Fraudulent Credit Cards

On Jan 17th, 2008 a sting operation in Vancouver, BC thwarted a ring of credit card counterfeiters living the life of luxury entirely funded with other people’s credit. The goods hauled away by police filled several 3 ton moving trucks and values were estimated between $70 000 and $100 000 dollars. The perpetrators had used stolen and manufactured identities to finance everything from high end cameras, televisions, and jewelery to automobiles and a multi-million dollar home. Accounts seized were valued at over $10 million dollars.


Credit card fraud is a multi-billion dollar crime in North America. It is becoming an increasingly popular form of identity theft because of advances in printing technologies and it can be done anonymously with little or no risk of prosecution even if it is discovered. Often card numbers are used to make purchases over the phone or internet, but sometimes advanced schemers may create an actual copy of your credit card complete with magnetic stripe, signature, and security features.


Scam artists have dozens of ways of gathering your information. It may be as simple as convincing an employee at a restaurant, or gas station to copy down credit card numbers throughout the day, or as advanced as planting a bug on point of sale equipment, or even unplugging and replacing a card reader right off the checkout table in a retail outlet. Skimming is the most common and fastest way schemers collect credit card data. The individual carries a small box the size of a pager or cell phone. In the past you had to make a skimmer yourself, however now they can be purchased various places online. By swiping your card the device pulls all data required for counterfeiting right off the card, which can be later downloaded to a computer. Often the data is sent overseas to factories that produce high quality fraudulent cards by the thousands. Cards are then sent out to crime rings throughout the world.


Some of the standard security features found on most types of cards include embossing, micro printing, and printing only visible under black light or ultraviolet light. As technology improves, so does the need for increased security features. Some cards now contain a microchip inside of them which is almost impossible to replicate. Countries that have implemented this system have seen a reduction of this type of credit card fraud reduced by as much as 80%. Some countries also require a PIN number be entered at the time of credit card processing as well. It is the responsibility of store managers to implement procedures to protect customer’s information.


Credit card providers, such as Visa and MasterCard have security procedures and protocols businesses must abide by in order to safeguard both the merchant account and the individual. If you do notice someone has skimmed your card during a transaction call the provider and put a hold on the account. Make a mental note of the individual’s physical description, such as height, weight, hair or eye color, skin tone, and what clothing they are wearing. Immediately report the suspicious individual to law enforcement.

Jennifer Loganathan is the President and CEO of Stradafee Limited. Stradafee is a leading international payments company based in New York. Stradafee is a retail and merchant account provider specializing in credit card processing solutions. Please visit www.stradafee.com for more information.

The Evolution of Commerce

As technology continues to drive evolution in the market place new forms of commerce are being born. In the wake of E-commerce we are now seeing the combination of almost every letter of the alphabet with commerce. The letters V, I, P, T, U and M have joined forces to become voice commerce, internet commerce, proximity commerce, ultimate or ubiquitous commerce, television commerce and mobile commerce.

One trend that seeks to further tap into our impulsive human nature has become known as T-Commerce, or television commerce. Shopping channels and paid advertisements have been around for more than 20 years, but until now we have always had to pick up the phone and talk to someone to make a purchase. Researchers have found this to be a deterrent for some even when they have a strong need or desire for the advertised product. T-commerce allows viewers to purchase items displayed on their television with a press of a button. In some countries such as Taiwan, this has become a multi-billion dollar industry with revenues exceeding all television channels combined.

The technology combines your TV with the internet via a set-top box (STB). The box decodes any interactive features available on a certain program. If you happen to become interested in a particular product your favorite actor or actress is using, navigation with your television remote takes you to more detailed information and even enables you to make a purchase. Other features found in STB’s are hard drives, DVD recording, video on demand, and VoIP support. They also allow for interaction with television games shows, and online auctions.

With increasing demand for this service security requires greater consideration. Although the integrated nature of the systems security is fairly high, there are always risks. The main concerns facing STB developers are compromised credit card information when using merchant services, breach of privacy, and cloned technology. Even though identity theft is the greatest fear among consumers shopping online many do very little or nothing at all in regards to computer security. The implementation of security features is much easier than on PC’s due to the proprietary technology used by STBs. Software could be updated automatically without subscribers even knowing making it nearly impossible for hackers to gain access to user accounts and transfer money to an offshore merchant account.

