When Administering For A Bad Credit Merchant Account, Demands Are Required

January 11, 2021 highriskpayLeave a comment

Apply online today for a bad credit merchant account. Vendors can quickly start by submitting EMB’s straightforward on-line function. Along with the request, vendors will certainly require to send the complying with products to experts and also processor chips:

An authentic, government-issued I.D., like a motorist’s certificate
A banking company character or even a pre-printed vacated examination
3 months of the absolute most current financial institution declarations
3 months of one of the latest handling declarations, if suitable
A SSN (Social Security Number) or even EIN (Employer Identification Number).
A safe, fully-operational website.
Chargeback proportions have to be actually under 2%.

EMB may certainly not ensure any confirmations; it performs to assure a simple, primary use method. Additionally, EMB possesses a lengthy record of dealing with active and brand new services of all dimensions, businesses that have been actually declined or even canceled through various other bank card processor chips, along with those without any credit, bad credit, or even higher chargebacks. Apply today as well as receive authorization in as low as 24-hour.

Why bad credit sellers lean-to chargebacks.

As discussed, experts possess their job suitable for their own when assessing bad credit merchant profiles. Bad credit services possess bad credit and also reduced FICO ratings. Because insolvency or even tax obligation claim is evidence of a bad company version, an odds trait might not exercise again. When a service style is flawed, customers are very likely to question visa or MasterCard. A merchant might certainly not possess the know-how in-house to take care of customers that state they failed to bring in or even no more wish the solutions acquired.

Many customers possess actual purchase criticisms yet do not recognize exactly how to manage all of them properly. Consumers who perform phone calls to whine commonly acquire distressed and put up if the decision or even issue isn’t dealt with rapidly or even they obtain a service rep that is without the needed client service skill-sets. That disappointed customer is sure to lead to a chargeback if the customer is undoubtedly not reimbursed or there isn’t a typically adequate solution.

An absence of digital or even newspaper slips additionally is a primary concern. Invoices supply clients along with easy accessibility to a merchant’s connection with info. I possess a slip to pertain to aids run a consumer’s moment of the acquisition additionally.

Persistent invoicing causes even more chargebacks than a month to monthly billings. Because they do not develop as usual, when the fee appears on a claim, it may surprise a client. This can easily set off a client to call the charge card provider and conflict the cost, declaring they no longer yearn or even need to have the solutions.

Open A Bad Credit Merchant Account.

A service that requires a bad credit merchant account is identified as a higher threat. This category may take place for a selection of explanations. No matter the reasons, being a higher threat organization can easily make it very tough to discover a reputable charge card CPU. You require a skilled remittance handling provider like

High Risk Pay. Our company focuses on opening up higher threat business profiles, eCommerce, and on-line services that run only as card-not-present sellers. What is much more is that our experts possess connections and numerous getting financial companions that supply bad credit merchant profiles. For more details, visit: https://www.highriskpay.com/bad-credit-merchant-accounts/

Is Bad Credit Merchant Account With Instant Approval Exist?

Being cautious that a merchant account is an extremely particular kind of account along with an extremely detailed strategy of taking bank card repayments, the short answer is actually “absolutely no,” bad credit merchant profiles, along with immediate authorization carry out certainly do not exist. As our company describes in other places, if you wish to have a merchant account, it will typically take at the very least a handful of times to acquire authorization. Those merchant account carriers that on-the-spot market confirmation is merely taking a shoot-first-ask-questions-later mindset, as well as ultimately, you’ll enter into the problem through either need to spend too high costs or even be ended along with a little bit of or even no caution.

Is it possible to Process Credit Cards Without Going Through A Credit Check?

If you demand staying away from a credit inspection– or even currently recognize you will not pass one– at that point, you may still establish bank card handling along with a 3rd party processor chip including Square, Stripe, or even PayPal. These CPUs generally talk to sufficient concerns to see to it they adjust and legislation associated with funds washing and identification confirmation before authorizing you to refine visa or MasterCard. They certainly do not inspect the credit reliability of your service or even you, one by one. (For circumstances, our experts possess a bit-by-bit manual on just how to join PayPal, so we understand that they certainly do not inspect your credit report.) As a result of their company version, they may be extra forgiving of a bad credit rating, just as long as you and your organization can easily present monetary tasks after you join all of them.

Naturally, some downsides to dealing with 3rd party CPUs and the best problem account reliability. 3rd party processor chips are generally quite risk-averse, so the minute your account carries out one thing outside the rule, be it a sizable chargeback portion or even a doubtful task that recommends scams, they will undoubtedly cease associating with you. Usually, you’re certainly not alerted of any concerns beforehand or even provided an opportunity to reveal, yet are just informed that your organization connection has been canceled.

