Summary
Discover how a Merchant of Record can empower your business with local acquiring and ensure you remain compliant as you scale into international markets.
Topics
Transcript
A Merchant of Record is the entity that is responsible for the actual transaction itself. So a business like Reach steps into the transaction and becomes liable for the transaction. We ensure that customer service, fraud, and dispute management is taken away from being a burden for a merchant themselves.
So merchants can go directly to any payment processor they want, but the problem is they can't go local with that payment processor unless they too have a local entity - and they'll say: "Great, where are your offices?" You say: "Oh, well I'm only in Canada." "Oh, well then you can only process locally in Canada." You can do everything else cross-border, but your authorization rates are gonna suffer. The cost is gonna be higher. They make no guarantees, and you can't offer local payment methods. It's the difference between a payment facilitator and a Merchant of Record. So Reach is a Merchant of Record because we take it that much further. So I think merchants think it's really simple to expand globally, an...
So merchants can go directly to any payment processor they want, but the problem is they can't go local with that payment processor unless they too have a local entity - and they'll say: "Great, where are your offices?" You say: "Oh, well I'm only in Canada." "Oh, well then you can only process locally in Canada." You can do everything else cross-border, but your authorization rates are gonna suffer. The cost is gonna be higher. They make no guarantees, and you can't offer local payment methods. It's the difference between a payment facilitator and a Merchant of Record. So Reach is a Merchant of Record because we take it that much further. So I think merchants think it's really simple to expand globally, an...