As markets continue to innovate there is no end to what is possible. Perhaps the day is near where getting people to the polling stations is no longer a problem and we can all vote from the comfort of our couches whilst watching the latest episode of “Lost”.

About the Author: Jennifer Loganthan is the President and CEO of Stradafee Limited. Stradafee is an electronic payments company as well as eCommerce and offshore merchant account provider. Merchant account providers make it possible for businesses to use credit card merchant account processing. For more information on merchant services please visit www.stradafee.com.

Aggregator Accounts Reduce Your Aggravation

Having trouble managing the plethora of financial accounts you’ve acquired over the years? Tired of sorting through check books and online accounts to figure out which bills you’ve paid and which ones are about to be late? These days it is not uncommon for individuals to be faced with 20 to 30, or even more separate accounts to keep track of. Even with online access to all your bank accounts, credit cards, investment accounts, cell phone, cable, utility bills, mortgage, and auto loans it becomes a task can eat up hours of your time. With everything spread out it can be maddening to wrap your brain around your financial position. Unless you are Warren Buffet, this is where online aggregator accounts can save you the aggravation.

Account aggregation is an accounting method of showing many different types of accounts in one place. Logging into one system can give you a bird’s eye view of your financial situation. These systems utilize “screen scraping” to compile data from each of your accounts and will display them on one page for you to review.

Various types of account aggregation solutions are available. With client based systems you download an application that runs from your computer. This type is more secure because all the financial data is stored on your computer. Server based systems store the data on web servers. While less secure you can access the data from anywhere in the world. Some companies offer a hybrid solution. Mobile systems download the data to a portable USB drive you can plug into a computer anywhere you go. Just don’t lose it!

Some people are concerned about possible security risks of these systems, however it may not be as great as one might suspect. Most financial institutions have rigid procedures in place for transferring money out of an account. In the rare circumstance someone is successful in initiating this type of transaction; in most cases it will not take place instantaneously. With regular use of your account aggregator you will most likely notice it before it is processed and be able to cancel it. The reality is that there is more risk handing your credit card to a dishonest store employee than someone accessing your aggregated accounts. The greater risk is to your privacy rather than financial damage.

While account aggregators still need to be setup and managed as well it is far less difficult than dealing with each account on its own. For small businesses that rely heavily on credit card processing there are professional services through internet merchant account providers that can custom tailor a plan that best meets your specific needs.


About the Author: Jennifer Loganthan is the President and CEO of Stradafee Limited. Stradafee is an electronic payments company as well as eCommerce and internet merchant account provider. Merchant account provider make it possible for businesses to use credit card merchant account processing. For more information on credit card processing please visit www.stradafee.com.

Make Point of Sale a Point of Success

Selecting point of sale, or POS, equipment is a critical decision for any small business owner. This is the gateway of financial interaction between your business and its customers. POS equipment is the hardware and software that handles customer transactions and communicates them with merchant account providers if needed. Without them it is impossible to process debit and credit transactions. In today’s marketplace where fewer people than ever carry cash, it is an essential tool for any growing business. These systems include barcode scanners, pin pad entry points, signature stylus, credit card readers or swipers, keyboards, computers, printers, touch screen displays, fingerprint ID’s, and cash registers. A software component that manages user interface and hardware integration is another major factor in the equation.

Choosing specific point of sale components is not as simple as it sounds. A thorough evaluation of you business structure is essential to developing a custom tailored POS system that can carry your business forward. A wireless system is great for mobile vendors or restaurants, while emphasis on customer display may make smoother transactions in a retail outlet. Like the automobile industry, most POS equipment is sold through resellers rather than then manufacturers. Expect to pay between $2000 and $8000 for a high quality custom system fully with a service agreement. While used systems may be less expensive, you may have to install and service the system yourself. Software costs could easily overrun any savings benefits of a used system. Price should not be a major concern in your decision making process. A substandard setup means decreased efficiency, which could cost your business thousands per day in lost revenue. A malfunction at peak hours could run cashier lines out the door, some customers never to return.

