The Chargeback Evolution

A wave of chargebacks could be headed toward the payment industry due to the Coronavirus pandemic.  According to VISA, in 2015 over 2.6 million chargebacks were initiated because cardholders didn’t recognize the transactions and nearly a quarter of them were related to digital goods. 

Five years later we are in the middle of a global pandemic and online transactions are up, everyone is turning to digital transactions.  In Cathy’s latest XBIZ column, Segpay’s team of experts breaks down some of the major changes in the drive to eliminate chargebacks and what they mean to you.

“Chargeback resolution services continue to evolve for all card brands,” said Segpay CEO Cathy Beardsley. “For example, Mastercard is now using the Ethoca Eliminator solution that aims to mitigate incoming friendly fraud disputes on the spot providing cardholders with instant access to real-time merchant intelligence the moment a call is made to a bank or an inquiry has been made through their desktop or mobile banking app.”

Learn more about the changes to VISA’s Merchant Purchase Inquiry Program, the card brand’s call types and instant reporting and how, just like magic you can to turn a chargeback into a refund by reading the full column here.

Update: New VISA Regulation

As we shared last week, the Coronavirus has impacted many aspects of the business world including upcoming changes to VISA’s Free Trial program.  VISA has announced it is going to move forward with new regulations of free trials or introductory offers to its clients beginning April 18th.  Segpay is ready to implement these updates and will have them in place. 

There is one aspect of the regulations that won’t be implemented for another year, the requirement of an additional description indicating that a “free trial” or “trial period” and a paid subscription is about to begin.  Segpay’s merchants will receive an e-mail notification seven days before a trial converts.  The effective date of this requirement is April 17, 2021. 

VISA Postpones Free Trial Update

VISA has decided to delay the implementation of its free trial update by three months because of the deadly Coronavirus.  Segpay CEO Cathy Beardsley recently explained the new VISA changes in her January 2020 XBIZ column.  The new regulation will apply to merchants selling either physical or digital goods and services through free trials or introductory promotions.

“This regulation will impact acceptance, disclosure, and dispute policies if your ongoing subscription or recurring agreement is different than the price or period the customer signed up for initially,” said Beardsley.  “It was designed to make canceling offers easier and make dispute rights clearer.”

Some changes include:

  • The email notification must include some specific disclosures such as the subscription agreement, the start date, details of the goods and services, ongoing transaction amount and billing frequency, and a simple method to cancel online (very little will change here for most merchants).
  • The descriptor for the first financial transaction will now have to include the word “trial.”
  • If the free trial or introductory promotion is over seven days in length, the consumer must be notified seven days before the next transaction is initiated.  They must also be provided with an easy method to cancel online.

Segpay has already implemented these updates but will wait to put them into place until July 17, 2020, the new date it will be required by VISA.  To read VISA’s entire free trial regulation click here.  If you have any questions we are happy to help, please reach out at Sales@Segpay.com.

VISA Postpones Free Trial Update

VISA has decided to delay the implementation of its free trial update by three months because of the deadly Coronavirus.  Segpay CEO Cathy Beardsley recently explained the new VISA changes in her January 2020 XBIZ column.  The new regulation will apply to merchants selling either physical or digital goods and services through free trials or introductory promotions.

“This regulation will impact acceptance, disclosure, and dispute policies if your ongoing subscription or recurring agreement is different than the price or period the customer signed up for initially,” said Beardsley.  “It was designed to make canceling offers easier and make dispute rights clearer.”

Some changes include:

  • The email notification must include some specific disclosures such as the subscription agreement, the start date, details of the goods and services, ongoing transaction amount and billing frequency, and a simple method to cancel online (very little will change here for most merchants).
  • The descriptor for the first financial transaction will now have to include the word “trial.”
  • If the free trial or introductory promotion is over seven days in length, the consumer must be notified seven days before the next transaction is initiated.  They must also be provided with an easy method to cancel online.

Segpay has already implemented these updates but will wait to put them into place until July 17, 2020, the new date it will be required by VISA.  To read VISA’s entire free trial regulation click here.  If you have any questions we are happy to help, please reach out at Sales@Segpay.com.

Spring-Cleaning Your Business

Love it or hate it, spring-cleaning is a necessary evil, something that should be conducted in your home and your business.  In Cathy’s latest XBIZ Column, the Segpay executive team shares the top four ways to develop and perform your business’s spring-cleaning plan.  By looking into the deepest corners of your company you could uncover a bundle of cash.

“It’s easy to hand out corporate credit cards to cover everyday business expenses but how often do you really review the purchases that are made on those cards and are you paying for things you no longer use,” asks Segpay CEO Cathy Beardsley.  “Thanks to a review done by our VP of finance, we were able to save over $20,000 per month.”

Learn how to spring clean your business with these tips here.

A Momentous Occasion. A Time to Say Thanks!

Next Wednesday, April 1st, Segpay will reach a momentous corporate milestone: Our 15th Anniversary in business.

While our celebration is a bit subdued because of the Coronavirus crisis, we didn’t want to let the occasion pass without thanking you, our valued clients and partners for helping us get to where we are today. You can read more details in our official announcement below.

