Merchants, especially large merchants with multiple channels to market, have significant payments requirements. At the same time they want to be able to focus on what they do best: selling their goods and services to their customers.
From their perspective, their payments provider(s) should be efficient, slick and cost effective.
There are multiple payments topics that merchants do need to consider; such as deciding which payment types to accept via which sales channels, and picking a payments provider – or providers – to meet that need.
Payments Card Industry Data Security Standards (PCI-DSS) for example includes requirements for security management, policies, procedures, network architecture, software design and other critical protective measures. Compliance with this has become a mandatory requirement for many market participants.
Other key areas of focus for merchants include :
- Mobile apps & wallets.
- Loyalty solutions.
- Prepaid and gift cards.
- Technology decisions e.g. BLE, NFC, LBS, QR codes, etc.
Another key merchant consideration is whether to offer Dynamic Currency Conversion, or DCC (sometimes known as Cardholder Preferred Currency or CPC) at the point of sale. This is the process by which a cardholder can sign against a total amount displayed in their domestic currency when purchasing goods or services overseas. The exchange rate calculation and foreign exchange charge is applied by the acquirer (or their designated service partner) prior to the transaction being submitted to the issuer.
Key questions and Accourt focus:
- Business implication of PCI-DSS?
- Acquirer or PSP partner selection.
- What is DCC, and should I take advantage of it? If so, how?
- Charge back reduction efficiency.
- Retailer branded payment cards value proposition – prepaid, credit or both?
- Capitalising on m-commerce.
- App development and functionality.
- Opportunities from Single Euro Payments Area (SEPA).
- Business case for contactless payments.
Why Choose Accourt
We have a team of high calibre individuals who have successfully managed numerous Regulatory and Payment Scheme applications for organisations wishing to apply for full banking, electronic money and PI licences. Our seasoned experts have both the relevant IP, hands-on experience and operational know-how to ensure successful applications.