As many consumers of B2B products like supplies and equipment have shifted to working remotely, and social distancing makes it less likely to shop goods and services in person, payment processing software plays a critical role in helping businesses maintain revenue and back-office operations.
Here are a few ways you can help support business continuity through online payments integrated with business management software:
- Provide new electronic payment acceptance: enable customers to pay online or by phone, including card and ACH payments.
- Promote existing electronic payments offerings: recurring billing options and account updater features allow your clients to schedule payments and store cards on file without worrying about missing payments or having to update their card information when it expires.
- Simplify receivables: provide seamless workflows that integrate omni-channel payments and post back to your business management software.
- Set up flexible reporting: give every customer, regardless of complexity, the ability to manage and track payments with transaction details that can roll up to a flexible location and hierarchy structure. Let customers designate how their organization should be set up for individual payments, which can then be deposited to separate bank accounts, tracked by entity, and rolled up.
- Transact securely: even at home, eliminate payment security concerns by using a fully encrypted and tokenized provider, removing all payment card industry (PCI) compliance risk from customers.
Be wary of fraudulent order attempts and prevent chargebacks/disputes and potential losses stemming from fraudulent orders by keeping an eye out for the following activities:
- Orders that pertain to unusually large quantities of the same product or similar products, especially products that are not typically in high demand.
- “Customers” working from home and needing supplies charged to the company account and delivered to shipping locations.
- New customers that contact you through free e-mail addresses like yahoo.com, hotmail.com, and gmail.com.
- Requests for immediate processing of an order and overnight delivery, regardless of the cost.
- Customer requests for wire payments back to them, especially in instances where the customer appears to have over-paid for an order using a credit card. Only issue refunds on the same credit card utilized for payment.
- Orders with shipping addresses that return to freight forwarding services, PO boxes, or shipping company locations.
- Large orders received from countries in which you do not conduct business
- Single large orders placed by a new customer with payment provided on multiple credit card numbers, with different billing names and addresses than the customer business name and address.
We are proud that ECI’s technology had helped thousands of business maintain operational resiliency and peace of mind through this challenging time. For more information on payment processing, check out NET1.
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