Merchant Accounts Payment Gateway in Hungary
Hungary is a well-developed economy in Europe. It attracts a massive amount of foreign direct investment(FDI
). Hungry has gained excellent reputation because of the Manufacturing, Automotive and Software exports. The world has recognized the innovation and high degree of education in Hungary. Over 13 Nobel Prize winners are from Hungary this figure speaks for itself.
Credit Card Processing for retail stores in Hungary.
Retail stores located all across Hungary use POS devices/EDC machines to accept Credit and Debit card transactions. Credit Card processing is prevalent across the nation. Most of the retail stores accept Domestic as well as International credit and debit cards. Many travelers from all across the world visit Hungary and especially the city of Budapest. These Travellers make payments easily by handing over the credit or debit card to merchants. Merchants swiftly swipe the card over the credit card swiping machines.
Internet Merchant Account and Online Merchant Account in Hungary.
E-Commerce is also extremely popular all across Hungary. Multiple E-Commerce websites offer products and services to customers as well as businesses in Hungary. These E-Commerce websites use Internet payment gateway to accept credit card transactions. Merchants in Hungary pay a fixed transaction fee for each sale. This is called the MDR or Merchant Discount rate. Most payment processors from Europe are comfortable in working with Hungary based merchants.
High Risk Merchant Account Payment Gateway in Hungary
In the merchant, account industry accounts are classified as Low Risk
and High Risk. A Low-risk merchant is primarily a business that accepts credit/debit cards and does not attract high chargeback ratio. High Risk Merchants is a business that attracts higher chargeback ratio
. Many payment service providers in Hungary may not be comfortable in onboarding merchants from many high-risk industries. Merchants from Hungary can approach offshore payment service providers
or Offshore payment processing companies for reliable high-risk credit card processing account. To apply for a high-risk merchant account in Hungary, the merchant must have a business license and additional KYC documents. The process of applying for a high risk merchant account
is same as any other merchant account. The Hungarian merchant is supposed to send a merchant account application to the payment service provider. With the merchant account application, the Hungary based merchant is supposed to send the copies of the KYC documents. The underwriting team at the payment processing company looks at the documents and application. They also look at the website of the merchant. If approved the merchant can start accepting credit and debit card transactions online. If the merchant wants to take orders over the phone, then the merchant must apply for Virtual terminal/Moto.
ACH Payment Processing Echeck Payment Gateway for Hungary
Many merchants operating in Hungary sell products to customers in the United States of America. Most of the times these merchants use Credit Card processing to accept orders from American customers. These merchants can also use ACH and echeck payment processing options
. Many payment processing companies in the United States that offer ACH payment processing are comfortable in onboarding selected merchants from Hungary.
Chargeback Alerts and Notification for Hungary
Chargeback and fraud is a big challenge. No matter what is the size of the merchant’s business chargeback and fraud can always be frustrating. To reduce the chargeback ratio merchants can use various services that include chargeback alerts, fraud prevention, and chargeback insurance.
White Label Payment Gateway for Hungary
Hungary is very much dependent on the cashless mode of transaction. There is a massive opportunity for fintech companies including payment processing companies to expand. Sometimes companies may prefer to develop their security enabled payment gateway. Some companies prefer to use a readymade platform. This kind of readymade platform is called white label payment gateway
. With a white label payment gateway, Hungary based fintech companies can save a tremendous amount of money and also offer user-friendly solutions to merchants.
To get more information about Credit Card processing and Debit Card processing for your Hungary based business. Feel free to send an email on [email protected]
. The team at Quadrapay
will be happy to talk about various other alternative modes of payments that include ACH and Echeck payment processing. We also love to talk about E-Commerce and how you can generate more sales by using your websites. We look forward to talking to you
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