Five Reasons Businesses Lose Money on Payments
Businesses closely monitor their finances, customer acquisition costs, and conversion rates. However, businesses can still lose money after a customer clicks the Pay button.
Dmitry Sinegubov, Chief Commercial Officer at FinteqHub, explains how this happens and what businesses can do about it.
Ishan Pandey: A business records thousands of successful payments. Why doesn't this necessarily mean that all the money has been received?
Dmitry Sinegubov: There is a record in the company's internal system, a record maintained by the payment provider, and the actual settlement. These records do not always match. For example, an online store may mark an order as paid, while the payment provider reports that the transaction was declined. Or a refund may have already been processed, while the internal system still records the funds as received. Transaction amounts may also differ, and certain fees may go unaccounted for.
Among UK businesses that process at least...
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