This news follows our announcement last week that PayPal has been integrated into the Segpay payment processing platform. This is a significant development for our merchants, and we invite you to take advantage of this new offering.

We are thankful for the trust you put in Segpay to meet your payment processing needs and look forward to the next 15 years of getting you paid first!

SEGPAY CELEBRATES 15TH YEAR IN BUSINESS

Unveils Payment Processing Enhancements and Commemorative Branding

FT. LAUDERDALE, Fla. (March 24, 2020)Segpay, a global leader in online payment processing, today announced that on April 1st, it would reach a major corporate milestone: the company’s 15th year in business. This momentous occasion is the launching point for a year-long integrated marketing campaign to promote new payment processing options and enhanced merchant service offerings—all backed by unmatched customer service.

Over the past 15 years Segpay has developed a stellar reputation, by focusing on paying and always putting its clients first. Today, Segpay is trusted by the biggest and best-known brands in the high-risk payment category.  It offers state of the art payment processing services via a robust, full-featured platform that includes proprietary gateway technologies and a cutting-edge Fraud Mitigation System ™.  Headquartered in Deerfield Beach, Florida Segpay’s reach has grown globally with offices and outposts around the world including London, Dublin, Toronto and Manila. 

“We listen and learn from our merchants and this feedback has been the key to our 15- years of success,” said Segpay CEO Cathy Beardsley.  “It’s our goal to continue to be on the forefront of the ever-changing rules and regulations to ensure safe, secure and compliant payment processing for our merchants.”

In honor of Segpay’s 15th anniversary, the company’s unveiled a commemorative logo, developed by its long-time agency partner Creaxion®. The new branding will replace the company’s traditional logo across all advertising platforms over the next year.  The number “15” is centred in the new logo to symbolize strength and utilizes Segpay’s unique “arrow” icon to complete the “5” in the number. The dark blue color in the Segpay brand identity conveys trust, transparency and stability. The orange is symbolic of innovation and endurance.  A series of new, print and digital ads will support Segpay’s 15th anniversary campaign.

 “We’ve built a company to last by always putting the customer first,” added Ms. Beardsley. “That’s our ‘secret sauce’ and the model we plan to follow for the next 15 years.”

About Segpay

Segpay is a global leader in merchant services, offering custom solutions including payment facilitator, direct merchant accounts and secure gateway services.  The company specializes in online credit card processing for e-commerce and subscription services for global merchants and is a payment solution provider with all major brands including Visa, MasterCard and PayPal.  Segpay provides secure turnkey solutions to accept online payments, with a guarantee that funds are always safe and protected with its proprietary Fraud Mitigation System™ and unmatched customer service and support.  For more information, visit http://www.segpay.com/.

Get on The Beta Bus! PayPal is Now Available.

Segpay is pleased to announce that PayPal is now integrated into our payment processing platform.  For the past several weeks, a select number of Segpay merchants have been in a closed beta, testing PayPal as a payment option—and the results have been great.

So, we’ve decided to open the beta test to any merchant that wants to participate. Contact your account manager now, or reach out to us at Sales@Segpay.com and we’ll get you started. Give PayPal a go and help us identify any “edge bugs” that might be out there. We welcome your feedback on the integration and also your ideas on what we can do to make the service better before we take it worldwide.

“For years, our clients have been asking for PayPal as a payment option, and today we’re pleased to deliver it,” said Cathy Beardsley. “We’re excited to partner with PayPal and it’s just another way we’re there for our merchants—All The Way to Paid™.”

Segpay’s target go-live date for the full PayPal integration is Mid-april.  Again, contact our support team or your account manager now to get started.

The European Summit

The TES Affiliate Conference in Lisbon Portugal is in full swing and Segpay is excited to be hosting a special panel discussion entitled: “Data Deep Dive- How Well Do You Know Your Data?” on Sunday, March 1st at 4pm local time.  We’ll be discussing how well you understand the data your business collects and ask, “Is that data working for you?”  Segpay VP of Operations, Jeff Rosenzweig, will lead the conversation as we explore how we all win by understanding our data better.  Jeff will be joined by a panel of experts including Big Bucks Revenue VP of Sales and Marketing Todd Moran, VS Media Inc. President Brad Estes, VP of Billing for Paper Street Media, Cedrick Langue and Vibtech’s Jim Austin.  Remember, the more you can optimize your services, the more you can get paid!  Don’t leave money on the proverbial table!  This presentation will be hosted inside the Oitavos, Lisbon-Cascais Hotel in Portugal, Room 4.  Hope to see you there!

Four Reasons Everyone Wins When Competition Thrives

No matter what type of business you’re in, one thing is for sure, competition has made it better!  In Cathy’s latest XBIZ column, she shares how Segpay got started and how having multiple payment processors in the high risk space has led to big benefits for merchants.  

“If we don’t welcome competition, we will be disrupted, if not destroyed.  Just ask cab companies in the new era of Uber and Lyft, or hotels and the rental housing market with the advent of Airbnb.  Competition in our industry has forced all payment processors to provide innovative solutions, backed by solid customer service-which has led to lower fees, better conversion rates and enhanced fraud mitigation tools,” said Segpay CEO Cathy Beardsley.

Find out more by reading Cathy’s column on XBIZ.com.