Chinese government supported UnionPay becomes a world player

Visa card issued by Visa International is the world’s number one credit and debit card processor.  We hear the name Master card mentioned when we talk about credit cards.  But have you heard of UnionPay?  The Shanghai based UnionPay is owned by 85 Chinese banks including the Chinese government and is the world’s second largest credit card processor behind the Visa card.  China’s credit card processing is expected to increase to $397 billion by 2015.  UnionPay card is accepted in 135 countries worldwide.  The recent rise of UnionPay has been a boon for those merchants that offer luxury goods such as Italian leather handbags and French perfumes.  Chinese customers are the world’s number one customers for luxury items now and more and more purchase their luxury goods outside China.

The Chinese government requires all automated tellers in China as well as all Chinese merchants to use UnionPay electronic payment system for local payments.  Because of that Visa, Master Card and American Express pays a certain percentage of their transactions to UnionPay.  The U.S. government appeared before the World Trade Organization against Chinese discriminatory practices and the body ordered the Chinese government to stop the practice.

Fighting Charge Backs, When You Know Your Company Did No Wrong

Charge backs are something that every company has to deal with.  A charge back occurs when a customer disputes a transaction that has appeared on their credit card statement, originating from your business.  At times, these charge backs are fraudulent and require fighting on your part.  Customers will attempt a fraudulent charge back to try to get an item for free basically, as they will state that they did not make the purchase and try to get a refund from your company.

There are ways in which you can fight these charge backs.  The first thing that you want to do in order to fight these charge backs is to keep detailed records of all of the transactions that your company records.  This is the most important thing as you will want to be able to show that the transaction actually did take place.  Finally, there are agencies out there who will work to collect the lost products or funding.  Credit card companies can suspend your agreement if you have too many charge backs, making the fighting much more important.

Fighting charge backs can be made easier by gaining help from a professional services company such as Solidtrustpay. When these companies set up merchant accounts they work to retain as much information as possible so that they can show credit card companies the legitimacy of transactions.  Solid trust pay and other companies out there will help educate you about fraudulent charge backs and work to make sure that your company does not fall victim to them.