Opening A High Risk Credit Card Merchant Account

High Risk Credit Card Processing

High Risk Credit Card Merchant Account

Only high risk credit card merchant accounts allow you to process high risk credit cards. This is as simple as that. Normally, high risk credit card merchant accounts are used by businesses that are involved in international marketing, adult entertainment, online pharmacies and gambling. You might wonder why so. The reason is simple. Out of 100 transaction requests these businesses receive, about 30 percent tend to be fraudulent ones or chargebacks. Due to these, most of the regular banks tend to avoid associating with such businesses by all means.

If you happen to be one who is planning to get a high risk credit card processing facility at your office, remember that you will be asked by your banker to specify your business. And if your business happens to be any of the aforementioned sorts, chances are high that your request will be rejected. However, there is nothing to worry about. There are several banks that offer high risk credit card processing service outright. Apparently, the charges to open a high risk credit card merchant account are relatively higher.

Issues with high risk credit card merchant account

You now know that you would need a high risk credit card merchant account in order to activate a high risk credit card processing facility at your business. Well, getting such an account alone wouldn’t bring you to this. You will have to closely monitor all the transactions through your account. No banks would tolerate too many chargebacks. If your account gets chargebacks very often, remember that the banker will close your account without any prior notification. So, you are solely responsible for monitoring your account and avoiding all type of fake transactions through it.

Opening a high risk credit card merchant account after the closure of an existing one

Process High Risk Credit Cards

High Risk Credit Card Processing Tips

Opening a second or third high risk credit card merchant account is relatively more complicated. Most bankers know that you are required to open a second account because your first account got closed due to chargebacks or other fraudulent transactions. Normally, they would deny your request. Because your credit score is published and every banker has access to it, it is very hard to try your luck with a different banker as well.

Maintaining a high risk credit card merchant account is very demanding. It requires your close monitoring. So, it is highly recommended to avoid all types of transaction requests that look fishy.

When Choosing A Credit Card Processing Provider For Your Business

Credit Card Processing Reviews

Credit Card Vendors

Once you have decided to accept credit cards for payments in your business, the terms and features of various credit card processing companies may confuse you and leave you standstill. Credit card issues range from confusing credit card processing rates to complicated compliance issues and lengthy service contracts. Here is a list of the things involved while accepting credit cards, and what you can do to make things simpler.

Processing quotes

According to many credit card processing reviews, the most confusing part when it comes to accepting credit cards is pricing. The major reason for this is competitive price quotes. It is likely that business owners make a choice by relying on the integrity of sales reps. The best solution here is to get quotes from multiple vendors, preferably two or three. In addition, make sure that you get disclosures of all costs in writing.

Various pricing models

The availability of so many varying models also confuses businesses often. If you opt for tiered pricing, the rates will be set by various vendor-determined rates. Moreover, if you opt for the interchange plus model, the rates will be set by the brand of credit card, such as MasterCard or Visa. To make things simpler, check out the various pricings offered by the processors and figure out which one would suit your business the best. The rates should be confirmed beforehand to avoid any disputes later.

Terms and Conditions

Make sure that you read the service contract properly before finalizing on one. According to credit card processing reviews, most businesses end up choosing an undesirable credit card processing scheme because they simply did not study and analyze the terms in the contract thoroughly.

PCI compliance

Credit Card Processing Rates

Choosing A Credit Card Provider

Do not take the security of credit card processing lightly. Make sure that the vendor you choose is PCI compliant, which is a set of credit card processing security standards. If a business fails to choose a vendor that is secure, it would harm not just the reputation of the business, but also end up in huge financial losses in terms of government and banking fines, lawsuits, and such.

E-commerce adaptability

Note that not all credit card processors adapt to the requirements of the e-commerce industry. The different merchant services should be able to be integrated with ease. In addition, billing and processing of products over the internet should be easy.

You may also get in touch with other businesses from your same industry and get reviews on the various vendors to get an unbiased opinion.

Before Opting For Credit Card Services For Your Business

Credit Cards

               Credit Cards For Businesses

If you are a business owner, it is imperative that you offer your customers the best credit card processing service. A credit card processing service ensures that users can make hassle-free payments while doing business with your company. However, when you are on the lookout for a small business credit card processing provider, it might turn out to be a difficult task, as there are a number of service providers offering a variety of specific offers and features.

However, remember that it is better to spend some time researching on the best small business credit card processing companies thoroughly before investing your time and money on any specific one. Once you have availed the services of a provider, if it doesn’t turn out to help your business as intended, it will be hard to terminate their services and to change the provider, in addition to the extra costs you will have to bear. Start your research on what best suits your business’ needs.