Take note, nevertheless, if your service is brand-new and works in a sector that is commonly grouped as a higher threat. After that, 3rd party processor chips are certainly except you. 3rd party processor chips are incredibly particular in the forms of organizations they will and will not collaborate with. Also, they will not collaborate with the standard group of more danger. Precisely just how they specify this classification is commonly reasonably effortless to locate on their web sites. There is frequently a detailed listing of markets the processor chip rejects to function along with. Be sure to inspect the checklist when you discover your alternatives along with 3rd celebration CPUs.

In enhancement, EMB possesses a lengthy past of operating along with the current as well as brand new companies of all measurements, business that has actually been denied or even canceled through various other credit memory card processor chips, as correctly as those along with no credit, bad credit, or even higher chargebacks. Bad credit organizations possess bad credit and also reduced FICO ratings. A service that needs to have a wrong credit merchant account is identified as a greater danger. Being conscious that a merchant account is a quite particular kind of account along with an extremely detailed approach of taking credit memory card settlements, the quick solution is actually “zero,” bad credit merchant profiles along with on-the-spot authorization perform indeed not exist. Suppose you urge on preventing a credit examination– or even actually recognize you will not pass one– after that. In that case, you can quickly still establish credit memory card handling along with a 3rd party CPU such as Square, Stripe, or even PayPal.

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Putting together a High Risk Merchant Account

January 9, 2021 highriskpayLeave a comment

A high risk merchant account is an arrangement between a bank and an organization or even banks. This contract makes sure that the banking company accepts repayments for the services or products on behalf of the business. These Merchant getting financial institutions makes sure that a merchant or business may approve remittance from international clients for the product and services they supply. For this reason, merchant profiles form an essential part of any E-commerce company.

There are a pair of types of merchant profiles. First is the regular account. The merchant can guarantee and access the card that it is a valid client; thereby the risk included is minimal. The second sort of merchant account includes accounts that are certainly not feasible to portray the client visually. These kinds of profiles include adult entertainment merchants, the web cigarette business, reproduction sellers, on-line betting merchants, pre-paid getting in touch with business, VOIP merchants, multilevel advertising vendors, or any deal that takes place with the customer physically away. Thus, the opportunity of fraudulence task is considerably higher using this type of company, which causes categorizing these forms of accounts as “high risk” ones. Naturally, these high risk merchant accounts show the risk of the hated charge backs for the banks concerned. It has been shown through numerous explores that these high risk processing deals are more susceptible to fraudulent purchases.

These factors substantially reduce a lot of banking companies about to take up these high risk processing accounts. These adversely influence the applying provider in establishing remittance handling profiles. High Risk Pay finding a way to solve a situation where the financial institutions typically decline their request or enforce high stipulations on the account purchases, which practically makes it inconceivable to carry out regular company. Even though a merchant has developed a payment processing account along with a bank, he may certainly never make sure that the connection with the bank is secure. The bank could change their underwriting standards anytime, as well as instantly, merchants are encountering a condition where the payment refines detrimentally influence their organization.

Who Needs a High Risk Merchant Account?

Merchant accounts are needed so as for an organization to take bank card remittances. As a merchant, there are two spots you may acquire a merchant account; a banking company or even a third-party service provider. For online companies, one of the most well-known, and also for the most part affordable, resource is from a third party merchant account company.

A high risk merchant account is called for through companies that, when contrasted to a ‘conventional’ goods/services business, are at a greater risk of:

Bankruptcy.
Fraudulent Transactions.
The high amount of sales.
The high cost of reimbursements.
The high rate of charge-backs.

Various other reasons a merchant might be sorted as a high risk are actually:.

Merchants Location: Some merchant account providers will not accept merchants from specific nations.
The Product/Service the merchant offers is unlawful in some jurisdictions.
Merchant Credit History – Some carriers will not accept companies with inadequate or even no credit history.

Regarding High Risk Merchant Accounts.

Numerous processors and also banking companies regard specific types of companies as high risks. These organizations could feature traveling merchant profiles, drug store merchant accounts, adult merchant profiles; telesales merchant accounts; Internet merchant accounts, etc.

Banking companies or other CPUs consider these accounts high risk due to the ability for extreme chargebacks, possible lawful offenses, returns, or even merely poor publicity for accepting those forms of services. High-risk business typically finds challenges in opening up merchant profiles.

