The Top 7 Myths about Payment Processing – Debunked.

I’ve scoured the web for the most common myths regarding payment processing, and why North Payments really means what it says.

1.     “We have 200+ Payment Methods”

Most processors consider each type of credit card and gateway as a method. North Payments really does have over 200 payment methods that the merchant can choose from. We work with over 40 acquiring banks, we are not restricted to one bank, so we can provide as many and any payment method a merchant wishes to take, from China UnionPay to American Express to Apple Pay and PayPal.

2.     “We offer subscription payments.”

North Payments really does offer recurring payments and transactions, and not just via a third party or a wallet. From the start of the application process, we can integrate recurring payments using an acquiring bank in your payment gateway at no extra cost.

3.     “We have easy onboarding”

Most payment processors are just a payment gateway which means you must find your own acquiring bank to provide you with an internet merchant account. At North Payments, we provide both the gateway and an internet merchant account in one package so onboarding really is quick and easy.

4.     “We help with chargebacks and refunds”

It is true that we make money from every transaction you make, regardless of whether the transaction is successful or not, however unlike other payment processors North Payments has a chargeback programme in place to help merchants be proactive and reduce the number of chargebacks they receive. We use a risk reporting software that will also detect and stop fraud before they even become chargebacks. We want our merchants to be as successful as possible.

5.     “We have transparency in pricing”

North Payments is 100% transparent. When you sign a contract with us, we explain that dealing with chargebacks costs extra. However, unlike other payment processors, we have absolutely no monthly or set-up fees and all our processing rates are dependent on your volumes. We do not have a tiered rates system.

6.     “We improve authorisation rates”

At North Payments, we have proof that we have helped one of our clients increase transaction approval rate by 30%, thereby increasing their revenue. We approve more transactions than other payment processors as our fraud and risk technology is the best out there, so it really only stops fraudulent transactions and not real ones.

7.     “We can help anyone sell online”

We really can, as we offer an internet merchant account and payment gateway in one package. It doesn’t matter how many countries you want to trade in, we can provide one acquirer to deal with all your trading needs, unlike other payment processors who will only provide a gateway and also require you to have a separate merchant account for each country you wish to trade in.