Check if the credit card processing company offers traveler’s benefits, shopping points and such rewards. Users tend to prefer such card providers that offer gifts and discounts over traditional ones. Some of the various features and offers provided by credit card processing companies are listed below.

  • Earn Points – These cards offer redeemable points when users make purchases. These points can later be exchanged for goodies or to purchase supplies at select stores.
  • No Spending Limit – These cards come with zero purchasing limits. This means that there will not be any restrictions on the amount of purchases made.

    Credit Card Service

                    Best Credit Card Service

  • Low Interest Rates – Your business would need to pay only minimal interest rates with these cards.
  • Traveler’s Benefits – Offers specific travel points, which can be earned and spent at different locations or stores around the world. Users may also get travel insurance coverage.
  • Fuel Points – Some cards offer points that can be redeemed for fuel refills. These are appealing mostly to all users.

In addition to the specific features and offers mentioned above, you also need to study the long-term prospects of the credit card processing company you choose. Some companies offer low interest rates only for the first one-month or first one-year of subscription, avoid these and opt for those that offer lifetime benefits.

Tips For Launching A Credit Card Processing Firm

Credit Card Processing Companies

                Credit Card Processing Charges

It has been observed that people are becoming more interested in online shopping than conventional shopping. The most convenient aspect of online shopping is that it does not require you to physically go to a shop and purchase the goods. You can order them from the convenience of your home either via your laptop or smartphone. When you buy a product online, you pay online through your credit or debit card. In fact, people prefer credit card based payment even for their usual grocery shopping. Obviously, the increasing tendency of people to opt for credit card based transaction has broadened the scope for credit card processing companies.

Credit card processing companies offer credit card processing services to businesses – for instance, e-commerce companies, super markets, pro shops, etc. Well, you might wonder what one needs to do or what the procedures are for starting a credit card processing company. The following are the step-by-step procedure for starting a credit card processing company.

Get your prospective company registered

The first step is getting your company registered. The registration procedure varies from country to country. So it is recommended to get in touch with your local chamber of commerce and request them for the details. They would tell you what all documents you are required to produce, where to apply, how long it will take, etc. Most probably, you will be required to obtain a business license. You should also make sure that you are meeting both the state and federal legal provisions and requirements.

Be aware of the market trends

The success of a business is a closely associated with the market trends. Never go ahead with any business plan without studying the market trends. It might take you some time but remember that it is important. The best way to study the market trends is to do some research on your own or review any latest market surveys conducted by the popular agencies.

Credit Card Based Payment

               Credit Card Processing Services

Know your prospective clients

Customers are in fact the masters. You can never think of making any profit from a business without satisfying your customers. You must know your customers well and recognize their tastes.

Finally, find out whether the local banks offer a credit card processing reseller program. If so, you are lucky. If they don’t, you may have to contact a credit card provider that offers the reseller program. Credit card processing companies that allow customers to use multiple types of credit cards are more in demand these days.

Factors To Look Into While Choosing A Credit Card Processing Company

Credit Card Processing Service

                Best Credit Card Processing Service

When it comes to choosing a credit card processing company, what most people seem to be concerned about is reliability. Obviously, reliability is a prime factor that you should take into account. However, the price matters a lot too. The start-up costs vary depending on specific companies.

Based on the startup costs, you can classify the credit card processing companies into two; the companies that charge you at the start-up stage and the companies that don’t. Reports indicate that some companies charge as much as $250 to $300 as fee during the start-up stage. Nonetheless, the proven fact is that companies that charge the startup fee will not charge much amount as processing fee.

In the long run, you may realize that the huge startup fee you paid initially has been compensated through the lower processing fees. The point is, you need to make thorough evaluation about the different credit card processing services before you finalize on one.

Types of fees that credit card processing companies charge

Ideally, the first point you need to look into while choosing a credit card processing company should be the fees they charge you. You will be charged a certain amount as monthly fee. Prior to picking an ideal credit card processing company, you should therefore verify how affordable the company is for you.

Consult the customer support representative of the company to get a clear picture about the various fees they are going to charge you. It is advisable to compare the fees charged by different credit card processing companies. You must include both the startup fees as well as monthly/yearly fees and see which the most affordable one is in the long run.

Features you should ensure

It is important to ensure that the credit card processing services that you contact offer the following services.

Credit Card Processing Charges

                         Credit Card Processing Fees

  • Security from all types of fraud attempts
  • SSL
  • Address verification
  • Real Time processing
  • CVV2 Acceptance

In addition to ensuring the above factors, make sure that your credit card processing company accepts popular credit cards such as Discover, MasterCard, Visa and American Express as well. It is also important to make sure that the company offers 24/7 customer support. While processing the credit cards of your customers, chances are higher that there will be some unexpected issues that need to be resolved immediately.