Banks, as well as other CPUs, have strict rules for high-risk merchant accounts. They will inevitably examine the merchant’s scenario on certain information like the length of time he has resided in business, his credit history, as well as various other merchant profiles he has recently kept.

In such cases, the length of time that the merchant’s organization has been operating would undoubtedly make an informing variation. If the business has been around for a perfect size of time, it will act as a guarantee to the merchant account service provider. It will mean that the merchant has a proper understanding of active service and the great dangers that include the region.

Additionally, providers typically undergo the merchant’s debt report. This is actually to affirm his capability to pay off car loans and reveal any negative credit report records, like insolvency. A higher credit score would certainly indicate that the merchant’s chances of opening his account are also higher.

These accounts include the adult entertainment business, the online tobacco business, duplicate companies, internet gambling business, pre-paid calling sellers, VOIP merchants, multilevel advertising companies, or any transaction that takes location with the consumer certainly not existing. As a merchant, there are a pair of places you can get a merchant account, a financial institution, or even a third gathering provider. For online business, the very most well-known, and in many scenarios set you back helpful, the resource is coming from a 3rd party merchant account company.

These companies might consist of traveling merchant accounts, pharmacy merchant accounts, adult merchant accounts; telemarketing merchant profiles; Internet merchant accounts, and high-risk merchants usually discover trouble in opening merchant accounts.

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E-commerce

E-commerce Merchant Make Up Your Online Organization

November 3, 2020November 3, 2020 highriskpayLeave a comment

If you are planning to have a web acknowledgment or even presence or you are intending to begin a service or put up your product online available or you are considering venturing into an e-commerce site organization at that point you need to have an e-commerce merchant profile to enable your consumers to make their payment online. This is incredibly required as a lot of your consumers are certainly not very likely ahead from your yard and also they can certainly not give you your cash by hand.

Given that you do not recognize that you are actually managing and a lot of the amount of time as well as there are dishonest people who would certainly attempt to defraud you of your tough made money. This is yet another reason a lot of Web entrepreneur are opting to opt for an e-commerce merchant account rather than 3rd party remittance like PayPal, Right Get, Alarm pay, Strict salary, Graph Card and so on

You are actually anticipated to carry out a substantial examination of the e-commerce merchant account you are actually dealing, you will certainly to ask questions, read their profile pages or even browse it online for their antecedent. If you have friends that have developed on-line companies, it pays out to inquire for their point of view on various e-commerce merchant account service providers. You can decide on a different e-commerce merchant account cpus if the provider is actually located yearning for one Means or even the various other. You can better most likely to some online forums to client evaluations online and also they are going to be actually much better position to inform you which e-commerce providers are actually great as well as which ones may certainly not be the right selection for you. Problem in your credit merchant accounts? visit our website for more details: https://www.highriskpay.com/bad-credit-merchant-accounts/

Staying clear of The Risks In Opting For An e-commerce Merchant Profile

In order for you to process customer repayments on your web site, you will certainly require the companies of an e-commerce merchant profile to gather the money on your behalf and spend it right into your bank account.

This is really a process that is actually undetectable to consumers but involves a little of work on your component to incorporate the service right into your e-commerce internet site.

e-commerce merchant accounts are actually readily available from banking companies and various other regulated banks. The complication is actually that they can be fairly weighty in their profile opening demands and also take a while to refine your treatment.

Acquaint Yourself With an e-commerce Merchant Account

E-business managers that really want a strong internet presence needs to have the ability to adopt the only payment mode most often utilized in the e-commerce today– charge card. The suggestion is actually, probably, not entirely odd to you yet nevertheless, you might still be baffled how to make your payment devices as efficient as it may be.

If you are still taking care of the money purchase as your ideal payment method, you might be restricting your organization possibilities without you understanding it. Nowadays, folks prefer o utilize their bank card to spend for their investments therefore if you may accept business settlements limitedly, you wind up not exploiting your earnings opportunities.

To have a more effective as well as bring your organization bigger uses, obtain an e-commerce merchant profile. A merchant profile is what permits you to process settlements carried out through any sort of credit card such as Expert Card and Visa. By having a profile, you subscribe to the services supplied due to the merchant financial institutions, acquirers or e-providers. Currently, there are three leading companies for the e-commerce profile as well as they include PayPal, ClickBank as well as 2Checkout.

Best 7 Suggestions for Choosing for the Best E-commerce Merchant Profile to Fit Your Demands

Suggestion 1: Leave Out a Costs, and also Stay Away From Unnecessary Complication, along with an All-In-One Supplier

If you are actually utilized to in-person transactions, the structure of handling online purchases might take some getting utilized to. While you might merely must cope with a single Merchant Service Provider for your brick-and-mortar purchases, e-commerce purchases involve a number of players and also measures:

Settlement details is actually by hand become part of the buying cart program.

