SafeCharge now offers merchants the unique feature of utilizing a dynamic descriptor for its accounts. The identifying name of a purchase will appears on the end-user’s monthly credit card statement, decreasing the possibility of chargebacks.
"Through accurate authentication of the customer, the risk of potential chargebacks is minimized, in some cases even prevented," said Sharon Gal Franko, marketing manager at SafeCharge. "The ‘dynamic descriptor’ helps merchants to maximize sales in that they are enabled to manage their risks effectively. Intelligent risk management is what SafeCharge believes in when it comes to the merchants’ data security and business protection."
As additional tools to authenticate end-users when processing online payments, this feature can change to the merchant’s discretion per member type, time, service type, business model, type of end-user, or however the merchant sees fit, Franko added.
"For example, a merchant who owns a website called ‘ABC.com’ that sells monthly memberships, tangible goods, and time to view video clips, could choose a descriptor for each business model, although a website usually has only one descriptor," said Franko. "If an end-user subscribes (ABCmember), buys a product (ABCproduct), and views a movie (ABCmovie) in the same month, the monthly credit card statement would not show the sum of the three amounts charged in one transaction showing ABC.com as descriptor; but, each single transaction identifying each purchase separately, i.e. ABCmember, ABCproduct, and ABCmovie. Hence, the merchant account would get a ‘dynamic’ descriptor per business model."
The merchant not only decides which parameter will be the differentiating one, but also is completely flexible in choosing the descriptor name.
"There many rewarding benefits to use this feature," Franko explained. "You get accurate authentication of the end-user, enabling the merchant to increase purchase amounts for future purchases of this end-user, as the chargeback risks are lowered. You get efficient fraud prevention, as the end-user can be identified more accurately.
"Another advantage is that you get customer verification before shipping out the products, which is especially important when selling tangible goods," she continued. "In high-risk countries that are normally blocked, transactions are allowed. You can also customize your descriptor parameters—by name, member type, group, time of purchase, number of sub-payments for one purchase, and by the type of product. Finally, you can get merchant assurance that the end-user has access to their bank account to view the descriptor name, as appeared on the statement."
SafeCharge is a payment solution provider that offers merchants of high-risk industries a complete set of online payment solutions.