Taking A High Risk Merchant Account

High Risk Credit Card Processing

High Risk Businesses  

If you are running a business, your priority would be to attract more customers to your business and thus, enhance the profits. Risk factors are involved in all businesses, even though they vary from high-risk businesses to low risk businesses. Now, if you are running a high-risk business, it is important that you take all necessary steps and precautions so that the business runs smoothly and attracts customers to it.

If you are running a high-risk business, it is important that you avail the services of a high risk credit card processing company. This is important because it is one of the convenient and easiest payment methods, which you offer to the customer and this will help you to boost your business. With high risk business, you need to find a good high risk credit card processing company and start a high risk merchant account.

So, what all factors decide whether you are running a high risk business and you need to take a high risk merchant account? Let us take an example. Consider that you are running a travel agency that arranges cruise lines for the customers. This is business is considered as a high risk business because many factors can put your business at risk like adverse weather, calamities etc. Similarly, businesses such as auto rentals, telemarketing etc are also considered risky. In addition to the business factors, these businesses run at a high credit rate and turnover, which adds a risk of fraud.

Credit Card Processing Bank

High Risk Credit Card Accounts

Now, since you run a high risk business, it does not mean that you are not entitled for an account with the bank. Due to the risk factors involved, most of the merchant account providers are reluctant to offer the credit card processing account. Therefore, it is possible that your credit card rating may be much higher and therefore, you need to take the high risk merchant account. Now, if you are existing customer, it might be easier for you to open a high risk credit card account with the bank.

Keep in mind that with the high risk account, the charges are always high. Compared to the normal accounts, it is a bit difficult to setup the high risk accounts. The providers will consider various factors and look into your credit history, before providing you with the high risk account. The credit card processing bank would look into factors like how well you would manage the business at the time of a crisis.

Know More About Intuit GoPayment

Credit Card Processing Reviews

     Credit Card Services

You may have heard of the Intuit GoPayment device. It is nothing but a mobile credit card reader, which can help the users connect quickly to the QuickBooks account. It is very easy to get your Intuit GoPayment device. You will be able to download and install the free app that can be used on any of the Android smartphones or Apple devices. Intuit will then ship you the free card reader and it will reach you within four to seven business days. As per reviews, the device allows the users to accept the credit cards anywhere and anytime without any difficulties.

Another advantage is that the user will be able to swipe the cards through the mobile credit card reader or type in the transaction details manually. The best part of using the Intuit GoPayment credit card processing device is that it is very secure and you need not worry about any fraudulent transactions. You can be sure that the details of your customers are secure. This is because information regarding the customers is never stored on your device and the device is encrypted.

The credit card processing reviews page states that the fees for using this device are very much reasonable. The users are provided two options; the monthly option or the Pay-as-you-Go option. If you do not provide much credit card processing business, the Pay-as-you-Go option will be the best for you. This option does not have any monthly subscription charges and you will need to pay only when you have to accept a payment through a credit card. In this subscription plan, the cards that you swipe will get a 2.7% rate and the second one, that is, the manual subscription plan gets a 3.7% rate.

Credit Card Processing Device

          Credit Card Processing Charges

The credit card processing reviews page also states that the users need not maintain a monthly minimum balance and that there is no setup fee to use the Intuit GoPayment device. If you process many credit cards monthly and make use of the card reader to physically swipe a credit card, it is better to go for the Pay Monthly option, as it will be offering a better rate for you.

Every month, the user will need to pay 12.95 dollars, but for every credit card you process with the device, you will need to pay just 1.7% as fees. If you wish to know more on the Intuit GoPayment device, you may check out more credit card processing reviews.

What Makes Intuit Merchant Service For QuickBooks Stand Out

Intuit Credit Card Processing

           About Intuit Credit Card Processing

The saying ‘kill two birds with one stone’ is quite true in the case of QuickBooks accounting software. It not only helps you manage your company’s account books but also allows you to process credit cards online. All you need to do to make this happen is to get an Intuit Merchant Service for QuickBooks. According to some recent reports, thousands of companies are migrating to QuickBooks accounting software for this very reason.

Intuit credit card processing

QuickBooks accounting software is developed by Intuit Inc. Apparently, you can expect it to have greater compatibility and interoperability with Intuit’s credit card processing service. According to the reports, one of the major reasons for the huge popularity of QuickBooks accounting software is its ability to integrate Intuit credit card processing.

Credit card processing and accounts update work simultaneously

While using the Intuit Merchant service for QuickBooks, both account updates and credit card processing work simultaneously, meaning you need not look independently on any of the two. At the time of billing your customers, the credit card processing takes place in the background.

