Merchant Services

It is obvious that having a credit card present when the transaction is being processed will reduce the chances of fraud. But there are other variables as well that should be considered when going for a retail  merchant account . One example can be the Volume of Transaction and Average Ticket Size. Consider someone is selling jelly beans or any other product at a mall. The sale of this business will relatively be moderate having low average ticket size. If someone purchases a couple of dollars of beans, then there won’t be any big risk to the merchant. Chargebacks and product returns will not be the concern of the business owner. But if the average ticket size increases, the risk of chargeback and product return will also increase. If the price of the product is high, means customers value the quality of the product. Retail Merchant account in this situation can save you because you will be safe from frauds and high risk. With the point of sale software by Merchant Strongho...

TMF, MATCH file, and GNF: One of the most challenging things a merchant faces is going on the blacklist by the credit card companies, such as Visa/ Mastercard. This blacklist is famously known as “TMF or MATCH” list. This makes it very difficult to get a merchant account anywhere around the globe, especially, if it is a high-risk merchant account . Second to that is being put on the GNF list, which is Group Negative File. However, it is not as severe but has its own consequences. Match file is like a blacklist that banks can cross-check when they take on a new business. The match is a system created and managed by MasterCard. It is a database that contains information about businesses, which have gone through the phase of a fraud or a chargeback and has been terminated for many reasons. Terminated Merchant File (TMF) is another term, which is coined by Visa is just a synonym of MATCH. GNF, Group Negative File, is First Data’s internal list of businesses that they have...

If you run a travel agency as the tour operator, or hotel operator planning to the same then you must be excited by the opportunities in High Risk. Before start receiving online funds, you must setup payment gateway for your merchant account. Your  online payment gateway  basically makes it possible for your customer’s payment to reach the merchant bank’s processor. OVERCOMING HURDLES | WHAT YOU CAN DO TO GET MERCHANT ACCOUNT Find consultants who specialize in the helping high-risk merchants finding a merchant account. We at merchant stronghold provide you the same. If you have a good record of risk, fraud, and charge-backs, you will be required to provide at least 6 months of prior financials to prove it. If these processors receive any hint that you are high risk, there is a chance that the merchant account will get a termination. A common mistake that everyone does is to find big banks and merchant account, providers. The best side of this ...

Effects of Poor Merchant Underwriting Your high-risk business may suffer from one or the other reason even without in-depth analysis and these are: Incorrect Limit: You should set limits for your business as per requirement. It should not be too high or too low, as both will put your business at risk. Limits lower than required will hinder the regular processing of transactions. As a result, it may constrict the flow of cash or timely payments from the customer. If a limit is too high, this may lead to unexpected fraudulent charges. Hidden Fee: An additional fee is there if the volume exceeds the limit. However, even if you have set your limit, some providers let it exceed without notification. And they also charge you with a penalty. Downgrades: Once your  high-risk merchant account  is set, you are inclined to transaction downgrades if certain required features and security measures are not set along with the account. Although, setting up these features...

Let’s now discuss various possible reasons for declination of application for credit card processing : Age Your age is another factor for the denial of your request. If you are under 18, the issuer will not accept your request, as it is not the legal age. Your age is another factor for the denial of your request. If you are under 18, the issuer will not accept your request, as it is not the legal age. Incomplete Application Form If you don’t complete the application form completely or correctly, it can lead to denial. So it is better to apply for  credit card processing  online as it will not submit your request until and unless all the fields are full. Loan Balance If you want to apply for credit card processing, make sure that you pay your loan balance regularly if any. When you apply for credit card processing, your credit history is checked and if it is negative, the bank or the processor will hesitate to accept your request to avoid risk. Healt...

Recommendations to Improve Merchant Statistics Below have listed recommendations that could help to reduce fraud level. Merchant must provide an activity plane to  reduce fraud levels   by the payment system. On the off chance that the merchant doesn't successfully lessen reduce fraud level Risk and Compliance department will close merchant traffic. To avoid penalties and disqualification, Merchant must survey its business processes. The following are recorded suggestions that could  reduce fraud level . Here are some guidelines for preventing Internet, telephone or mail order fraud: Request that cardholders provide the following information during the order taking process: Cardholder Name, exactly how their name appears on their card. Card Number Card Expiration Date, four-digit number MM/YY. CVV (Card Verification Value) and/or CID (Card Identification Data) for some regions, the three-digit number located on the back of the card in the signature panel. Ca...

The best credit card processor for your business is one that comprehends, accepts and acknowledges Document Preparation Services Business [MCC 7276]. It's critical to be set up with the Correct Acquiring Bank to Underwrite such business and issue Document Preparation Services a payment gateway. Merchant Stronghold works with businesses, learn in their requirements and suitable  credit card processor  will also be budget friendly and won’t enforce restrictions just because your organization is small. Here are some of our credit card processing benefits: Online Virtual Terminal and API Technology It is an easy online solution that is used worldwide. It doesn’t ask you to pay a setup fee, you can start processing right away. There are multiple checkout systems that you can integrate into your document preparation service website. It is packed with features and options that can be tailored to suit your business. Stronghold offers the flexible credit card for all typ...

The  point-of-sale system  you choose can factor into whether your business develops or not. Not very many retail organizations - even little ones- still utilize an old-school mechanical cash register. There is essentially an excessive number of simple-to-use digital solutions that will integrate accepting credit cards with some level of record-keeping. The challenge for the small business owner, in any case, is that payment or point-of-sale (POS) system differ significantly in capacity and cost. There are extremely economical arrangements that take payments and ring up items based on the codes associated with their price tags. A small business owner could likewise pick a POS that tracks inventory over various areas and the internet. Before picking a POS, you should choose what your necessities are currently and they might be going forward. You may know precisely what you need, or you may choose a system that can develop with you. Know Your Necessities Buyi...

Working a home-based business can display its own offer of difficulties. All things considered, it’s still important for the owner to handle inventory management, sales, and announcing in a proficient way. Regardless of whether you offer things on the web or customer come to your home-based business to make purchases, you should have the capacity to ring up sales precisely and streamline whatever accurately procedures as could be expected under the circumstances. Stock Management Despite the sort of home-based business that you operate, it's imperative to stay aware of your Inventory. This is frequently a standout amongst the most noteworthy difficulties looked by numerous home-based business owners. An online spreadsheet can just do as such much, however, a point of sale system designed particularly for home-based organizations introduces the chance to oversee stock rapidly and effectively.  Home-based business owners can pick up understanding into which item...

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Credit Card  APRs are ridiculously high, averaging 16.75 percent, according to the latest data from Credit Cards (That’s a record high, by the way.) But make a payment misstep, and you could face almost double that astronomical rate for months afterward. If you’re more than 60 days late on your minimum  credit card payment , your issuer may apply a “penalty APR,” which can reach as high as 29.99 percent, according to Credit Karma. This higher rate can be applied to your current and future balances for six months. When six months have passed, your creditor is required to reevaluate your rates, per Credit. If you’ve made all your payments on-time during those months, you should hopefully have your rate returned to normal. To find out what your issuer charges, read through your card’s terms and conditions. Not every card applies the penalty—Chase, Citi and Discover offer cards with no penalty APR, according to LendEu—though many do, and those without penalties...