Introduction

Introducing MoR by Vesicash for businesses that are expanding into new regions across Africa. Relax, as we take you on a ride on what MoR does and how it helps your business scale. 

What is MoR?

MoR stands for Merchant of Record, which refers to the entity responsible for processing payments and acting as the legal seller of goods or services in a transaction. The role of a Merchant of Record is crucial in payment processing, particularly in e-commerce and online transactions. When a customer makes a purchase online, the Merchant of Record takes on the responsibility of collecting the payment from the customer and ensuring the funds are transferred securely. The MoR typically manages the payment gateway or processor, which facilitates the transaction and securely transmits the payment information.

Functions of MoR

1. Payment Collection.
2. Compliance and Security
3. Payment Processing
4. Settlement and Payouts
5. Chargeback Management

By taking on the role of Merchant of Record, your businesses can leverage the expertise and infrastructure of the MoR to handle the complexities of payment processing, reduce their legal and financial liabilities, and ensure a smooth and secure payment experience for your customers. As a Merchant of Record (MoR), ensuring your business’s compliance with tax regulations, data protection laws, and consumer protection regulations is our priority. 

Factors to consider when selecting an MoR

To ensure ongoing compliance, the MoR engages legal counsel, employs compliance officers, or partners with specialized service providers who offer expertise in tax compliance, data protection, and consumer regulations. Regular monitoring of changes in regulations and periodic audits may also be conducted to maintain compliance and mitigate any potential risks or violations.

When selecting a Merchant of Record (MoR) for your business, several factors should be considered to ensure you choose the right partner. Here are some key factors to take into account:

1. Global Coverage
2. Payment Method Support
3. Compliance Expertise
4. Security and Fraud Prevention
5. Scalability and Flexibility
6. Reporting and Analytics
7. Support and Customer Service
8. Pricing and Fee Structure
9. Integration and Technology
10. Reputation and References

Working with Vesicash as your MoR ensures that your business requirements, payment processing, compliance with regulations, and your general  business goals are properly optimized to ultimately contribute to a positive customer experience. 

Final Notes

Our main objective at Vesicash is to constantly improve our processes so that you can explore seamless options at all times, this is why we have introduced the merchant of record (MoR) to help your business. Kindly visit www.vesicash.com today to check out the new build and explore our new seamless transaction experience. If you have any questions or comments, you can reach us via info@vesicash.com or call +2347039914767.