How to Get Approved for a Merchant Account

When determining whether a business is 'high-risk,' many factors are considered, including the nature of the enterprise or industry, customer types, transaction volumes, geographic location, and payment terms. 

Merchants dealing in the travel and cruise industries; Internet auctions; CBD; adult; forex; online gaming; casinos; and many more are all examples of high-risk merchants.

However, just because your business is high-risk does not mean you won't be able to open a merchant account. It does, however, imply that setting one up may be more difficult. Banks and independent sales organizations that provide merchant accounts will look at how long you've been in business, your credit history, and any previous merchant accounts you've had with other processors.

Because merchant account providers want assurance that you understand the business environment in which you operate, can identify the potential risks you face, know how to prevent or reduce fraud, and understand how to manage credit card acceptance, the length of time you've been in business matters. Regardless of risk, the only thing with first-hand business experience that can provide this kind of insight is.

Good credit history will help you establish your credibility as a potential merchant. If your previous processor terminated your merchant account because you defaulted on payments or had too many chargebacks, it may be difficult to open a new account in the future. And if you've previously had a well-maintained merchant account, it's a good sign of how you'll handle your new processor.

Follow these guidelines to improve your merchant account eligibility:

• Maintaining a good credit score: Before applying for a merchant account, remove any previous bankruptcies, late payments, or mortgages from your credit report. Contact a credit reporting bureau to obtain your credit report. Send them a letter explaining that these issues have been resolved and requesting that they be removed from your credit report. Having a good credit rating will make a lasting and favorable impression on a transaction processor, whether you own a small or large business.

• Previous merchant accounts, bankruptcies, liens, or judgments should all be disclosed: You improve your credibility by acknowledging the recent financial difficulties, and you may encounter one fewer barrier to opening a new merchant account. You can't keep information from the public record hidden.

• Be willing to pay higher fees if necessary: If you need to follow special rules or pay slightly higher fees to open a merchant account, go ahead and do it! It's worthwhile to offer your customers as many non-cash payment options as possible. It will aid in the generation of revenue and the stimulation of impulse purchases.

• Look for a credit card processor that best fits your requirements: Learn more about: 

• The discount rate: The fee paid to the merchant account provider as a percentage of each transaction. The processor may charge a higher percentage of your monthly charges if they are less than a certain amount.

• Transaction Fee: For each transaction processed, a flat fee is charged.

• Monthly minimum fees: If the merchant's discount rate and transaction fees do not add up to the monthly minimum specified on the original merchant application, the merchant account provider collects these fees from the merchant each month. If the monthly minimum volume is not met, it usually costs $25 per month.

• Reserve Fees: If your credit history is suspect, or if you own a new or high-risk business, you may be required to open a reserve account to protect the processor from future losses. Your reserve account is based on a percentage of your total sales.

• Chargeback Fees: These are the fees a processor charges to cover disputed charges. 

• E-commerce: If you're an e-commerce merchant, inquire about the costs of storefront solutions, such as shopping carts, Web hosting, payment gateways, virtual terminals, virtual checks, databases for order fulfillment, customer tracking, and a way to calculate tax and shipping charges, from your prospective processor.

• Gadgets: Point-of-sale terminals, printers, and peripherals, as well as installation fees, are included.

If you follow the steps outlined above, the process of opening a merchant account should go smoothly. And, in the end, getting approved will put you on the road to increasing your company's revenue. Operating a high-risk business does not rule out the possibility of accepting credit cards.

Regardless of the factors mentioned above, Radiant Pay is committed to providing you with payment processing solutions that are well-tailored to your business needs. We are a leading London-based agency providing payment solutions to the online business and all the e-commerce enterprises across all “legal” industries. Our clientele is not limited in terms of business size, risk status, or transaction volume and can provide tailored solutions for any type of client and their online businesses.

5 Ways to keep your Credit Card Payment Processors safe.

 Since credit card transactions are the most common ones attacked by fraudsters. Therefore it is necessary to keep the payment processing systems secure and leave no vulnerable points. Also, when it comes to cybersecurity merchants should undertake every step in their power by ; 

• Compliance with PCI 

PCI stands for Payment Card Industry. PCI compliance is technical and operational standards to which a business should adhere. It is a universal manual of standards of how to use, store and process card details. These standards help a business secure and protect information provided by customers during a credit card transaction. Non - compliance with these frameworks can put you in jeopardy where you are exposed to threats that you don’t wish for.