Payment relevant information is actually supplied to the Payment Gateway, which at that point passes it on to the Settlement Processor chip.

The Memory card Affiliation acquires the transaction details, examines the Variation transaction cost, and establishes whether there suffices funds or even credit history readily available to accept the deal.
The memory card issuing bank transfers the authorization to the Card Association as well as the merchant.
The Remittance Gateway verifies permission to the shopping cart software application and also the purchase is actually affirmed.

Suggestion 2: To Lower the Risk of Hidden Costs, Understand Exactly how e-commerce Invoicing Works

Remittance Gateway fees aren’t the only method your option of a Merchant Account Service provider can easily hurt you economically. Like all credit card deals, on-line sales are actually likewise subject to Interchange fees, which is the wholesale fee for processing a charge card. These prices vary through visa or MasterCard label, and also by how a card is processed; on the web purchases, which by nature indicate the bank card is not present, are actually riskier and thus based on a greater Variation cost than transactions refined where the memory card is actually existing. Here at High Risk Pay we guaranteed your privacy and e-commerce services.

Suggestion No. 3: Do Not Overlook to Ask Them About Exactly How the Expense Design Impacts Reimbursement Handling

If a consumer calls off purchase before it has actually been actually cleared up, you can usually nullify the fee and also conserve any handling fees. Yet if a customer improvements their thoughts about investment after a transaction has been actually refined, the cost may just be actually turned around by administering a refund– as well as the rates style may additionally impact your expenses. Because the expense mirrors a mix of the Interchange rate and also your provider’s charges, Apartment as well as Tiered pricing versions will certainly not reimburse processing expenses on returned deals. However, because Interchange-plus transparently break both the Interchange cost as well as the Merchant Profile Carrier’s expense, an ethical service provider is going to refund you the Interchange charge.

Suggestion No. 4: Pick a Carrier That Combines Seamlessly with Your Shopping Pushcart

If the notion that start along with e-commerce purchases needs a high amount of technological expertise has actually been a deterrent, it is actually an opportunity to stop grabbing your heels. While it could be made complex to link your web site and purchasing cart software, which allows clients to surf as well as pick what they desire to acquire, with a Repayment Processor chip, it does not be. Yes, some service providers require developer-level abilities to obtain whatever up and running, yet not all do.

Suggestion No. 5: Do Not Acquire Locked right into a Lengthy Deal

The problems clients experience in shifting carriers are actually by design– solution agreements are actually composed through service providers, and these unfair contracts commonly make it demanding, if not costly, to stop your contract midterm, even if you are actually certainly not obtaining the service you anticipated. Lots of carriers bill costs if you terminate your company– and even make changes to your companies– before the condition ends. Some agreements likewise feature automated revivals, suggesting if you fail to resign prior to the present term ends, you may be secured– or encounter penalties for shifting– for numerous additional years.

Suggestion No. 6: Find Best-in-Class Surveillance

When customers purchase coming from your e-commerce web site, they are leaving you– as well as your Merchant Profile Provider and Remittance Gateway– with sensitive financial information. Not merely may a data breach put you on the hook for financial loss, but it can additionally cost you consumer leave and also inflict reputational harm that may be challenging to eliminate.

Suggestion 7: Don’t Overlook to Defend Yourself

Your clients may not be the just one in danger of unlawful actions. Just like other kinds of transactions, on the internet retailers could be at risk of fraudsters that make investments using unapproved repayment strategies. Yet the simple fact that internet acquisitions are, naturally, card-not-present deals produces all of them inherently much riskier when it pertains to the possibility for chargebacks.

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Payment Processing Merchants for CBD Oil Businesses

April 9, 2020 highriskpayLeave a comment

As the CBD industry is poised to expand in revenue over the next several years, an influx of e-commerce stores have recently emerged to capitalize on the market. In an effort to meet the demand for CBD-based products, business owners across the globe have begun lining their physical and online store shelves with products such as CBD oils, supplements, and topical solutions. However, while it may seem easy to get from point A to point B, creating a CBD merchant account in this sector can be slightly more complicated than one would assume.

If you’re a business owner looking to start expanding your own line of CBD-based products, you may be wondering what options are available to you to start processing payments. Below, we’ve gathered a few resources for you to begin your search, including what to look for in a merchant account provider and who some of the best CBD merchant account providers are.