POS equipment is divided into two major categories: Hospitality and Retail. Retail systems are less complex as most transactions are done instantaneously. These systems may integrate peripherals such as weigh scales and pole displays to keep the customer informed as items are scanned. Other features could include security features, such as fingerprint ID’s for cashiers. Smooth interface and speedy communication with merchant services is the goal of these systems. Management and organization is the emphasis in the Hospitality sector. In a restaurant setting these systems need to be able to relay orders to a kitchen or bar, manage open accounts as new items are ordered, and track server table responsibilities.

Spend some time analyzing service agreements. Will you receive regular software updates at no additional charges? Will you have to pay for hardware upgrades as your business grows? What is the reputation of the proposing vendor? You need to know if they are going to take care of you when you need it the most.



About the Author: Jennifer Loganthan is the President and CEO of Stradafee Limited. Stradafee is an electronic payments company as well as eCommerce and merchant account providers. For more information on merchant services please visit www.stradafee.com.

WHAT YOU NEED TO KNOW ABOUT OFFSHORE MERCHANT ACCOUNTS

As a lot of us get our initial information on many subjects from the television or at the movies, there is a stigma associated with many terms that lead us to form opinions about terms, industries and the people that make up those industries. One stigmatic term we’ve all heard about at some point or another is, “Offshore banking”. Immediately we are trained to think that something is illicit or not on the up and up; perhaps there is a man in a white suit with dark sunglasses that picks up the money in a stainless steel briefcase, that doubles as a sub-machine gun of course and drops it off at the offshore bank (probably in the Caymens). Now that I have your attention, here’s one more thing you need to know about offshore banking; it’s not bad, in fact it’s probably more commonplace than you think! An offshore merchant account is simply an account set up with a bank outside your home country that processes your credit card transactions domestic or international, while complying with the host countries’ cardholder regulations to avoid any cross-border acquiring issues.

In the era of the internet which brings buyers and sellers together with little more trouble than a time zone difference, many merchants are beginning to see the value in expanding their market internationally. This is the next logical step largely due to the amount of information available internationally, where products and services that we would never hear about may now be available at the stroke of a key. This same concept is catching on to merchants that may be doing business internationally, but processing all of their credit card transactions at the bank down the street. Some of the what these merchants are finding out is that their “card not present transactions” are putting them in a high risk category, even though they may be selling homemade fishing lures in their store, out of their catalog and of course on the internet. They’re paying a higher rate because of this and their bank may have required a security deposit for acquiring their merchant account, due to the high risk factor, and they are afraid of chargebacks. In addition to all of this, it may be impossible at all to obtain a merchant account if your business isn’t adequately established. If you’re reading this and are a little turned off by some of what happens to merchants regarding their domestic merchant account woes, keep reading, it can only get better from here.

Today’s business owner is probably finding success internationally, so the next natural step is to look offshore for their banking needs. Some of the reasons may be that they do a lot of business internationally, low or no security deposits and multi currency processing. Not to mention tax benefits. While high risk and/or offshore merchant accounts may have higher rates associated with them, offshore banks for example in St. Kits, Germany and South Africa offer highly sought after services and competitive rates. Jennifer Loganthan CEO of Stradafee.com, who has good success with her banking partners in these countries commented just the other day, “It’s really the best of both worlds for merchants. They can get reasonable terms while retaining services like multi-currency processing, virtual terminal, direct API and a hosted third party payment page.”
As more and more domestic merchants are looking into offshore merchant accounts, the offshore banking institutions are getting more competitive for US and Western European business. The pieces of the pie are just getting smaller and everyone wants a piece.

Jennifer Loganathan is the President and CEO of Stradafee Limited. Stradafee is a leading international payments company based in New York. Stradafee is a retail and electronic payments provider specializing in ecommerce and Internet merchant account solutions. Stradafee also offers high risk merchant accounts and offshore merchant account options. Stradafee can help businesses of all industries and sizes. For more information on credit card processing visit www.stradafee.com.

What is Credit Card Processing?