Getting started with Intuit credit card processing

Signing up Intuit Merchant service for QuickBooks is quite simple as well. Go to Intuit’s official website and fill up the online registration form. The online registration process consists of seven steps. Make sure that you read the instructions carefully before filling up each section. You will be required to provide your company name, contact details, identity, business details, owner details etc. So make sure that you have all the relevant details before starting with the application process.

Are Intuit fees higher than that of competitors?

Intuit is not the most expensive credit card processing provider. However, its rates are not the lowest in the industry either. You may come across a few competitors offering lower deals. But, their services won’t meet the level of the interoperability and general acceptance that Intuit services offer.

Extra services offered by Intuit

Card Processing Provider

             Affordable Credit Card Processing

In addition to the basic services, Intuit offers a few additional services as well. This include online reporting options, unlimited user accounts options, online generation of bills and delivery via online. Besides all, it enables you to drill down the customer data whenever required because of its integration with QuickBooks.

Having reviewed multiple credit card processing services, I find Intuit service to be the most effective one out there. Try out Inuit and see how efficient it is.

Square Working On Credit Card Processing Issues

Square Credit Card Processing

Credit Card Processing

Square Inc is a merchant service aggregator and mobile payment company, located in San Francisco. This company markets different hardware and software products and services that include square credit card processing. With the style and compatibility of the apps, they are able to do lot better than the other similar apps. This service is best suited for small and medium companies that need credit card backup process every now and then. Square Inc started in the year 2008, and the name refers to the square card readers used for the process.

With this service, you need adhere to a monthly fee, payment gateways or minimum requirements on the usage. Nevertheless, the large businesses often complain that Square does not have a merchant support number wherein they can lodge complaints immediately. Hence, there are many complaints that need to be addressed at the earliest.

Users have been facing many issues with the usage of this mobile payment system from Square. The most important issue is with the tiny credit card reader. This fits well into the phone’s headphone jack, in all possibility is something, which you do not have.

In response to this issue, the company sent out a message to its users stating that the earlier hardware shortage problem is resolved, which is just fifty percent of the issue. The remaining issue is to manage the demand for the readers and still be able to manage the threat of frauds and chargeback. This seems to be an alarming concern over the firm, as it is credit card processing that they are dealing with. Any issues with the customer’s information or any breach in their information will lead to serious problems, which they are answerable to.

Card Readers

             Credit Card Readers

In order to manage the risks and threats, they have reduced the limits and set them very low. This has become another issue with the customers. Hence they think that the company needs to do a rethinking in this regard and come up with a solution that suits everyone the best. Square has assured that once these issues with the card readers are fixed, they would be good to resume to normal functioning.

While these issues are sorted out, since the readers are scarce, it is time to go back to IOUs and pocket for sometime rather than the square readers. Square credit card processing will get back to normal functioning as soon as all the concerns and complaints are addressed.

Benefits Of Using Mobile Credit Card Processing Systems

Credit Card Processing

            Mobile Card Processing Benefits

Most of us are switching over to card-based financial transactions these days. Obviously, using your credit card or debit card for shopping is much more convenient than carrying a lot of cash with you while shopping. However, this means that business owners must make sure they have the necessary credit card processing facilities for accepting such transactions from the customers.

Why go for Mobile card processing systems?

With almost everyone using a smartphone these days, you now have smartphone apps for pretty much everything. The recent trend is to use smartphone apps for facilitating the credit card transactions. This is particularly advantageous to a business organisation that follows a ‘payment on delivery’ business model.

In such cases, a mobile credit card processing system comes very handy. The employee making the delivery just needs to install the app in the smartphone and link it to the company’s merchant account. The employee can then accept the payment from the customer by entering the credit card information and the PIN number for authenticating the transaction.

This is essentially a card-less transaction, where you require only the credit card information and the PIN number for facilitating the fund transfer. However, for security reasons, it might be necessary to scan or swipe the cards rather than just entering the credit card number. In fact, some card processing agents charge more for the card-less transactions to discourage the practice of not swiping the cards, for security reasons.

If so, you can facilitate this by purchasing a credit card reader designed for the particular brand of smartphone you are using. Just purchase this accessory along with the mobile card processing app and install it properly. This is a very small device that can be easily attached to one of the data ports in your smartphone.

Credit Card Reader

             Credit Card Processing Systems

Encourage your customers to produce the card for making the transaction. Explain to them that card processing companies charge 1% or higher for such card-less transactions.

The main benefit of using such mobile card processing systems is, of course, mobility. You can accept payment anywhere at any time. Also, this makes it very convenient to the customers. They can now make the payment directly to the salesperson and move to the exit, instead to waiting in the queue at the billing counter.

In fact, such queues can be reduced by providing the smartphone app and access to the merchant account to every trusted employee in the business.