What To Look For In A CBD Merchant Account Provider

Finding a merchant account provider that will be a good fit for your CBD business is essential when it comes to the daily operations of your business. However, as a CBD oil business, you will be classified as a “high-risk merchant,” which can make the process slightly more challenging.

Here are a few things to look for when choosing the right high-risk merchant account provider for your CBD business:

High-Risk Availability

As mentioned, as a high-risk merchant, it’s critical that your payment processor is equipped to handle high-risk transactions. Because the CBD industry is relatively new, it may be prone to fraudulent business activities and frequent chargebacks. This being the case, it’s wise to choose a merchant account provider that has extensive experience in high-risk businesses.

Seamless Integration

As a business owner, there’s nothing more frustrating than being forced to change your entire operation to integrate a new way of doing things. Not only is it time-consuming, but it’s a hassle that nobody wants to deal with and could potentially affect your business dealings with customers.

This is why it’s essential that your CBD merchant account provider enables you to integrate their payment processing systems with your existing platform to save you from needless headaches.

Low Fees

When running a business, the biggest concern will always be the bottom line. The same is true when it comes to finding a reliable payment processing merchant. When deciding which merchant account provider, your business will partner with, be sure to research any registration or service fees that could potentially detract from each transaction.

Reasonable Contracts

Another critical thing to consider is what type of contract each service provider offers. While each contract may look similar, some fees and clauses will differ. When looking over contracts, be sure to give yourself enough time to carefully review each document so that you know exactly what you’re signing and how it will benefit your business.

Customer Support

Last, but certainly not least, is customer support. When choosing a CBD merchant account provider, be sure to ask how they go about handling disputes or potential errors that may occur. While it may not seem important in the beginning, there’s nothing worse than having your payment processing system crash and not being able to speak with anyone to resolve the issue.

Tips on How To Get Your CBD Oil Approved For A Merchant Account

There’s a lot of competition in the CBD industry, and the same is true for merchant account providers, which means any competitive advantage is sure to help.

Now that you know what to look for in a merchant account provider, let’s take a look at a few tips that can help you get approved faster.

Comply with Laws and Regulations

Before starting any business, it’s essential to check if any state permits or federal regulations must be followed regarding the sale of CBD related products. Merchant account service providers require a copy of all business licenses and permits when you apply for an account, which means these must all be organized before your application.

If you’re unsure about laws and regulations, be sure to check with your local government agency beforehand.

Maintain Good Credit History

Before being approved for a merchant account, it’s crucial to maintain a good credit history. Any past bankruptcies, overdraft fees, or late payments can significantly decrease your chances of being approved.

Having a good credit history will not only make a favorable impression with your merchant account provider, but can also be helpful in the future.

Maintain Processing Volumes

Another helpful tip to remember when applying for a merchant account is to ensure your products or services have enough demand. If you’re unable to prove a certain amount of demand for your business, a merchant account provider may not think your business is worth investing in. Stable processing or transaction volumes only increase your chances of approval.

Be Open to Special Accounts Requirements

If this is your first time partnering with a merchant account provider, you may be required to pay slightly higher fees or abide by certain transaction limits. While they may seem like a burden now, they are put in place to help establish new accounts and protect providers from future losses. In most cases, they will be reduced over time.

Research Each Service Provider

Once you’re ready to start deciding between merchant account providers, get as many quotes as possible to help you gain a better understanding of which service is best for your company.

There are several things worth considering at this time, such as monthly minimum fees, startup fees, discount rates, reserve fees, and much more.

Getting as much information as possible upfront can help you make the most educated decision possible to put your company in a better position for growth.

Educate Yourself About The CBD Industry

While the CBD industry has shown significant growth over the past few years, the market is still relatively young, which means potential volatility. Although there is still plenty of skepticism, there are several health benefits and medical purposes for CBD, such as proven results of lowered cholesterol, balancing hormones, and mood stabilization.

Keeping yourself as educated as possible about your investment can help you make well-informed decisions down the line.

If you’re interested in learning more about how to get started with your high-risk merchant account, contact us today.

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Criteria to Become a High-Volume Merchant Account

April 9, 2020 highriskpayLeave a comment

If you’re running a business that’s anticipating processing a large number of transactions each month, starting a high-volume merchant account may be in your best interest. This solution will not only allow for more growth within your company, but it can also give you the added benefit of being able to process a large number of transactions each month without having to worry about funds being placed on hold.

Regardless of the type of high-volume business you run or the products or services you provide your customers, you don’t want to be limited in any way, and a high-volume merchant account provides you with a solution to all of your problems.

