Merchant Services

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 process...

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 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. ...

Steps For A Merchant Account : The CBD falls into the grey area depending upon its cultivation and extraction. Possession laws for cannabis vary from state to state, and natural marijuana derivative cannabidiol, or CBD, faces more concentrated regulations due to its more medicinal focused uses. The CBD industry is regulated still, it is expected to be a market of $2.1 billion in the year 2020. Laws and regulations around the production, sale, and consumption of CBD in the US varies by state to state, but on a local level, CBD is classified as a Schedule I drug under the Controlled Substances Act. The classification means federal law enforcement agencies can shut down CBD production and businesses against consumers because of a sudden decision. For this reason, the CBD and hemp oil industries are considered high-risk by acquiring banks that supply businesses with debit and credit payment processing services. Certain Steps To Set Up A CBD Or Hemp Merchant Account: ...

THE MERCHANT SHOULD ACKNOWLEDGE BELOW POINTS BEFORE STARTING THE PROCESSING FOR THE EVENT’S BUSINESS: Accepts all payment modes (Cards, Net-banking, Wallets, UPI, etc.) and supports all banks. If a customer has money in any currency and wants to pay, you should be able to accept it. Integration process – Rather than spending precious developer bandwidth on payment integration , spend the time building the product of your dreams. Zero setup and maintenance charges – You only pay for how much you use. Simple pricing packages that make sense for your business. A dashboard that helps you monitor exhaustive reports on payments and statistics that help you improve your business. BENEFITS TO LOOK FORWARD TO: PCI-DSS compliant . Easy integration. Easy settlement into preferred Bank account. Automated structure. Less time-consuming. Here comes everything you must know-how when looking for a merchant account for online tickets business and payment g...

A merchant, whether be small or big, every person in business needs funding. The payment flow or cash flow in an online business is irregular and depends upon various factors before getting into the merchant’s hand. 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 cl...

Steps For A Merchant Account: The CBD falls into the grey area depending upon its cultivation and extraction. Possession laws for cannabis vary from state to state, and natural marijuana derivative cannabidiol, or CBD, faces more concentrated regulations due to its more medicinal focused uses. The CBD industry is regulated still, it is expected to be a market of $2.1 billion in the year 2020. Laws and regulations around the production, sale, and consumption of CBD in the US varies by state to state, but on a local level, CBD is classified as a Schedule I drug under the Controlled Substances Act. The classification means federal law enforcement agencies can shut down CBD production and businesses against consumers because of a sudden decision. For this reason, the CBD and hemp oil industries are considered high-risk by acquiring banks that supply businesses with debit and  credit payment processing services . Certain Steps To Set Up A CBD Or Hemp Merchant Account...

Financial risk and reputation are always the main concern of any financial institutions. Any wrong practice can result in damaging the image of the business. Sites which offer memberships are regarded as high risk merchants, irrespective whether they practice illegal or shady things or not, due to which it becomes difficult for the business owner to find an institution willing to accept its application for merchant account and even more difficult to find an institute which will offer a reasonable terms on his account. Considered - High-risk The proprietors of many membership websites found their merchant account closed abruptly. The reason for this action was new guidelines released by MasterCard that put certain practices common to the membership site business model under much greater inquiry or analysis. Before MasterCard implemented new rules, many membership sites used techniques that were widely regarded as deceptive or even fraudulent. Not only MasterCard changed it...

WHY DO YOU NEED A MERCHANT SERVICE PROVIDER ? A Merchant service provider is also known as a credit card processor. They offer services to the merchant to accept the credit card, debit card, and other electronic modes of money transactions. An MSP is responsible to move the money from the customer’s account to the merchant when the customer swipes the card. Also, a business that accepts the card and other electronic means of the payment can expand their business easily, as more customers are using the card instead of the cash in today’s economy. Most MSP’s are providing a wide range of methods to accept payment to make the customer feel comfortable while choosing the service or product a merchant has to offer. 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...

Merchant Account Provider for Business  – Usage of cash and checks is reduced in the past decade. More and more people are relying on cashless transactions. This means people are getting comfortable with card payment and card fewer transactions. But this is not good news for Merchants. They have to adapt according to the changing economy. This transition takes time and understanding. There are benefits of getting a  Merchant Account Provider for Business : Better Money Management No matter how small or large enterprise you have, money management is one of the very important aspects of a business. Without proper management of money, you won’t be able to see any profit. This is how a merchant account helps: Now, if a customer makes the purchase using a credit card, debit card, or other cashless modes, the money will be directed to your merchant account directly. You get a merchant account, which is connected with all the modes of transaction available. ...

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...

Payment Card Industry (PCI)  compliance refers to the technical and optional standards that businesses must follow to ensure that credit card data provided by the cardholders is secure. The compliance is enforced by the PCI Standards that set the guidelines. Furthermore, it needs to be enforced by all the merchants and businesses irrespective of their turnover or growth and the number of  credit card/debit card transactions  they are dealing with. They have to follow the guidelines of PCI compliance to secure the sensitive information of their customers. This reduces the likelihood of theft of financial and personal data. HOW DOES PCI COMPLIANCE WORK? PCI DSS keeps itself updated with new norms to keep new threats at bay. Its guidelines are implemented in both, the administration and technological part of the merchant business. Hence, you will have to keep your website updated regularly and make sure the payment deals are in accordance with PCI complianc...

