For more than a decade, chargebacks were simply part of the cost of doing business. Merchants understood that where there were sales, there would also be chargebacks. This is no longer the case, especially for merchants that hover around the 1% of sales/100 chargebacks-per-month threshold. Merchants cannot afford to brush chargebacks under the rug.
Why? These merchants risk losing their merchant account services. Without a merchant account, they will be unable to accept their customers debit and credit card transactions.
Another issue are false declines. Many merchants say that false declines are a bigger problem for their business than chargebacks. Either way, both are a serious problem for any merchant. In fact, if left unattended, they can quickly lead to a business having to close their doors.
Consider the following alarming figures on false declines:
- It is forecasted that there will be $2.8 trillion in online shopping transactions in 2019.
- 6 percent of online orders will be declined.
- 30-70 percent of those declines will actually be legitimate, resulting in $48.5 billion in lost sales. (A loss for not only merchants, but payment processors and acquiring banks).
The Truth about Damaging False Declines
When it comes to merchant account services, you …
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It seems that the right to use marijuana outside the house legally will not become a reality in the near future in Massachusetts. However, legal sales of marijuana for adults remain on schedule starting July 1, although the regulations governing the industry are currently still designed.
The Cannabis Decision Making Commission of Massachusetts chose in late February to postpone the act of giving a “social consumption” license for marijuana. The idea of creating marijuana cafes where people can enter, buy marijuana and use it there – like people entering bars and ordering a beer – proved too controversial for many state leaders. Activities to establish marijuana cafes are postponed until autumn 2018, with a new proposal prepared in February 2019 at the earliest.
The concept of the cafe The idea is to give a limited license of the establishment with the right to sell and allow the use of marijuana on their property. This will give consumers a place to enjoy marijuana outside their private residence. Like every other country where marijuana is legal, public consumption of marijuana is currently prohibited. And this step will also open another avenue for entrepreneurs who want to enter the legal marijuana business. In …