If you were reading this article twenty, fifteen or even ten years ago, chances are you would be reading it in a magazine or an industry or trade publication and not on your computer, in your office (hopefully home office), but probably on your laptop in an airport, because your flight was delayed, again. It’s a simple concept that has been around since the inception of credit cards and that is, credit card processing.

We’re going to get back to the definition later, but for now, let’s concentrate on how credit card processing can help you, the merchant. Most importantly, the ability to process credit cards is hopefully something you’re doing now, but maybe you’re unsure if you’re getting the best deal or have had issues with your current processor, bank or merchant service provider. Some of you don’t take credit cards at all; for whatever reasons they’re not good enough and you’re losing business every day that you do not. And finally, some of you had one, lost it or gave it up and realize that it is again necessary, but want to do it properly and through the proper channels. All of these circumstances my readers may be in can be answered easily; you should be dealing with a merchant service provider. The simple answer is that merchant service providers can tailor programs and services specifically to your credit card processing needs.

Whether you take cards in person and swipe them through a terminal or you receive card information via the internet or telephone, you’re looking at a minimum three day process to receive your money. At the end of the first day you’re going to close your batch of sales and submit them (this is done automatically). On the second day, probably before you wake up, the file you sent settles with the bank. By the end of day two, that settlement file is delivered to the bank. At the beginning if day three, your account is funded. This is a basic funding flow, if you process checks online as well that is a separate file and can take longer. As every business and industry has its own set of needs; merchant service providers are a great way of selecting extra services that can enhance your userability and ease of daily fund processing and tracking. Some of these services include ACH check processing, help obtaining a credit card terminal, online reporting tools, virtual terminal for card-not-present transactions, gateway for your internet business, fraud scrubbing for your internet transactions, third-party verification services, and multi-currency processing.

3 Different Credit Card Pricing Methods

There are three pricing methods that you should be aware of, so you know which one may be the best fit for you.

The first is Pass Through, which gives the merchant a choice of per item, per auth, or per basis points. It also has an interchange rate plus per item, dues as well as assessment all passed through to the merchant. There is a monthly fee for this method.

The second is the Tiered method which is for both per item and standard bumps. A 2-tier (for both credit cards and check cards), it has two rates, Qual and Non-Qual; and 3-Tier (for both credit cards and check cards), has three rates, Qual, Mid-Qual, and Non-Qual.

Lastly Bill back, which gives the merchant a choice of a blended per item fee. Merchants that choose this method get a Targeted Discount Rate (2 target rates, one for credit, one for check card) and downgraded transactions are charged by bill back.

In closing, this article doesn’t even come close to actually defining credit card processing, it would be like defining business, because it changes as fast as its customers do. You, the merchant have many choices when it comes to who and how your credit card customers’ money reaches your bank account. Spend the time to contact a merchant service provider to see what services are right for you.

Jennifer Loganathan is the President and CEO of Stradafee Limited an international merchant service provider. Stradafee is a retail and an electronic payments company specializing in global eCommerce and Internet merchant accounts. Merchant accounts make it possible for businesses to provide credit card processing for card present and card-not-present transactions. For more information on credit card processing visit http://http://www.stradafee.com/

HOW TO OBTAIN A HIGH VOLUME MERCHANT ACCOUNT

A problem a lot of merchants have is obtaining a merchant account to process their credit cards and ACH check processing. This is nothing new, as new businesses sprout up every day, and these days, you need to accept credit cards, especially if you want to stay in business. Let me clarify that the problem isn’t in a vendor getting approved for a merchant account, but vendors that need to process card not present transactions, and/or merchants needing high volume merchant accounts not getting what they need from domestic banks and processors. To banks and processors, these high-risk categories are known as MOTO (mail order, telephone order) and online (internet) transactions and are clumped into one category.

The problem lies in the fact that most domestic processors and banks put these merchants in a high risk category, often capping their monthly volume, leaving the merchant in a position where they cannot grow their business. For this reason, these merchants are turning to merchant service providers to secure high volume merchant accounts.

Securing a high risk merchant account is important to the growth of your business and in some cases, detrimental to you if you can’t accept credit cards or ACH check transactions. Working with merchant account providers that specialize in securing high risk accounts for merchants is extremely important, as many times your local bank or current processor will take the business but with stipulations and unreasonable terms.

