India is Banned Country for Onshore Processor due to Excessive Chargebacks
This is the time of online business. No merchant can even imagine about surviving in the market using the traditional methodology. Online payments have unveiled countless opportunities for both merchants and customers. Now businesses are not restricted to specific geographical location. With help of World Wide Web, merchants can explore new possibilities for themselves. Similarly, customers also get the long list option to choose from.
In call this, payment processors plays a vital role as no business can survive without accepting the amount for the product or service sold. These payment processors have certain guidelines which they need to follow for welfare of customers and merchants. Processors have a fixed percentage up to which they can tolerate the chargebacks from the merchants. If the merchants exceed that limit, the processors suspend or terminate the payment processing services temporarily or permanently.
Few days ago, we have seen one of such scene when many major payment processors banned the inland transactions which in India. Payment processors including EU Pays were bound to take this step because of the large amount of fraud transactions which results in chargebacks.
The authorities of EU Pays told us that they have taken this step to safeguard the interest the interest of company and customers against the fraud. They explained that EU Pays is a high risk payment gateway that supports the merchants even if they receive chargebacks up to the safe limit. But, as the limit of chargebacks exceeded, the company has taken the decision to suspend the inland payment processing for a while. The processing will be again back to normal soon. However, the company is still supporting off shore transactions like before.
India is a land of myriad opportunities. It is a great market for foreign and local businesses and this decision will affect the online businesses for sure. This the time of demonetization in India which has proved fortunate for online vendors but as they say every coin has twin sides, so this has given birth to frauds and other ill practices. This has forced the payment processors to take this corrective step to put a check on fraud transactions. We hope that the situation will be normal soon.
EU Pays, believes in serving the high risk merchants in the best possible ways. We offer merchant account for high risk business and also update the merchants wit the latest happenings in the payment industry. Apply now to get instant approval.