Mitigating the Headaches and Risks Involved with Payments
March 24th, 2020
Behind every payment transaction is a complex process that involves banks, cardholders, merchants, payment service providers, and payment processors. Each step is complicated, involving security and protection of data, processing transaction information, and accepting or declining the customer’s payment. Many merchants avoid researching all the steps, and rely on a payment hub, like Nexio, to provide the best payment processing solutions.
Neutral Tokens and Gateways
Traditionally, each payment gateway uses its own specific tokens that are not compatible with any other gateway. If you wanted to route transactions to a different gateway, you would need to keep multiple tokens for each credit card or use a tedious and sometimes costly process of importing and exporting tokens for each gateway. With Nexio’s solution of neutral tokens and gateways, transactions can be routed to different payment gateways without the need of retokenizing credit card data. By integrating four key technologies—tokenization, encryption, data vaulting, and key management—with a highly secure cloud-computing platform, Nexio’s tokens are secure for use on multiple gateways.
You will want to have more than one gateway so that if one gateway experiences downtime, your transactions will automatically route to your backup gateway. Using multiple gateways also allows you to manage your data and analytics of your customers, increase your security and fraud prevention practices, and offer your product globally.
Fraud prevention is an important concern for every merchant. According to the data gathered by Precise Security, identity theft increased by 45% in the US and reached over 650,000 in 2019. Credit card fraud represented the leading type of identity theft with more than 270,000 reports. When tracking fraud, it can be difficult to distinguish between criminal fraud, friendly fraud, and legitimate disputes. Criminal fraud is a fraud from stolen credit card numbers and friendly fraud is where the customer makes the purchase and then disputes the charge with their bank, rather than request a refund from the merchant. Nexio is integrated with the best fraud prevention tools to help our merchants prevent fraud, fight chargebacks, and improve the customer experience, margins, and revenue.
The Nexio Dashboard is for viewing all your merchant accounts. You can sort by date, transaction type, gateway, batch, voids, returns, and more. As a merchant, your time is valuable and rather than sort through different statements, reports, and spreadsheets, this consolidated dashboard was built with the power to be versatile for all merchants.
The Chargeback Management tool allows you to easily fight chargebacks, giving you more time to focus on growing your business. In the Dashboard, you can upload the documentation to quickly and easily fight the dispute.
In the Dashboard Reports section, you will find Deposit Summary, Chargebacks, Adjustments, Batch Details, Statements, and Fraud. Using these tools will help you keep track of your payment data without the headaches!
We want to provide you with the best tools and services. Your time should be spent on growing your business, not worrying about the headaches of managing payment data. Let Nexio help you solve your problems. Nexio works hard to manage the chaos of payments.
Photo by energepic.com from Pexels
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