The next step is working with your merchant service provider to establish your processing capabilities. Does your business require high volume or even unlimited processing capabilities? Do you have volume caps? Most importantly, do you want a domestic or off-shore merchant account? Sometimes, securing a high or unlimited volume merchant account can be obtained by a domestic provider, but if you’re a high risk merchant, that may mean going off-shore. Now that it has been established, that going off shore may be the way you want to go, you will need to select a merchant service provider that specializes in off shore and high risk and high or unlimited volume merchant services.

Working with the types of merchant service providers starts with an application, similar to your domestic merchant application with basic business information including current and projected sales volumes if and when a high risk, high volume merchant account is established. Once your application has been processed, the bank will assess risk. The risk they take on you is dependent on several factors, one of which will be projected volume. They may need to know that if you go out of business, and have received payments and have to cover your chargebacks, that the risk will be as low as possible for them. Chargebacks due to consumer satisfaction or fulfillment issues also have bearing on the type of limits and conditions on your new account. Yes, there are safer products and services for banks to process merchant cards and online checks for.

More commonly and as stated in the first paragraph, high risk merchant accounts are when you the merchant processes a credit card for a transaction when it or the holder is not present to sign the sales slip. These are MOTO (mail order, telephone order) or internet sales. These types of transactions riskier to banks due to fraud and stolen credit cards as well as identity theft. A common misconception is that a high risk merchant account is obtained for illegal, black or gray market goods or illicit services. This is not true. Banks research merchants thoroughly and do not accept any risk at all on them, leaving them with no merchant account or processing capabilities.

A good merchant service provider will offer you the merchant services such as an online virtual terminal, fraud scrubbing, multi-currency processing, direct bank MID (merchant identification), third party aggregator, twenty four hour real-time reporting and the ability to accept all major credit cards that include Visa, Master Card, American Express, Discover, Switch, Solo and JCB. These services are all done in-house by your merchant service provider and offer you and your customers a safe processing environment. Not all merchant service providers can offer these services and handle your high volume business, so research is important.

Many businesses need high volume merchant accounts to keep up with consumer trends and grow their businesses. Your choice to work with a merchant service provider that specializes in high volume and high risk is well in the mainstream of card service and online check processing today. By working with an experienced and reputable merchant service provider, you can ensure the security and vitality your business for years to come.

About the Author: Jennifer Loganathan is the President and CEO of Stradafee Limited. Stradafee is an electronic payments company as well as an eCommerce and High Risk merchant account provider. Merchant accounts make it possible for businesses to use credit card merchant account processing. For more information on credit card processing visit www.stradafee.com.

Understand Merchant Accounts

Even though a merchant account is considered one of the most valuable processing assets a business owner can have, many businesses spend a small amount of time actually dissecting and learning about merchant accounts. Through hidden costs and overcharging, merchant account providers can easily manipulate small business owners into processing situations that are much worse than they need to be. Merchant providers like these depend on the fact that business owners don’t want to take the time to learn about merchant accounts themselves and would rather just have it set up and be done with it. The thing is, merchant accounts not really very complicated, and within even a few hours most people will find themselves in a much better place to make a decision on the right merchant account provider.

Though merchant accounts are considered to be an insignificant part of doing business to some, they actually impact every single transaction that is made through a credit card. Even though credit card processing may seem boring or complicated, and it may seem that there are so many other things that are more important, merchant accounts are foundational components to a successful business. The only time credit card processing usually gets some attention is when it is not working properly or the charges seem to be outrageous, and by setting up the right merchant account to begin with, these problems can be vastly diminished.

The first step is to do some research and shop around. Even taking a few hours to search the web for various pricings and charges will help you make a much better decision. In the case of a new business, it is wise to spend time researching weeks prior to an actual need for credit card processing. This will prevent yourself from being rushed into a decision that you will regret. Internet merchant account research should include topics like the different types of merchant accounts, the fees associated, common problems, initial costs, and actual rates.

When it comes time to choose, be sure you pay attention to the actual transaction charge rates. It is surprising how many customers will actually sign a merchant contract without ever seeing their rates. Even if you have already discussed the rates with a sales representative, make sure they are correctly noted in the application. Also, if the rate looks a little too amazing, make sure you read the fine print. Be on the look out for other hidden fees or charges, because as most things, if it seems too good, it probably is.

