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High-Risk Businesses May Have Merchant Account Easily


Social media and online selling and marketing are the most important aspects of all businesses today. E-commerce is the way to go for every company regardless of the size. Even the smallest business today needs to have an online presence, and for the online businesses, it is important to have the merchant account and all the paraphernalia associated with it. These include a virtual terminal, all the payment gateways and facility for billing and so many other essential aspects.

No business can succeed today unless it has a website where people can see the products and services and by the same online. A merchant account service is essential and it ensures that a company can receive money for the products sold to its customers through its website. A merchant account helps them in the monetary transactions pertaining to buying inventory and selling their products through credit card, debit card, online net banking or payment gateways etc.

Online Merchants

Now that we understand the importance of merchant account, it is also clear that the merchant account is associated with a bank or a financial institution. Most banks consider herbal supplements, products for skin treatments and sexual stimulants as non-essential. They also feel that many clients buy these products on a whim and may want to return or chargeback these products. Many of these are herbal, that is plant extract based and do not need FDA approval. Some of these companies are located and registered in small off-shore countries.

Due to the aforementioned reasons, banks may refuse to provide the facility of the merchant account to a company selling such unconventional products or charge them exorbitantly. Online merchants, on the other hand, have similar financial responsibilities like the other companies and they also need to have the online accounts to perform all the financial transactions. They need to ensure that all the inventory and supplies are coordinated with timely deliveries, and the payments are received so that they can take care of their requirements.

Denied Request

Most of the banks and credit card processors like First Data or PayPal will do not accept your request for a merchant account. They maintain that your business is a high-risk business and cannot be trusted to take care of situations where the credit card is physically absent for payment and only its number is mentioned in the billing. They believe that anyone can use a card in such online sales and the receipt does not have the signature of the buyer, and that adds to the risk.

Being a new entrant online, if you default on even one payment they may shut down your account or stop all payments. These situations do not help any business and actually push them to desperation. We are more sympathetic and understand the urgent needs of any business. Therefore, our application process is very simple. In addition, one does n’t even get charged any processing fee or set up fee.

We understand that it is at times difficult to maintain the rolling reserves and we waive this requirement as well.

Start-up/New Business

We do not charge any setup fee or application fee to open a merchant account. This is of immense help to new businesses. Your customers can choose to pay via any preferred card or payment methods like Visa or MasterCard or any other prevalent cards, as this helps you to accept payments and fees from all card merchants. All payment gateways are also accessible when you have an account with us. This encourages all the clients to go through payment when they see the product of their choice on your website and the transactions are completed easily.

Domestic & Offshore providers

Domestic companies offer better security and follow the laws of the land. There are many companies on the other hand, whose products are not very commonly known or certified by the local laws. Then such companies have no option but to register in some off-shore place. Most banks deny an account to such companies. We realize the constraints of registration of companies and the limitations that you have to follow.

Therefore, we help every company to create a merchant account, irrespective of its place of registration. The rates of charges will, however, be slightly higher and may differ in each scenario. We also follow all the regulatory procedures and ensure compliance at every stage.

Problems facing the businesses

Almost all transactions are completed online today. All the products and services are displayed on the website for the buyers to understand and buy. But many times buyers get confused by too many products. They also get attracted to the schemes and discounts available on the website and place orders without thinking through. Later they realize that it leads to a subscription and there will be recurring billing. Many clients then dispute the charges and they want a chargeback on the payment deducted from their credit cards. Some cases are genuine and you may have to return the money. These are some other reasons that banks consider a merchant account for such products a high-risk account.

Sometimes a bank with which you have merchant account may close the account or all payments suddenly, while you were waiting for some credit or debit transactions. This may make you go through some embarrassing situations. We have a solution for such situations. Instead of one bank, we underwrite the account through multiple banks. This ensures that all the payments go through conveniently without any hindrance and you will never have to face any cash crunch in your business.

ACH Processing, Check Processing and Check Drafting are some other facilities that we extend to our clients as we understand that they need liquid funds immediately. They cannot keep rushing to the bank to deposit every check that they receive and can do that once in a while.

We can help you even if banks are refusing to extend help. Our fees and rates vary depending upon the history of the business, though we help the businesses that are just starting out. The application process is very easy and can be completed with the help of our friendly customer care staff. You can complete the entire process online on our website within minutes. We also have apps compatible with iPhone and Droid phones. You will find our services highly competent and helpful.