• EMV compliance

EMV (Europay, MasterCard, and Visa) enables accepting secured payment transactions. It includes a card with a metallic chip that holds cardholder information. Metallic chip cards possess better secure transactions than long stripe credit and debit cards. Special readers can only authenticate these cards. It is a security technology standard used everywhere for payments via credit card or debit card.

• End-to-end Encryption

In this method, it is made sure that the data remains enclosed from its origin until it reaches the destination, it ensures the path is not breached. During the journey, the information is transformed into code using encryption algorithms. It prevents any third party from accessing vital information.

• Tokenization

This method of securing the data is not as such stored in the system. In tokenization, the sensitive information is translated to randomly generated strings of characters and stores mapping in the database, access to this info is privileged to only authorised personnel. Payment Gateway providing tokenization can remarkably reduce the risk of fraud.

• Secure Sockets Layer

SSL acts as an additional wall of security that assists against hacking attacks. During the transfer of sensitive information, the browser switches to secure mode, provided an SSL certificate is installed on the server.

This generation's habits of shopping have shifted to online shopping. It is not in the hands of customers to select a Payment Processor but in the hands of the Merchant. Radiant Pay is the trusted and leading reliable Payment Solutions provider in London helping Merchants to identify a suitable solution.

Significance of Merchant Account in Travel Business

 Radiant Pay is the global leading payment processing service provider, for business of all industries. It helps merchants to serve their customers as soon as possible by completing the financial transaction instantly. Radiant Pay offers the merchant and its customers flexibility of payment processing through secure and innovative services who have e-commerce presence or want to take it online. The service permits an online buyer to make a financial transaction at its comfort and within a few clicks.

Expert team at Radiant Pay, will help you with tailored Merchant Account Solutions of all types to all high-risk or low risk businesses, which will facilitate you to accept and process the electronic payment card transactions   

Benefits of having a Merchant Account:

The travel industry is deemed to be a booming industry accounting for worldwide GDP and employing millions of people. As travellers around the globe, these days opt for online payment methods mainly using cards and other alternative payment processing methods.

We at Radiant Pay provide you with a beneficial, advanced, and transparent account. Here we have just the right payment processing solution to accelerate the success of your business.

• High-level security

With the reputation of credit and debit card scams in the travel industry, the need for security is satisfied with effective, safe, and reliable payment processing solutions for the travel business. With it, you can make sure that you and your customers both are protected from scams.

 

• Increased Trust

By having a trustworthy travel - merchant account you provide a safe and secure payment portal on your website. Money is an integral part of everyone’s lives, when customers experience the safety of the mechanism the trust is automatically elevated.

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• Increased customer satisfaction

It gives ease and freedom to the customers in selecting the payment method among multiple options. Today’s customer demands freedom of making choices of when and how they want to spend their money. By catering to the demands you can increase customer satisfaction or delight them.

• Increased Sale and Reach

Today a customer can have full control over the travel plans. With the privilege of convenience provided by Google, he/she can simply search, compare and book flights, hotels. Here, the merchant account plays an important role by giving you (the business) to achieve this.

 

• Accept Cards

Using plastic money has become the new normal. The merchant account benefits by accepting credit cards and debit cards. It reduces the resistance of the payment transaction.

 

If you are new in the industry or looking forward to excellence and have reached here, you are at the right place. Radiant Pay is here to help you skyrocket your business success by helping you build an online merchant account setup.

From The Smallest To The Largest Financial Institution, Credit Cards Are An Important Part

 Credit card processing is a critical service—it ensures that customers can simply and quickly checkout. As a business owner, it’s important you understand how credit card processing works – and what your options are when shopping for payment providers. While accepting cash payments is fundamental for many businesses, accepting credit cards is a key part of expanding.The simple act of accepting credit card payments can give a significant boost to your business.

Many Payment Service Providers will help you to provide credit card processing for your business to accept payments globally. As it was already stated in the thread to process credit card payments a merchant account is crucial. So it is more important to ask for the best credit card processor which provides solutions for all sorts of businesses globally. You have diverse options for processing service providers. Radiant pay being the best one for you will depend on your business type and processing needs. These types of accounts, particularly in the US, have very high acceptance rates. Your personal credit score will not likely affect your chances of approval.

