Merchant Services

Merchant Account Processing :  There are many misconceptions about Merchant Accounts and their service providers. In this blog, we will try to reveal some of the facts about the Merchant Account Processing. While opting out for a merchant account, and choosing a  payment gateway , businesses usually make mistakes some way or another. Whether you are new to the business or have lots of experience, you still might have some misconceptions about it. Not Worth the Time  – Firstly, entrepreneurs find that they have the best payment processing with the banks, some businessmen don’t care about the ease they get while doing the transactions through a merchant account. Expensive Affair  – Yes, the  merchant accounts  don’t come cheap, but they are not costly either. They just tell you the fees in a package where all the things are segregated and revealed as one. As well as the providers tell you the fees in percentage so, you have a clearer perspective on the rates. M

It is difficult to start a business, as well as applying for a merchant account. The merchant accounts get approval or disapprove from the risk departments. While considering the business to be high-risk business or Low-risk. There are few reasons why any business can be in  high-risk business . Risk factors that make a business HIGH RISK You have lost your previous merchant account due to high chargeback ratio. Questionable sales and marketing tactics. Potential legal and financial liability. Your credit is really bad. Industries with excessive chargebacks or fraud incidents. Trial continuity business. Previous credit card processing is not good enough. You’ve been branded as a terminated merchant (TMF). The  high-risk merchant account  categorization depends on your business’ industry. Regardless of your individual businesses’ track record. In addition, the high-risk category includes businesses that are declined by a previous credit card processors. And, busi

In this article, we have covered a few of the strategies with which a merchant can get his funds quickly. An Omission of Chargebacks: A business should be customer-centric and should always provide good if not the best customer service. Still, it is not necessary to have a chargeback-proof business. Always try to minimize the chargebacks. It would not only help your business in getting funds faster but also reduce the chances of getting under the TMF ( Terminated Merchant File ). Documentation of Larger tickets: Just like any unusual high overall volumes will draw the attention of your merchant account provider , so will an unusual large individual transaction. The third-party processors hold the funds until you provide the documentation, or until the closing of the chargeback window. Most merchant accounts have the policy of holding the amount of the transaction exceeds the specified value. However, it’s usually a good idea for a large transaction (over $500) to have a

If you find your business on the TMF or MATCH list, and you need to know how you got listed, reach out to your service provider and they can help you understand the exact reason. You need to contact the previous bank with whom you had  merchant services  previously. Request them to give you the reason and reason code under which you were added to the MATCH. You should know from the bank how to get off the MATCH or TMF. MasterCard, in general, puts the merchant for 5 years in the MATCH list. In case of fraud, you are highly unlikely to get off the list. Then, you do not have any option than incorporating a new company. Why are Merchants added to MATCH or TMF? Having a huge number of chargebacks on a monthly basis. The merchant owes money to the bank. Merchant caught practicing fraudulent activity such as money laundering. Illegal-product or Advertisement. Disclosing information of profit to the customer. All in all, violating the terms of a  Merchant Acco

Online Payment Risk :  Payment risk is considered as a loss if a merchant or a company handles a high volume of payments and they fail to comply with the contract. The blockage of the payments as a source of fraud can be bounced back on the company. The truth is that every payment method involves risk. If you run an online business and process payments on your website, there is a risk involved. The major ones are fraud and operational risks. There are many types of operational risks: Inadequate and Failed Information Systems Fraud and Chargebacks Processing Errors Breaches in Internal Sources and Control Commercial Disputes Unforeseen Calamity. Since the online payments form the foundation for digital foundation services, an approach to managing and regulating their risk is the first step. A company should work for an approach for assessing the economic impact of risk from the perspectives of customers, providers, and self. A high level of transactional risk exists

Merchant Account and Payment Gateway :  The Basic requirement for starting up and running a business is having a Merchant Account and a Payment gateway. Both have an equivalent ratio for the smooth and balanced working of the business.  A businessman who has really started up with new e-commerce venture requires a point from where he can connect to the customers. Now we need to figure out how? The foremost thing to run an e-commerce site is to have a proper cash flow in it. Hence, where do we need that money from; from the customer? Any entrepreneur running a High or Low-Risk business requires a Merchant Account and a Payment Gateway. Merchant Account: A type of an account that allows accepting online payment from the customers through many ways under legal wings of the  payment service provider . Merchant Account is created under the mutual agreement between a merchant and merchant’s acquiring bank, so to further proceed with future online payment. Payment Gate

During the last numerous years, escort services have become one of the quickest growing industries. Having the abilities of credit card processing to your escort commercial enterprise will offer the first-class comfort for your customers. By allowing  credit card payments , you can grow sales. Merchant Stronghold offers escort merchant accounts which are specially designed for online, in-app. Get in touch with Merchant Stronghold to manage your escort merchant account today. MERCHANT STRONGHOLD WILL HELP YOU TO APPROVE ESCORT MERCHANT ACCOUNTS Signing up for an escort service merchant account at Merchant Stronghold is straightforward. you may rest confident that your prices will never boom for the whole lifetime of your partnership at Merchant Stronghold with our  Lifetime price Lock assure. Get custom-designed credit card processing solutions especially to meet your enterprise needs. help reduce the risk of chargebacks on your escort organization with secure and  safe pa

Common High-Risk Industries Any business with bad personal or business credit scores, a high chargeback history, a startup, or high frequency or high average tickets can be at high risk. On an individual basis, the majority of  high-risk businesses  are among such by the industry they operate in. Some examples of high-risk industries include Document Preparation - Downloadable Software Educational Software Electronics Business Extended Warranties Financial Aid Consulting Financial Services Fine & Cosmetic Jewelry Insurance Providers Magazine Subscriptions Air & Water Filtration Antiques & Collectables Apparel Sales Auto Parts & Accessories Auto Transport Businesses with Bad Credit Beer, Wine & Liquor Sales Computer Hardware Debt Consolidation Discount Buying Service Risk factors that make a business HIGH RISK You have lost your previous merchant account due to high chargeback ratio. Questionable sales and marketing tactics

HOW TO CHOOSE THE BEST MERCHANT SERVICE PROVIDER? Go for the Track record of various  Merchant Service Providers . Before subscribing to the merchant service, you must check the previous records and reviews of that provider. If they have a positive record then you should feel free to add them to your list. They are providing at a reasonable market price. You must check the market price for the services that you are looking for. Moreover, you can compare the prices and get the one suiting your requirements. The Efficiency of the Support Service. While using the merchant service, a merchant may need assistance every now and then regarding the charges and more. In such cases, your merchant service provider must offer nice support, preferable 24/7 support. Understand the need and requirement of your business. You must get the package or service that goes perfectly with your business. This includes subscription charges, monthly or annual limit, and more. Make sure you cons