ChronoPay - An Excellent Option for EU Based Businesses

ChronoPay is a Netherlands based online multicurrency credit card service provider that enables you to accept payments through all major debit and credit cards. What makes it a little unique from others is that it is integrated with major European banks, processors and service members, and therefore, emerges as an excellent gateway for online sellers. It also offers technical support, shopping cart to integrate website with its processing system at no extra cost to its members. ChronoPay places strong emphasis on providing customer service and has proprietary transaction processing software and systems to ensure customer satisfaction. For medium-large businesses, ChronoPay's IPSP model offers merchant accounts through its network of partnerships.

Businesses eligible to become member of ChronoPay include, among others, include online gamers, retailers, travel industry, mail order, pharmacies. ChronoPay clients have their own merchant accounts and are subject to restrictions of the acquiring bank only and ChronoPay employs no additional restrictions on nature of business. Usually porno, illegal activities, betting, MLM or virus and hacking software activities are not accepted by acquiring banks. It accepts transactions in US Dollars, euros and some other major currencies. However, currently, it is open only to businesses with presence in EU only and is fast expanding its network and presence across countries in Europe. It pays for referrals too as one time fees as well as percentage of business generated.

Payouts

Its premium clients registered as ChronoMerchant+ receive payment after 8 days of end of a previous week, making average payout waiting period of 12 days only. On this factor too, it ranks better than many of its competitors.

Fraud Protection

ChronoPay is a VISA AIS Certified. It has developed its own proprietary fraud prevention system in place called as "ChronoMethod". While employing, complex algorithm to track fraudulent transactions, it uses major "negative credit card database" to screen out potential fraudsters. It also has a comprehensive system in place to identify merchants with high charge back history and has stringent guidelines for high risk sites. It significantly focuses on its staff training needs to ensure most efficient customer service and safeguards.

Fee Structure

Starting from €0.30 per transaction or 2.65% of the transaction amount, its fee structure is quite competitive in most areas and is dependent on risk category of the merchant and transaction volumes and brand equity of the seller. Reputed sellers selling branded goods are eligible for some discounts too.

User Retings

Largely it has a satisfied customer base; however some customers have reported complaints of slow redressal of their complaints by ChronoPay. Others have complaints that membership enrollment takes a long time, but to be fair to ChronoPay, that could be its stringent pre induction screening routine to block merchants with bad history.

With its large network of international partnerships with banks and service providers, efficient support, XML reports for transactions, faster payment systems and competitive fees structure which is often lower than its competitors, it is indeed a hard to ignore choice. No doubt several leading houses have chosen ChronoPay as its official payment service provider.