Friday, December 28th, 2018

In July, card chaos erupted across the globe as Mastercard users reported card payments failing due to a glitch. Before the issues was resolved, it affected a ‘large number’ of international banks – more than an hour and a half after the chaos started.

In the midst of the glitch, Tesco Bank Help tweeted: “Due to ongoing Mastercard service disruption, customers are currently experiencing issues using Mastercard credit cards. Please use an alternative method of payment until the issue is resolved.”

“We’re investigating this matter and apologise for any inconvenience caused.”

Digital banking provider Revolut also jumped on Twitter to comment: “There is a problem with the MasterCard network which is causing some card payments to fail. This issue is affecting a large number of international banks. We’ll update you as soon as we know more.”

One Mastercard user reacted furiously writing on Twitter, “2nd time this has happened in a week or two?”

While most of the issues were resolved around 8pm – with some Mastercard users experiencing issues since 6:37 – one customer did report having problems in Budapest after 8pm. Monzo Status sought to calm and reassure customers around 8pm that the disruption had passed.

They tweeted: “Resolved: The Mastercard network had a partial outage starting at 6:05pm that caused some payments to decline.”

Picking the right Merchant Account Provider

As the Mastercard chaos this summer demonstrates, it’s impossible to avoid all incidents when it comes to payment processing. But you can make sure your business has the best payment processing and customer service available. If you’re searching for the right provider but are unsure what to look for, the following tips will help you choose a secure internet merchant account.

• Request EMV and latest processing technology – If your business accepts payments in person, you will need to be equipped with the latest technology. You will also need EMV chip technology to protect your business from hackers, breaches and fraudulent transactions.
• Check for PCI compliance – Payment Card Industry (PCI) compliance is a set of security standards designed to ensure all businesses that accept, process, store or transmit credit card data maintain a safe and secure environment.
• Don’t focus on discount rates – Focusing on discount rates put you at risk of discounted service. Instead, you should look at the company as a whole. What do they offer in terms of integration capabilities, hardware, technology and customer service?

Finding the right merchant account provider can be a daunting task. The best strategy is to find out everything you can about each provider and then compare. Which one will keep your business and customers’ information safe, offer constant customer support and the best payment processing options? Do they also offer chargeback protection and prevention programs? Is keeping up with the latest technology important to them?

If you need help getting started, consider merchant account comparison via Best Payment Providers. The task of comparing providers is made easy with the long list of reviews and industry information Best Payment Providers has to offer. Above all, make sure the provider you choose will set you business up for success, minus outrageous fees and costs.