But how much does a high-volume merchant account benefit your business, and what criteria must your company pass to qualify? Keep reading to find out not only how critical a high-volume merchant account is in terms of the success of your business, but also how it can help your company grow.

What Is A High-Volume Merchant Account?

When it comes to merchant accounts, most come with a processing limit or average of transactions that the merchant account provider expects you to stay under.

While these limits are put in place to protect the provider and credit card issuing bank from fraud and chargebacks, they can also drastically limit the amount of business a company can do and hinder its growth. This is where a high-volume merchant account becomes critical.

So, what is considered “high-volume?”

Most merchant account providers have an average transaction limit set anywhere between $2,000 to $10,000 each month. While this number can vary and largely depends on several factors that are unique to each business, processing transactions past this limit can put your funds at a significant risk of being placed on hold.

You might even find that your merchant account is suspended altogether, bringing your business to a complete halt.

As mentioned, the limits are not meant to punish businesses, but they are necessary for limiting and discouraging fraudulent activity. However, at times this can often become much more of a problem rather than protection.

Benefits of a High-Volume Merchant Account

The most significant benefit of a high-volume merchant account is the number of transactions you will be able to process without the fear of accounts being frozen or suspended. Additionally, a high-volume merchant account also makes you eligible for processing discounts that can even save you money in the long-term.

With a high-volume merchant account, you can ensure that you are always giving your business the best chance possible at being as profitable as possible.

How To Become A High-Volume Merchant Account

When looking to become a high-volume merchant account, there are several steps involved. For the most part, the criteria is very much the same as applying for a standard merchant account. However, merchant account providers will ask for additional information for businesses looking to be considered high-volume.

The first step involves proving to your merchant account provider that you are a legitimate business that offers products or services to a customer base. Additionally, you will also have to provide a clean account history with very few chargebacks. This is to prove that your business has not been involved with any fraudulent business transactions.

You may also be required to provide additional information such as:

Your company’s most recent credit card processing statements
The most recent tax returns of your business
Current bank and financial statements
How your business is structured (LLC, sole proprietorship, corporation, etc.)
Your business’ checking account

Additionally, to be eligible for a high-volume merchant account, you must also be able to provide proof that your business processes $100,000 in transactions each month. You will also be asked to prove that you have a secure system in place for customers entering credit card information.

High-Volume Merchant Account Application Process

Once you’re able to provide the required information, you can then move on to the application process. Each application is carefully reviewed to ensure the merchant account provider doesn’t assume any unnecessary risk.

As long as your business meets the guidelines determined by the merchant account provider, your application will most likely be accepted to start operating as a high-volume merchant account.

Getting Approved for High-Volume Merchant Accounts

As mentioned, your application will be assessed for unnecessary risk. These risk guidelines carefully review every aspect of your business, such as credit scores and credit processing history, as well as an overall review of your business and the products or services you sell customers.

If your company has any outstanding bills, previously terminated merchant accounts, or negative bank balances, these can significantly affect the chances of a declined application. To ensure quick approval, it’s essential to make sure that you have available funds in your bank account, no outstanding bills or debts, and a good credit score, as each of these can potentially affect the approval process.

While the amount of information that is required may seem extensive, it is to prevent your merchant account from being suspended or shut down in the future. However, once you’ve built trust with your merchant account provider that you can provide consistent and reliable high-volume services, the process becomes much easier, and you will soon be able to process a nearly unlimited amount of transactions.

While completing your application, it’s critical that you carefully review every aspect of the document and take your time in completing it. Any errors with the application could slow the overall process or could result in a denied application.

Benefits of Partnering with High Risk Pay

There are several benefits your company gets when choosing to partner with High Risk Pay for your high-volume merchant account services. Regardless of the type of business you run, High Risk Pay offers applicants a 95% approval rate for merchant accounts within 24 hours of submission.

Although we cannot guarantee acceptance, we can, however, provide you with several tips on how to give your application the best chance possible.

Additionally, with High Risk Pay, you never have to worry about application or setup fees. When working with us, you only have to pay credit card processing fees once your account has been set up. Furthermore, if you have additional questions during this process, our team of specialists are always available to help, and you will not be charged for requesting their assistance.

At High Risk Pay, we want to provide you with the services you need so that you can start growing your business as quickly as possible. If you’re ready to take your business to the next level, contact us today to begin your application!

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Are Merchant Accounts Secure?