The most important part of the process is to take your time. By rushing an application you only leave yourself open to make a mistake that might cost you thousands in fees and transaction percentages. This is something your business will have for a long time, and in order for things to run smoothly and at a minimal cost, a good merchant account is extremely important.

About the Author: Jennifer Loganathan is the President and CEO of Stradafee Limited. Stradafee is an electronic payments company as well as an eCommerce and Internet merchant account provider. Merchant accounts make it possible for businesses to provide online credit card processing. For more information on credit card processing visit www.stradafee.com.

Online Offshore Merchant Account

Why do you need an Offshore Merchant Account?

Many online businesses look for a merchant account offshore for various reasons, ex. have large volume requirements, fast business growth, cannot be approved at a standard processing bank due to new regulations poor credit, or the type of products or service that they sell. By processing through an offshore processing bank, your business may qualify for no monthly or yearly volume limits, and very lenient product type requirements, so your business will never be hindered by the strict guidelines of a domestic processing bank. Many businesses such as software, website hosting and electronics fall into the high risk category and must use an offshore merchant account. Some of the largest and most respected businesses in the world use offshore processors due to their growth and product types.

Increase need for Offshore Merchant Accounts

The growing need for offshore merchant accounts continues to increase. Due to US laws and regulation changes in the Untied States, banks and processors have tightened their due diligence and acceptance to merchants processing payments online. If your business is growing and due to increased sales and your U.S. acquiring bank is threatening to terminate your merchant account, then you will need to start seeking and offshore merchant account? Offshore merchant accounts have become a necessary aspect of the ecommerce world.

What to expect with an Offshore Merchant Account

• Accept MasterCard, Visa, American Express, Discover, Switch, Solo and JCB
• Multi-Currency credit card processing
• Gateway – to process your electronic payments, normally offered free by merchant service providers.
• Shopping Cart – Offshore merchant accounts are compatible with most leading shopping cart vendors.
• High approval rates, even if you do not have perfect credit you there should not be an issue with you obtaining a merchant account.
• Virtual Terminal – To enter MOTO orders
• Recurring billing – ability to auto bill recurring payments.
• Check accept – ability to accept checks online though your offshore provider,
• Online View – Ability to access your merchant account activity online 24 hours per day, 7 days a week.

Online Commerce has become an important sales source for businesses throughout the world. The internet allows an unlimited amount of customers, which makes doing business on the internet very appealing. An offshore merchant account is what you will need to grow your business. With an offshore merchant account you will not have to worry about jeopardizing your merchant account for growing your business!

Jennifer Loganathan is the President and CEO of Stradafee Limited. Stradafee is a leading international payments company based in New York. Stradafee is a retail and electronic payments provider specializing in ecommerce and Internet merchant account solutions. Stradafee also offers high risk merchant accounts and offshore merchant account options. Stradafee can help businesses of all industries and sizes. For more information on credit card processing visit www.stradafee.com.

Stradafee.com Application Process

Below are details outlining what to expect with the Stradafee merchant application process.
Contact us and we can e-mail you a merchant application or click the apply now / sign up button to get started. The apply now button will open up the pre-qualifying information and will proceed from there to direct you through the merchant application process. Should our staff require further information or if there is information missing from the merchant enrollment forms then your application will be held up in underwriting.

Make sure to have the following documents hand for upload into the online merchant application =

• Corporate Documents
• 6 Months Processing Statements (if you have)
• Notarized Passport
• Bank Reference Letter
• Utility Bill
• Estimated Monthly Sales to Stradafee.com
• Currencies Required
• Merchant Type (ex. ecommerce, Retail, High Risk, High Volume, International, Offshore, etc)

Once the merchant enrollment form is completed please click on the submit button to forward on to us.

Stradafee’s due diligence takes 24 to 48 hours.

Upon approval we will notify you if you have to submit to us additional information. You may be required to sign a final contract. If this is not required then will send you the temporary log ins and pass code for the admin. From there you can log into the admin and download the instructions. We offer a third party payment page or a direct API.

