How Specialty Merchants Choose Credit Card Collection Lanes: 6 Core Points of Attention

Specialty merchants have relatively few options for collecting payments, and many traditional payment tools, such as Paypal or Stripe, while they may be suitable in some cases, may not be the most ideal choice due to the risks they may pose, such as having their accounts frozen or zeroed out. In such scenarios, it is advisable for specialty goods sellers to choose a reliable credit card collection channel. But how to choose such a channel? Listed below are a few key points to keep in mind:

1.Safety of the channel: The primary concern is whether the payment company holds a payment license and is a regular payment channel. There are some unscrupulous payment companies in the industry that are just hanging on to other companies' payment channels, and you need to be vigilant about this in order to be safe.

2.Channel Stability: Stability is another important factor in evaluating a payment channel. A common way to determine this is to look at what products the payment company can accept; if it can even accept payments for items that don't meet the requirements or aren't shipped at all, then the stability of the payment channel may be questionable.

3.Success rate of the corridor: While as a seller you will put your interests first, some risky items may result in a lower success rate for the channel. Some payment channels may promise extremely high success rates (e.g. 80%+), however this is not the norm and merchants need to be wary of this.

4.settlement cycle: Merchants usually want funds to settle as quickly as possible. However, international credit cards have their own peculiarities, such as the possibility of a 180-day rejection period, so there is usually a lead time for credit card settlements, usually ranging from 7-40 days, and exactly how long it takes to settle needs to be determined by your product.

5.Fees for opening an account: Credit card collection channels have their own costs of development and maintenance. Some channels may waive the account opening fee to attract customers, but the handling fee may be relatively high. Therefore, merchants should rationally look at the cost of collection channels and not expect a "free lunch".

6.Services of the collection channel: Some formal and certain seniority of the payment channel will be equipped with professional technical and customer service staff. In fact, this is also a reflection of the strength of the payment company.

Choosing the right credit card collection channel isn't easy, especially for specialty sellers. However, by considering these key factors above, you can find a solution that is both safe and reliable.