How to Choose a Merchant of Record Solution

  • What is a Merchant of Record
  • How to be your Merchant of Record
  • How to partner with a third party, and
  • How to choose a Merchant of Record
  • You can use a Merchant of Record provider to process transactions on your behalf, or
  • You can act as an MOR for your business and process transactions yourself.

How to be your Merchant of Record

  • Opening and maintaining the merchant account
  • Handling chargebacks and refunds
  • Negotiating credit card processing fees
  • Ensuring you are compliant with data protection requirements
  • Preventing online fraud
  • Complying with local taxes and regulations
  • To create or have in place an information security policy
  • Have processes and programs in place to protect customer data
  • Use a firewall
  • Use secure systems and ensure they are maintained

How to partner with a Merchant of Record

  • You can outsource back-office operations to the MoR while you focus on scaling your business
  • It saves you time and hassle by handling financial and administrative responsibilities like tax calculations and refunds.
  • It gives you the peace of mind of being compliant with global standards.
  • It can make it faster and easier to sell your products and services internationally.

How to choose a Merchant of Record

  • Currencies and Language Support: A good Merchant of Record should support multiple currencies and languages to allows you to sell globally without any exchange hiccups or transaction barriers.
  • Payment Channels: Ensure your Merchant of Record supports multiple payment methods like credit cards, debit cards, PayPal, e-wallet transactions. Customers expect to have access to various payment options, and having them means you sell more.
  • Refund, Chargeback, and Dispute Policy: What are your refund and chargeback policies, and what kind of dispute resolution services do you offer? Convoluted or unhelpful policies could alienate customers, diminish your return business, and create headaches for you.
  • Website Integration: Choose a Merchant of Record that easily integrates with your website or hosting platform.
  • Branding: Consistent branding is essential for marketing purposes. While this could not be a priority, you can always check your options.
  • Mobile Experience: In 2021, 72.9% of all retail eCommerce is expected to be generated via m-commerce, up from 58.9% in 2017. Ensure your Merchant of Record has an excellent mobile experience for sale.
  • Pricing: Merchants of Record charge a percentage of every transaction for their services, much like PSPs do, which differs by the providers. Before settling for any Merchant of Record, ask for a complete rundown of their fees to avoid hidden costs.

Conclusion

2Checkout (now Verifone) is the leading all-in-one monetization platform for global businesses built to help clients drive sales growth across channels.

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

Corporate Innovation — Disrupting from the Inside Out

What’s in a Name?

Brand Extension Lessons From Intel -The Brand Portfolio Strategy

The Sustainable Revolution: Archer Announces OEM Partnership with Fiat Chrysler Automobiles…

How To Search For Business Ideas

Contextualizing the Starbucks / Volvo EV charging partnership announcement

Realizing Business Value From Digital Transformation Initiatives

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
2Checkout (now Verifone)

2Checkout (now Verifone)

2Checkout (now Verifone) is the leading all-in-one monetization platform for global businesses built to help clients drive sales growth across channels.

More from Medium

Steer Your Managed IT Firm Away from Lead Generation Mistakes

3 Incredibly Useful Tips For People Who Want To Start A Small Business!

The Top Business Podcasts of 2022

Will Covid End in 2022? Ripple Effects on Amazon Two Years In