After integration you may start submitting us your transactions for processing.

Depending on your specific merchant type and processing history. The entire process can take 24 / 48 hours – 2 weeks. Items that will cause a delay will be holidays, missing information & paperwork.

Jennifer Loganathan is the President and CEO of Stradafee Limited. Stradafee is a leading international payments company based in New York. Stradafee is a retail and electronic payments provider specializing in ecommerce and Internet merchant account solutions. Stradafee also offers high risk merchant accounts and offshore merchant account options. Stradafee can help businesses of all industries and sizes. For more information on credit card processing visit www.stradafee.com.

YOU, ELECTRONIC PAYMENTS AND THE GLOBAL ECONOMY

As markets get bigger, marketplaces get smaller, right? Today, we regularly purchase products from other countries, sometimes without knowing we are. The internet has made it extremely easy to do a day’s worth of shopping in about an hour in front of your computer; which is often a lot more shopping than you would do normally, due to our busy lifestyles. Online merchants are finding it increasingly difficult to keep up with their online customers and electronic payments, which, in some cases, leads to sacrifices to their local storefronts and their community. As online merchants, we all know the wave of the future is keystroke marketing, online transactions and electronic payments.

Many of you who still maintain a storefront, often contemplate closing the doors and eliminating a lot of your overhead and focusing your time to grow your online business. While this is scrutinized on a daily basis in town board meetings and by small town folks, the fact still remains that businesses need to turn inventory, make a profit and grow. In some areas, the cost of maintaining a storefront is just getting to be too much to bear. In others, online business is more convenient and cheaper than traveling to the store and paying more. In almost every scenario, making purchases over the internet is easier, cheaper and more convenient. As online merchants, your electronic payment solution is very much the driving force keeping your virtual storefront afloat. Much like websites have added dimensional sizing charts, virtual inventory and proprietary chatrooms; online banking and the use of electronic payment companies have helped our customers overcome many of the hurdles that, in years past made it difficult and frustrating for them to grow their online business, while maintaining a storefront.

Stradafee is a company located in the United States that offers services to both domestic and international ecommerce vendors. For many of you, your current electronic payment service provider is your local bank or credit card processor (which can be anywhere in the world); both of these options leave you, the vendor, with limited options, many times just one. If you could draw a comparison between your electronic payment options today versus the way they were at the inception you would be left with a one size all merchant account. That idea offered by payment processors did not work and still does not work. Leaving the merchant left tailoring their business to fit into the processing solution offered by the payment processor. Now the merchant has options. Stradafee.com offers the merchant multiple solutions to fit their needs, not the needs of the credit card processor. We have multiple payment options to choose from. At stradafee.com our payment processing solutions can be tailored to fit your businesses needs. Stradafee.com offers online merchant accounts, retail merchant accounts, multi-currency processing, high risk merchant accounts, multiple payment cycles, both domestic and off-shore. Some of which include credit card virtual terminals, and unlimited processing volume.

In today’s marketplace, identity theft, chargebacks and online fraud are common pitfalls for both storefront owners and online merchants; our customers need to be prepared to deal with these issues and still get paid. Unfortunately, for the old guard, businesses have changed and adapted to the wave of internet crime that gets between honest vendors and their money.

Today, more and more people that process credit cards and accept checks online and over the telephone are bringing their business to Stradafee.com and other companies like them to achieve a custom tailored solution to their online processing needs. Stradafee.com can help you process your electronic payments in US dollars, Euros and many other foreign currencies. If you are an international business and want to concentrate on foreign non-European markets or expand to European and US markets, Stradafee.com can help you process in over 125 currencies worldwide.

Jennifer Loganathan is the President and CEO of Stradafee Limited. Stradafee is a leading international payments company based in New York. Stradafee is a retail and electronic payments provider specializing in ecommerce and Internet merchant account solutions. Stradafee also offers high risk merchant accounts and offshore merchant account options. Stradafee can help businesses of all industries and sizes. For more information on credit card processing visit www.stradafee.com.