April 9, 2020 highriskpayLeave a comment

Regardless of which industry your business operates in, security will always be a significant concern for both the owner and the customers. As more and more transactions are completed via credit or debit card payments, high-risk merchant accounts must be able to prove to their customers that their personal and sensitive information can securely be transmitted. But are merchant accounts as secure as they claim to be?

Let’s take a look at what merchant account services providers do and why security is so vital in payment processing.

What Do Merchant Service Providers Do?

Merchant service providers give businesses the ability to collect transactions using payment card information, receive authorization for the pending sale, then collect the funds from the payment card’s financial institution, and transmit the funds to the merchant.

Most merchant account services offer a range of services that often vary between each provider, but they all aim to facilitate payments and make running a business more convenient for the merchants, as well as the customers.

Another critical service that merchant account services provide is making sure each merchant is compliant with their rules and regulations so that they can continue to guarantee their payment processing services.

Now, let’s take a look at how the payment processing chain works so that you can get a better understanding of the process.

Payment Processing Chain

To be a successful business, you have to always incorporate new ways to streamline the process of completing transactions. As billions of credit card transactions are being made each year, many merchants are setting up more ways to accept payments from their customers. But, to understand how to make the process more efficient, it’s essential to know how it works.

A consumer seeks goods or services to purchase. Once found, the consumer enters their data into the merchant account payment system to make their purchase.
The data is then sent to the payment processor, who then routes the information for processing.
The payment processor then sends the data to the card issuer who forwards the payment to the issuing financial institution.
Once the financial institution has verified the data, an authorization number is issued to the card issuer, and the funds are made available to complete the transaction.
The card issuer then forwards the authorization number to the payment processor, who then sends it to the merchant.
Once the merchant has received the authorization, the sale is finalized, and the transaction data is stored for the processing of returns, chargebacks, and other analytical purposes.

Why Security Matters in Payment Processing

With the amount of credit card purchase transactions that are conducted on a daily basis, it’s no surprise that the information is a significant target for cybercriminals.

As cybercriminals have become more adept at exploiting vulnerabilities in the payment processing system, fraudulent activity is often used to acquire sensitive information. Thus, security in merchant account services has become a significant talking point across the industry.

With such active ingredients in the payment processing chain, including consumers, merchants, acquirers, card brands, financial institutions, and more, sensitive data exchanges many hands throughout the entire process. With so many data collection points, data becomes more vulnerable to criminal exposure and identity theft.

Fortunately, there are several solutions to help keep personal and sensitive information secure and reduce compliance costs in the process.

Making Merchant Accounts More Secure

Without quality security, a merchant’s ability to ensure customers that their personal information is secure can significantly affect their ability to do business. The good news, however, is there are several pieces of technology available that can make payment processing more secure and prevent cardholder data from the risk of being compromised.

Let’s take a look at two of the most popular solutions below.

End-to-End Encryption

One of the most popular solutions to merchant account security is end-to-end-encryption. Encryption refers to algorithms that encode plain text into a non-readable format, providing privacy for the data that is being transmitted.

Through encryption, transaction data is never sent in plain text for cybercriminals to compromise. In the event that data is somehow stolen, it is virtually useless without the encryption key.

Encryption starts the moment that cardholder data is entered remains until the data has been fully transmitted. Most merchants rely on encryption in both the transaction process, as well as in their databases, where customer information is stored.

Tokenization

Another popular solution to solving security issues with merchant accounts is the practice of tokenization. In this approach, cardholder data is used in a transaction, and once it has been authorized, this data is then sent to a centralized and secure server where it is stored.

During this time, a random and unique number is generated and sent to the merchant account provider’s systems to be used in place of the cardholder data.

Tokenization works best in solving the problem of storing cardholder data in storage once the transaction has been completed. Additionally, tokenization helps eliminate the chance of cardholder information being stolen because the data exists elsewhere.

Unlike encryption, tokenization dramatically reduces the chances of cardholder data being stolen from the merchant because, technically, the data is stored in a separate location.

Security Solutions for Merchant Account Providers

Payment processing is a complex structure with several risks involved throughout the entire process. Unfortunately, as cybercriminals become more inventive in their methods, there is no single solution that can completely eliminate the threat of data theft.

As risks and vulnerabilities evolve, merchants and payment processors must also learn to adapt to new ways of conducting business and keeping customer data safe and secure.

Figuring out which merchant account service provider offers your business the best security can be a challenging process to navigate. If you’re looking to learn more about your options when it comes to high-risk merchant account services that offer secure and trustworthy options for your business, contact us today. We offer quick approvals, competitive rates, and secure solutions for all of your merchant account needs.

