Merchant Account for High Risk Payment Processing by Radiant Pay

Online Business ventures are segregated into many categories, but the most important kind of bifurcation is done by the amount of risk involved in the payment processing. The businesses are simply categorized on likelihood of the risk created to the payment acquiring banks. So the payment processing card association declares some online business as high risk or low risk based on certain factors.

High-risk business is considered risky due to extravagant and hidden chargeback thus leading to high processing fees. For Businesses like adult entertainment, casinos, tobacco etc. banks or financial institutes do not accept payments readily due to high credit card payment and frauds. High-risk business are made to sign strict and complex terms and are offered higher rates compared to low-risk payment processes accounts. Almost every bank accepts payment for low-risk business.

For running a high-riskbusiness you need to have a merchant account with an acquiring bank before accepting payments online. A lot of banks avoid processing electronic payments of high-risk business. Even if they do accept payment for this type of business they make them agree to an unconventional terms and conditions.

The solution to this problem can be solved by establishing a relationship with an online payment gateway provider. Here at radiant pay we provide best online payment gateway services suitable for your business. We monitor potential threats and help fighting the huge chargebacks, also we keep track of any suspicious transactions on a daily basis. We have the right tools directed towards your business models which help make your high-risk payment processing efficient and have clear benefits. We work for the longevity of your online business. We dedicate ourselves in providing you with processing solutions which are well customized and suitable for your business model and overcome all the above difficulties of a high-risk business.

How to Choose a Credit Card Processing Solution Provider

In today’s world digitalization has increased on so many levels that   you can never be too sure of being fully capable of providing proper and up-to-date services to your customers. One thing which has spread like a wildfire is online transactions through credit cards. Having a credit card processing solutions is a must today.  The service includes a merchant account and a wide range of credit card processing options, including in-person, online and mobile credit card processing. Some card processing services are specifically tailored to retail or e-commerce businesses and while some others are more flexible in the types of transactions they handle only.

Whether you are a newbie or a biggie in the industry, you don't want to miss out on accepting credit card payments from your customers/prospects. There are over 200 million netizens (online consumers) in Europe alone. And although the European market is nothing like the American market, more and more people have started using credit cards to satisfy their buying needs. These consumers are now familiar with   the usage of credit cards to make payments, whether it is the household grocery, or a swanky new car. Every person in the family from children to grandparent knows how to use credit cards for online shopping whether it be for movies advance booking, shopping on an E-commerce website, booking a holiday and million other things. So it is very important to have a credit card processing service available for accepting online payment not only from a particular area or a city or a country but from all around the world. For this you need to choose a merchant account provider who will help accepting your online payments and smoothly handling all the credit card transactions.

While choosing a credit card processing service provider you should look for features that differentiate the services, including costs and how the processing overhead is divided between the customer and the merchant. With some services, there’s a monthly subscription fee in addition to per-transaction costs.

We here at Radiant Pay provide a seamless credit cardpayment processing solutions and offer a merchant account which helps you to accept online transactions easily all around the world.

Know About the Check Processing Services

Processing checks is a time consuming and tedious job as everyday financial institutions get thousands of checks that need to be processed and cleared for their clients. A check is essentially an order given to the bank by its client to withdraw money from the client’s account and deposit money to the intended receiver’s account. It’s a legal document or form where the bank withdraws money from a person’s account and then transfers the money to the account of the individual to whom the check has been issued. The following are some of the check processing services that are needed to complete this transaction:

Check Processing Services

·         Checking all the data entry on the checks that are available to processing staff in hardcopy, scanned formats, and checks have received through internet, phone and fax.

·         The next step in processing the check is the services that scan all the important data on the check like bank account numbers, check numbers and routing number to name a few details on the check. The information is backed up and security measures are taken to ensure the confidentiality of the documents.

·         Check processing services also include verification of the check and the transaction. This means the validity of the check and the validity of the businesses and individuals issuing the check have to be verified before transacting a check. Similarly, the actual information regarding the transaction has to be verified during the task of processing a check.

·         Check processing services include processing recurring checks and taking care of the processing and ensuring payments made on time for these everyday transactions of receiving checks.

·         Another service provided by check processing services is re-depositing bounced checks. Checks can bounce because of many reasons and these checks are also processed by the processing units.

Conclusion

Check processing services are provided with stringent data security systems, fast turnaround times and in a cost-effective way. Millions of checks are processed every day and above-mentioned are some of the check processing services during this process.

online banking payments

What is ACH payment processing and how it works

ACH is Automated Clearing House which is a method of payment popular with financial institutions. Automated Clearing House or ACH payments are payments done through a network which coordinates electronic payments and electronic automated money transfers. ACH is a means for initiating and finalizing transactions directly to and from the bank accounts. The following are the details of the process of ACH transactions and how it works:

The Process of ACH Transactions

·         The first step of an ACH transaction is imputing the transaction into the web portal of the ACH website. The transaction is imputed into the system after it is approved by the ACH user. The clients that input the information of the transaction into the system is called an originator.

·         At the end of the business day, all the transactions of the day are compiled and sent to an ODFI. An ODFI is an originating depository financial institution. An ODFI is essentially a bank. After compiling all the transactions at the ODFI the transactions are then sent to an ACH operator where the ACH operator facility is used as a clearing facility for the transactions.

·         The ACH operator then sends the transactions to the various RDFIs or receiving depository financial institutions or banks receiving the transactions. These RDFIs notify the “receivers” of the transaction which is the people whom the money is sent to via the transaction and who are customers of the RDFIs where the transaction is sent to by the ACH operator.

·         The receiver is the person who authorized the originator to make the transaction via ACH payment method. The transaction has to be completed within a timeframe after which the money if not transacted is sent back to the originator through the same route.

Conclusion

The entire process of an ACH payment takes 3-6 working days and this is a smart method of transaction and payment processing which is used by people all over the world. This method is a safe and reliable way to transact money through the banking system.

ACH and check processing