SSL for Merchant Accounts

One of the few intimidating factors of online business is security. Some business owners are timid to launch into the online retail world for fear of fraud or identity theft for themselves or their customers. That is why it is important to choose an internet merchant account provider that uses SSL encryption to protect your information as well as your clients identity and payment information. With SSL encryption, you can rest assured that your business transactions are secure and protected.

Secure Sockets Layer, or SSL is basically a way to transfer data with military grade security. This extremely popular and proven method is utilized by every browser and web server, as well as virtually every transaction website of any significance. SSL is basically a form of encryption that disguises the information transferred on the Internet. Anyone can tell that a page uses SSL encryption by looking at the prefix of the url. Those web pages with encryption will usually start with the letters “https”. When information is encrypted, it is basically written in a form of code that is extremely difficult to break without the encryption key.

Web browsers, such as Internet Explorer Firefox, utilize SSL by having digital certificates that serve as their SSL identities. These certificates are used to create public encryption keys that are sent by the browser after the initial authentication of a transaction. The website’s server then decrypts the key and another set of keys is created for simultaneous negotiations that may follow. Once the keys are generated, the transmissions or transfers begin through a secure tunnel, which is also extremely secure.

This kind of protection is extremely important for any online merchandiser, service provider, or any business that deals with private information of any kind. Not only for the protection of clients, but also for building the right kind of trust for clients to feel comfortable in making online transactions. SSL should also be considered extremely valuable to those involved in industries where fraud is quite common. Industries that people are already suspicious about need to offer some sort of security guarantee in order for customers or patrons to feel comfortable doing business with them through the web.

Secure encryption like SSL adds protection for you and your customers as well as providing legitimacy and trustworthiness amongst your clientele. Take the time to make sure your merchant account provider, or payment gateway uses the proper encryption so that you are not left vulnerable to fraud or responsible for someone else who is.

About the Author: Jennifer Loganathan is the President and CEO of Stradafee Limited. Stradafee is an electronic payments company as well as an eCommerce and Internet merchant account provider. Merchant accounts make it possible for businesses to provide online credit card processing. For more information on credit card processing visit www.stradafee.com.

Getting Your High Risk Merchant Account

There are various industries that have difficulty securing merchant accounts for credit card processing, whether for online business, telemarketing, or anyone that might be in the travel and vacation industry. If you are getting into a similar industry or have had trouble getting a merchant account, you are probably considering a high risk merchant account, but even to obtain a merchant account like this, most providers have some criteria. Here are just a few ways to make sure you are prepared to set up a high risk merchant account so that the process will be as smooth as possible.

Merchant account providers consider many aspects of your business when defining terms or granting merchant services, information such as the age and credit history of a business as well as any record of previous merchant accounts. The length of time that you have been conducting business is an important factor because merchant providers want to know that you understand how to operate professionally and have the ability to spot potential fraud or risks associated with your line of business. No matter how much an owner or operator may know about risks and fraudulent possibilities, experience is the best assurance.

Your personal or business' credit report is another important consideration for merchant providers, which is why it is important to maintain a reasonable credit score. Any judgments, bankruptcies, or liens that are filed against you are not favorable for merchant account applications. Showing a reasonable debt to income ratio, maintaining a high credit score, and making responsible payments on debts are all important qualities. However, beyond these fundamental criteria, there are few other things a business can do to make themselves more eligible for a high risk merchant account.

You must be honest about previous accounts because it is important to show that acknowledgement of the challenges you have already faced. Not only will service providers find out this information anyway, but they want to know how you deal with your financial challenges. You will also need to be willing to pay higher fees to cover special high risk account requirements, and in order to do that, you need to understand the value of credit card processing. Pay attention to discounted rates, when a merchant provider will charge a smaller percentage on each transaction if your total sales reach a certain number.

With financial responsibility, experience, longevity, and a clean history, securing a high risk merchant account is easy. Just make sure you do your homework and take care of any financial responsibilities you already have. Once you have obtained your first merchant account, the next one will be much easier, until eventually your business might not even be considered high risk.


About the Author: Jennifer Loganathan is the President and CEO of Stradafee Limited. Stradafee is an electronic payments company as well as an eCommerce and High Risk merchant account provider. Merchant accounts make it possible for businesses to use credit card merchant account processing. For more information on credit card processing visit www.stradafee.com.