Getting a Merchant Account is totally dependent upon the following factors:

• Business Model
• Billing Model
• Nature of Business
• Category of Business
• Expected Monthly Volume
• Ticket Size
• Location of Business Incorporation
• Targeting Countries

Online Gamling Merchant Account Payment Processing in UK

The global growth of online gaming has been nothing short of phenomenal. For a successful online gaming a Merchant Account is a must. With the help of a Credit Card Processing solution players can easily pay for the subscriptions and advanced level of games. Alternative mode of payment processing like Echeck and ACH is also becoming extremely popular in this High-Risk Industry. A reliable payment gateway can help players in making fast and easy payments to the online gaming platform. This industry faces a big challenge of huge amount of chargebacks. Merchants and payment processing companies understand this fact and try to implement measures to reduce fraud. Unfortunately, even after implementing massive fraud detection and prevention steps charge-backs do appear. The reason may be many. For example a player did spend a lot of money on an online gaming website and then raises a dispute by saying that it is a fraudulent transaction. In most of these scenarios payment processors and merchants find it difficult to prove the genuineness of the transaction if proper authorisations and proof of service delivery evidence are not available. Though all signs show that online gaming and casinos are lucrative businesses, many traditional financial institutions won’t take a gamble on them. The industry’s background and history, high chargeback ratios, and potential legal issues due to ambiguous laws keep banks away from these merchants.

Need of a Radiant Pay Online Gaming Merchant Account:

• Makes payments simple and helps you increase player conversions and sales.  
• Payments platform through international card and domestic card types and other ever-increasing alternative payment methods.
• Opportunity to easily expand into new markets and reduce currency conversion rates.
• Our international network of many banks provides you with access to the most competitive rates and ensures you have resiliency in the business
• reduce your foreign exchange exposure to further improve your profitability.

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Just the right mix of merchant account features to cover the enterprise's High-risk levels

Are you involved in a High-risk business? It means that you are exposed to a higher degree of managed risk. Therefore, you need specialized attention to set up your payment processing account. The supplier of High-Risk Merchant Account is exactly what you need. They will help you run your business while taking into account the risk in your industry. 

• A High-Risk Merchant Account is an agreement between a bank and a high-risk merchant allowing the latter to accept payments online.
• A high-risk merchant is a person, whose business falls under the ‘high-risk’ category. 

The examples of high-risk businesses are as follows:

•  Gambling/casinos
•  Adult products/services
•  Tech support
•  Bitcoins / Forex trading
•  Pharmaceuticals/drug stores
•  Magazine subscriptions
•  E-cigarettes
• Computer software or hardware

You should keep in mind that when you create a merchant account, it will cost you some money. The payment service provider i.e. Radiant Pay offer as many types of payment services as possible.  A merchant account act as a payment gateway that allows the customer to pay via cards for the purchase of goods and services. A merchant account is not just about accepting credit cards. The provider must offer high-risk payment processing tools that will help secure your income. It helps you handle fraud and chargebacks while taking care of customer payment information so you can generate customer profiles.

 Nowadays customers prefer to pay online via cards, as this type of payment is safe, secure, and easy to transfer funds. However, the merchant account provider offer high-end fraud protection system, so the merchants give seamless shopping experience to the customers

If you do not have a high-risk merchant account you can guarantee that your business will not receive the number of sales that it could have.

Need any type off Merchant account? Visit Radiant Pay Today

We are living in aworld where a variety of goods and services are so many that we cannot imagine. Majority of businesses are now online, and everything is accessible in just a few clicks. However, it must take a lot of efforts to manage orders and payment processing. Therefore, merchant accounts are quiet in trend these days. They not only facilitate online businesses to manage orders and payments effectively but also cater to a varied range of other benefits. Here is a list of some of them:

·        Unlike local banks and domestic account providers, offshore merchant account providers issue credit card processing services

·        Usually, there is a monthly transaction limit with a local merchant account. On the contrary, you receive unlimited transaction limit and flexibility at the same time.

·        Since online businesses generally fall into high-risk category and processes are incredibly time-consuming, you require a system that can allow you to relax and focus on your sales projection. It is possible with an offshore merchant account.

Types of merchant accounts

Mostly, categorization of merchant accounts depends on the amount of risk and the methods of selling goods or services. On that basis, here some types of merchant accounts are described as under:

(i)               Retail account- As the name suggests, these accounts are suitable for retail business such as departmental or grocery stores where transaction processing uses Point of Sale method.

(ii)             Mail or telephone order-  It is for consumers who shop right from sitting on their couch in their home. MOTO allows ordering based on phone or email.  

(iii)            Merchant based on internet/e-commerce account-These accounts is for internet shopping. Majority of people buy products online as it is easy to access and have a broad reach.