallet operators, distribution channel vendors (DCV), instant card personalisation and issuance agents (ICPIA) and dynamic currency conversion (DCC) providers. All of these different agent types perform specific payment-related services on behalf of issuers, acquirers and merchants: the third-party agent registration programme is specific to these agents.

Strong customer authentication (SCA) is a set of newly introduced security measures that are being put in place across the European Union. The prime feature of SCA is the implementation of two-factor authentication for payment transactions. This step will be required for customers making Visa card payments, and the SCA Marketing Communications Guidebook for Merchants will help to prepare merchants for these changes and ensure that they are fully compliant with them.

Cross-border eCommerce payment acceptance opens up new opportunities for merchants to reach global markets – but it also presents challenges. Both merchants and consumers benefit from a smooth transaction process, and to enable this, merchants must be transparent about executing international transactions and also provide full and clear currency disclosure. Additional best practice would be pricing goods in the merchant’s local currency by default and then allowing customers see these prices in their local currency. It is also helpful to alert customers to any potential fees and taxes – clearly displaying information about the dynamic currency conversion that is used to calculate prices.

Providing customers with a safe, reliable transactions network is a priority your
business shares with the entire global payments industry. The threat of data piracy is real, and simple procedures can and must be taken to anticipate it — and to spot crimes quickly when thieves momentarily succeed.

Fraud and dispute resolution are at the top of the agenda for most merchants, and this handy guide, ‘Dispute Management Guidelines for Visa Merchants’ provides information and best practice tips that will help minimise the risk of loss arising from fraudulent transactions and disputes for businesses that accept Visa transactions. Amongst topics covered are dispute prevention, how to respond to disputes, and how to provide compelling evidence. The guide will help merchants get a better understanding of the Visa card transaction process and also highlight potential reasons for disputes.

An increasing amount of transactions now involve digital goods, such as software and subscriptions, and the ‘Risk Best Practice for Merchants of Digital Goods and Services’ offers help and insights for digital merchants who want to understand how they can manage and mitigate payment risks for their goods and services. The guide looks at risks such as the theft of digital assets, fraud and compromised data, and provides recommendations on how to prevent fraud and manage potential risk. With emphasis on the importance of the onboarding process and employee training, it shows how implementing controls can protect a business from fraudulent activity.

Most eCommerce businesses can benefit from reading this collection of data security tips and tools. Read on to find out more about best practice in data security when handling Visa payment card information. The tips include not storing unnecessary cardholder data, using strong and unique passwords, restricting remote access, and training employees on security basics, and, of course, only using service providers that comply with the Payment Card Industry Data Security Standard (PCI DSS). The tools can be used to assess different risk levels and security considerations, looking at the differences between a business using a fully managed hosted solution, a custom-designed/off-the-shelf product or capturing card data on its own website.

Visa has released a guide that provides fraud prevention strategies for crypto merchants and acquirers. This guide recommends a layered approach to fraud prevention and suggests various best practices, such as properly classifying merchants, undertaking regular reviews with them, monitoring transaction data hygiene and deploying fraud detection tools.

There are times when a merchant needs to reverse-process or reverse the authorisation for a transaction, and though hopefully these types of transaction are uncommon, when they do occur, there are guidelines in place that make sure that the process is properly carried out. Here you can read more about the requirements that merchants have to follow in the reversal process, focusing on estimated/initial authorisation and incremental authorisation. Following these requirements should give merchants peace of mind knowing that they have properly carried out process reversal or reverse authorisation when necessary. There are also answers to some issues and common questions that are asked in relation to authorisation processing.

Methods of attack are constantly changing when it comes to digital financial transactions, and in response, Visa is making some changes to its Account Data Compromise Programme for the European Region. These changes will focus on improving payment security. As an example, acquiring clients will need to conduct independent investigations and contain data breaches within 60 working days of an event, or they could face further investigation.

Compliance and customer satisfaction are at the heart of Visa’s ethos, and there are specific rules governing the acceptance procedure for merchants that reflect these values. Five rules that merchants should be aware of include the requirement for them to accept all categories of Visa cards: restrictions on surcharges, limitations on minimum transaction amounts, limitations on requesting supplemental ID and a requirement to assign the correct merchant category code. Visa has provided supplementary education and training materials for merchants to help them get a better understanding of these five important rules.

Need to pay for an ad campaign? Issue WALLETTO`s virtual cards for each online platform. “We can issue as many virtual cards as you need for online #media buying. The cards will be available right away after you order them online — you will only need to confirm your data,” says Ineta Kaulina, Head of Issuing Division.

Walletto UAB is proud to announce it has joined the Visa Fintech Enablement Program and became a Visa Ready Certified BIN Sponsor. “We are thrilled to join the ranks of the innovative Fintech who are certified by Visa,” says Romans Baranovs, CEO of Walletto UAB. “It is a privilege to be recognized as one of […]