It's important to look into the merchant preparing fees that a bank will charge your business before joining with them. Most big-small companies will choose to work with the bank that they've done the most business with so far. Using your present bank as a credit card processor is typically the easiest way to get the process started because they already are familiar with all of your basic personal information. In specific cases, your nearby bank may charge altogether more (or less) than one of its rivals, so it's vital to do the exploration and compare costs. If it's not too much trouble note, the merchant processing bank will most likely force you to open a checking account, too. They will do this so they can transfer the credit card assets to an in-house checking account. All websites and companies need tech support in order to connect with their customers and solve any potential issues that appear. No matter what industry one pertains to, there will alw...

In this article, we have listed the Common Merchant Account Complaints and the tricks to avoid such issues in your organization. This article can help you look at both potential risks and rewards of working with a given company. Poor Customer Service Now your business and payment processing system cannot be perfect every time. And customer faces an issue with the management. At those times, it is the responsibility of the customer service team to provide the demanded attention to a specific topic. In such a case, you need to stabilize your customer support service. Tracking your product and customer reviews should be evaluated. You should take some time to minimize the customer waiting time. And nobody wants to listen to the automated answering service. Cancellation Issues This is one of the frustrating Common Merchant Account Complaints faced by the customers. Many times we order a product or service by mistake. In that case, you immediately try to ca...

Yes, a high-risk business will have a hard time getting a merchant account , although there are high-risk merchant accounts that can be acquired at times. It’s important to note that such a business can have a hard time getting online payments just because acquiring a merchant account is quite demanding. The high-risk factors included here are a large number of chargebacks, refunds and so on, credit card fraud as well as companies that have a very high number of non-fatal or even fatal accidents, to begin with. Moreover, there are businesses that don’t comply with the regulations and requirements requested by the local law. This is very important and it does bring in quite a lot of trouble, to begin with. Of course, working with a high-risk business doesn’t bode well even for some major companies as well, which is very challenging for sure. It might be very problematic at first, so you should just try and avoid that, to begin with. Yes, it will be problematic to deal with...

The idea of having a credit repair business is that many gateway providers will see this as high risk. It isn’t really coming with the highest possible risk, but there are plenty of challenges to be had here and you should think about that the best way you can. Should you get a high-risk merchant account despite the potential issues that might appear? Yes, because you can either do that or you can opt for an offshore merchant account. Either one works, the idea is to just find the best options that suit your needs and which delivers the utmost value for your money. You have to keep in mind that the main focus here is on finding a good payment processor and lowering the amount you have to pay in the end. It can be tricky to do that because all payment processing solution services out there will ask for a transaction amount, so you need to put things into perspective and see what works for you. Granted, it can be a challenge to own a good credit repair business with online...

Merchant Stronghold is well known for its services and fast processing system for the High-risk offshore merchant account. We have been voted #1 High-Risk merchant service provider in the year 2015 and 2016. If you are looking for the offshore account for your high-risk business, you have reached the right place. We provide hassle-free all-in-one  merchant account  that includes everything that a high-risk offshore merchant requires to process successfully, which includes: Debit card processing Credit card processing ACH Processing  Payment gateways Chargeback management services Merchant Stronghold also provides facilities that make accepting payment way easier, these facilities are: POS machine service Virtual terminal Online setup Merchant Stronghold  is in the market since long and has maintained good repo by providing best services to our clients. Our commitment to excellence drives our interactions with clients, customers and each other ...

DIFFERENCE BETWEEN THE US AND THE EUROPEAN MERCHANT ACCOUNTS – MERCHANT STRONGHOLD: Pricing: There is a huge difference in the prices between the US and the European Merchant Accounts in terms of the gateway, setup fees, and discount rates etc. The European merchant accounts are way higher in prices than the US Merchant Accounts . The cost of the US Merchant Accounts decreased due to the high competition among the US banks. Unlike US banks, there is no such competition for the European Merchant accounts which leads to a higher cost. European Banks offer their services all over the world while the US banks provide their services in the US only. Quality: In terms of the quality of the services, both the banks are equal. Both the US and European Merchant Accounts offering the same credit card processing services like VISA and MasterCard etc. Even though the banks are using the best credit card processing services and security services there also be a possibility of scams. ...

Every year there is an exponential increase in the number of digital transactions. This means more and more people are choosing  online payment methods  than any other ways. Surely the online payment processor and service provider is flourishing, as everyone is looking for a secure and fast method to make payment for what he or she wants. Picking the right payment option and method for someone new to the merchant market can be tricky. To help our users, we are providing a list of secure and reliable Online Payment Methods that can ease your task. The most widely accepted online payment method. You need to create a user account and then follow the given instruction and you are all set to use the PayPal. Here are some of the features of the PayPal. This will help the visitor on your website to directly connect to the PayPal payment gateway in order to purchase your product. If you are a merchant then you can directly add the PayPal button on the home screen o...

How to Get and — More Importantly — Keep a Merchant Account Live There was this particular merchant based in the U.S. and, by the time it contacted us, it had gone to some of the biggest U.S. processors to open several merchant accounts, a couple of which are still active. Now, this is one of the biggest mistakes that merchants must not make —opening several merchant accounts at once, and not keeping them live. If it’s done otherwise, processors get nervous and understandably so —the new Merchant Account You are applying dormant is either closed down or replaced.  In the event, we asked our merchant to explain why it had gone through the pain of opening these many merchant accounts and received a satisfactory explanation, which is not a typical scenario. I should also add that the merchant had already received notices that its remaining two accounts would be closed within a month, which brings me to the next lesson — if you operate an online tech support business,...