The Prepaid Payment Advantage
With prepaid card transactions, merchants’ risk of chargeback is almost nil in that the funds are being deducted from the loaded balances, not against credit lines. Gift card payment APIs offered by major processors like Blackhawk Network and InComm check card balances in real time before clearing the transaction. For cross-border sales, products like Paysafecard allow a cash-paying consumer to shop online by purchasing vouchers from retail outlets. Prepaid’s irreversible transactions are, therefore, a blessing for high-risk merchants, where one is assured of funds irrespective of future disputes once a prepaid card transaction is cleared. Current instances tokenize prepaid card numbers in the same manner as credit cards, allowing for secure storage for recurring billing applications.
Optimizing Prepaid Card Acceptance
Accentuate the prepaid conversion by having card logos more pronouncedly plastered. This includes, but is not limited to, Visa/Mastercard gift cards, prepaid American Express. Implement balance-check APIs that remind customers before a transaction ends up declined for lack of funds. For brick-and-mortar retailers, POS systems will trigger precise amounts from prepaid cards without labor-intensive manual typing. Give branded e-gift cards using GiftUp: those convert much better than generic prepaid. Fraud avoidance addresses velocity filtering (holding back high volume sequences of low amount transactions that indicate card testing) and geographic pattern screening (since prepaid fraud often comes from defined geographic areas) policy definition based on prepaid card payments since these normally are not subject to ordinary refunding policies.
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