Business services
Merchant account for travel agency: what it is and why you need one
Getting the right merchant account for travel agency use is a crucial part of the travel industry. Reliable payment solutions are needed to handle large volumes of payments, both locally and internationally. A solid travel merchant account is the foundation for accepting online debit and credit card payments. It means these companies can accept payments from around the world seamlessly. We’ll be looking at what travel merchant accounts are, why they’re important, and how you can open one. What is a merchant account for travel agency use, and how does it help your online credit card processing? Find out in
Business services
Why are ecommerce merchant accounts considered high-risk?
A merchant account is a special bank account that has a single important role: to accept payments from customers via credit card or debit card payments. No expenses or taxation, like using a business bank account, just pure payment processing from clients. So, how could it be considered high-risk? Among payment processing providers, high-risk usually refers to certain industries that are considered high risk in terms of frequent chargebacks and fraud risk. In reality, any businesses or transactions that are more likely to result in financial loss for banks or a payment processor would be considered high-risk businesses. When a
Business services
How hard is it to get a merchant account
If you run an online business, a merchant account is a very useful tool that lets you accept payments from a single credit card, multiple debit cards, or other types of electronic payments, separating it from your main business bank account. So, if any business owner were to ask us, “How hard is it to get a merchant account?” The short answer: it sadly depends on different things. Many, if not most, providers share a no-high-risk business policy; others charge additional fees because of the risk profile and high-risk industry in which the business operates. In this step-by-step guide, we
Business services
Open banking transactions: a guide for merchants using Genome
The payments world is shifting rapidly, and one of the most significant changes is the shift toward open banking. How does it differ compared to traditional banking methods? Open banking refers to the practice of allowing your bank to securely share your financial information or make payments with other authorized financial service providers. If put simply, open banking occurs when third-party apps can directly interact with your bank accounts, rather than you having to log into each bank individually, which is essentially why it is called open. At Genome, we adopted open banking tools to respond to strong demand for
Business services
What is a payment gateway: definition, how it works, and how to choose one
What is a payment gateway and how does it work? A payment gateway is a technology solution that works as an intermediary in online transactions between customers and merchants. It safely collects the customer’s payment data and passes it to a payment processor, allowing the payment to go through smoothly. The secure payment gateway process has become a vital part of the e-commerce industry. It allows customers to make credit card payments or pay in other ways safely and without any fuss. As e-commerce becomes even more important, this online payment method is going to be a major part of
Business services
Ecommerce checkout optimization: boost conversions with these best practices
The topic of ecommerce checkout optimization is always relevant for merchants, as it quite differs from brick-and-mortar stores and their checkout processes. After all, many ecommerce websites face high checkout abandonment rates nowadays. According to the data collected by the Baymard Institute, 70% is the average documented online shopping cart abandonment rate. In other words, ecommerce businesses lose revenue because people fail to complete the purchase after they add items to shopping carts. So, how do you reduce the checkout abandonment rate and improve the payment process for clients? We will review the most common mistakes when it comes to
Business services
What is a cross-border fee: a guide for merchants
Let’s be clear: merchants have to deal with a lot. Not only the customers’ demands are high, but the management of financial operations can be exhausting as well. Not to mention all the service fees merchants need to take care of. Speaking of, do you know enough about cross-border fees? If not, you will – thanks to Genome’s article. Today our team explains what a cross-border fee is, their types, and how companies should deal with cross-border processing fees. Cross-border fee: meaning of the term A cross-border fee is a common thing that occurs during cross-border transactions. For instance, when
Business services
Payment methods for small businesses: the most popular options
The sheer number of businesses and services they provide forces customers to be more picky and critical. As a result, companies are under constant pressure – they need to ensure every part of their business operations is on par with high expectations. Payment methods are no exception. In today’s article, Genome lists some of the best payment methods for small businesses, along with contactless payment options. Read on to find out more about small business payment options. What are different payment methods for businesses? Before answering this question, let’s first dissect what the term itself means. A payment method refers
Business services
How to choose a payment gateway: a comprehensive guide
There are many aspects to financial services for companies that sell their goods or services. One such thing is a payment gateway. Unfortunately, only a few merchants dive into the nitty-gritty of how the right payment gateway can improve your conversions. Genome is here to fix that! In this article, our team will explain how to choose a payment gateway for your e-commerce store and other types of business. We will also uncover the difference between payment gateways and payment processors, as some people consider them the same thing. What is a payment gateway? Before learning how to choose the