Learn how to use the pre-authorization gateway PayRequest, to create a pre-authorization payment so that you can hold the funds and process the payment later.
A pre-authorized payment, allows you as a merchant and business owner, to put a temporary hold on an amount of funds in a customer’s account. It is sometimes easier to think if it as a prior approval of payment, with the official transaction of funds happening later on.
Pre-authorizations can prove very useful for a variety of different businesses. This includes particularly anyone in the hospitality industry, such as hotels and event organizers, but also car rental companies, online merchants, and basically any business that requires accepting payment prior to providing the good or services.
As previously mentioned, pre-authorized payments let you put a hold on a certain amount of funds. This acts as a kind of safety net, or security deposit meaning that the funds cannot be touched until the payment is processed. This is one easy way to ensure that your customers are paying for their goods and services.
Pre-authorization payments allow you to sift out the fraud from the genuine customers. If a customer decides the do not want to pay, pre-authorization payments provide you with the security of getting the money that you are owed.
Pre-authorized payments are great not only from securing payments but also for easing the troubles that come from cancelations and refunds when requested by a customer. With pre-authorized payments, you can simply cancel the payment before it is withdrawn. Your customer will have access the funds again and you will not have to send time sorting out refunds and chargebacks.
With PayRequest, sending your pre-authorization payments is made simple. Once you are signed-in and have created your pre-authorized payment, simply copy the link, and send it to your customer in however it suits you (email, social media, SMS and so on). Sending pre-authorization payments has never been easier.
Sign up today to start sending your pre-authorization payments!
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