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source https://www.highriskpay.com/are-merchant-accounts-secure/

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Steps to Applying for a Merchant Account

April 9, 2020 highriskpayLeave a comment

If you own a business, creating a merchant account is in your best interest. Regardless of the products you sell, customers carrying cash is becoming less and less common. As credit card purchases become more popular, opening a merchant account with a merchant service provider not only makes things simpler for your customers, but also makes things easier for you.

But what exactly is a merchant account, and how do you start one? We’re glad you asked! Keep reading below to learn everything you need to know about merchant accounts and how to get your business running more efficiently than ever before.

What is a Merchant Account?

A merchant account is a service where a financial provider enters an agreement with a business in which the provider handles all of the business’ payment processing needs. With the newly-created account, a company is now able to accept and process credit card payments, and the provider gives the business a secure location to deposit the funds.

Once the funds have been processed and deposited with the provider, they are then issued back to the company after processing fees have been deducted.

How to Create a Merchant Account

Not every merchant account is the same, as each will have its own set of requirements. However, the process of creating a merchant is generally the same regardless of the service provider. That being said, there are several things to consider before starting the process and making a final decision.

1 – Open A Business Bank Account

Before creating a merchant account, it’s vital that you already have a place to store business funds. Most merchant service providers require proof of a business bank account to show how serious you are about the business.

Having a separate bank account for your business will also significantly reduce your personal liability with the company and protect personal assets should financial issues occur.

2 – Choose Which Credit Cards Your Business Will Work With

Once you’ve opened a business bank account, it’s time to start the actual journey in opening a merchant account by deciding which credit cards your business will accept.

Start by analyzing the different brands of credit cards and determine if any of them provide benefits that are unique to your business. Visa is often the preferred choice, but your decision will depend on which brand caters directly to the needs of your business.

3 – Determine Your Payment Models

Depending on the type of products or services your business provides, you will also want to consider the different payment models your company will offer if any. Whether it be recurring billing or one-time payments, it’s essential to have this finalized to make things easier in the long-term.

If your bank allows for various payment models, it’s also necessary to find out what rates they can offer you, as it may alter your decision.

4 – Create The Company Website

If you plan on running your business online, it’s critical that you have an official website up and running. Merchant accounts must have a website with its own hosting and a unique domain, so it’s essential that both are taken care of ahead of time. Even if you don’t plan on running your entire business online, it’s still crucial to have a website where customers will be able to find your business and learn more about you.

5 – Gather The Necessary Documents

Once you have all of the above completed, the next step is to organize your paperwork. Before you can submit an application form for a merchant account, there are several required documents you must have readily available. These documents include:

Financial Statements

You’ll need to provide bank statements that demonstrate your company’s financial competence. Most merchant accounts will require two years of financial statements from a business bank account, as well as any processing statements. Processing statements will show merchant accounts precisely how many transactions you typically process and any vital information regarding those transactions.

Business License

In some cases, you may be required to provide a merchant account with a business license. This will give the merchant account with your company’s sales tax registration, as well as professional or occupational licenses. As mentioned, your business may not require a license, but it’s essential to check with your merchant account provider beforehand to make sure.

Articles of Incorporation

Whether you’re an LLC, sole proprietorship, or corporation, articles of incorporation provide proof that your business is legally a business. In essence, articles of incorporation are what legitimizes your business in the eyes of the government. If you don’t have these already, you can typically find resources on how to do so through your state government’s website.

PCI Compliance

In order for your merchant account to be approved, your business must also abide by a particular set of rules determined by the Payment Card Industry (PCI) and Data Security Standards (DSS).

PCI compliance protects the information of your customers and requires a business to use a specific set of security procedures when handling customer data. While this will depend on which state your business is located in, check with your merchant account provider to determine if PCI compliance is something you must abide by.

Supporting Documents

While you may not need some of these documents, it’s still worth having them close by as every merchant account provider may require multiple forms of documentation to complete your application. Some documents worth having on hand include:

Marketing materials
Business plan
Business policies
Inventory reports

6 – Submit Application

Finally, once you have completed all of the above, you are now ready to complete and submit your application for a merchant account. While the application is somewhat straightforward, be sure to read each section carefully and double-check the information you’ve provided to prevent any errors in the submission process. Additionally, the merchant account will also require a setup fee along with the application.

Once you’ve submitted the application alongside all of the required documents, your application will be reviewed, and a final decision will be made. As soon as the application has been approved, your business can now start processing and accepting credit card payments both in-store and online, if applicable.

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source https://www.highriskpay.com/steps-to-applying-for-a-merchant-account/