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December 17, 2019 at 07:36PM

Steps to Applying for a Merchant Account
https://www.highriskpay.com/steps-to-applying-for-a-merchant-account/

If you own a business, creating a merchant account is in your best interest. Regardless of the products you sell, customers carrying cash is becoming less and less common. As credit card purchases become more popular, opening a merchant account with a merchant service provider not only makes things simpler for your customers, but also makes things easier for you.

But what exactly is a merchant account, and how do you start one? We’re glad you asked! Keep reading below to learn everything you need to know about merchant accounts and how to get your business running more efficiently than ever before.

What is a Merchant Account?

A merchant account is a service where a financial provider enters an agreement with a business in which the provider handles all of the business’ payment processing needs. With the newly-created account, a company is now able to accept and process credit card payments, and the provider gives the business a secure location to deposit the funds.

Once the funds have been processed and deposited with the provider, they are then issued back to the company after processing fees have been deducted.

 

How to Create a Merchant Account

Not every merchant account is the same, as each will have its own set of requirements. However, the process of creating a merchant is generally the same regardless of the service provider. That being said, there are several things to consider before starting the process and making a final decision.

 

1 – Open A Business Bank Account

Before creating a merchant account, it’s vital that you already have a place to store business funds. Most merchant service providers require proof of a business bank account to show how serious you are about the business.

Having a separate bank account for your business will also significantly reduce your personal liability with the company and protect personal assets should financial issues occur.

 

2 – Choose Which Credit Cards Your Business Will Work With

Once you’ve opened a business bank account, it’s time to start the actual journey in opening a merchant account by deciding which credit cards your business will accept.

Start by analyzing the different brands of credit cards and determine if any of them provide benefits that are unique to your business. Visa is often the preferred choice, but your decision will depend on which brand caters directly to the needs of your business.

 

3 – Determine Your Payment Models

Depending on the type of products or services your business provides, you will also want to consider the different payment models your company will offer if any. Whether it be recurring billing or one-time payments, it’s essential to have this finalized to make things easier in the long-term.

If your bank allows for various payment models, it’s also necessary to find out what rates they can offer you, as it may alter your decision.

 

4 – Create The Company Website

If you plan on running your business online, it’s critical that you have an official website up and running. Merchant accounts must have a website with its own hosting and a unique domain, so it’s essential that both are taken care of ahead of time. Even if you don’t plan on running your entire business online, it’s still crucial to have a website where customers will be able to find your business and learn more about you.

 

5 – Gather The Necessary Documents

Once you have all of the above completed, the next step is to organize your paperwork. Before you can submit an application form for a merchant account, there are several required documents you must have readily available. These documents include:

 

Financial Statements

You’ll need to provide bank statements that demonstrate your company’s financial competence. Most merchant accounts will require two years of financial statements from a business bank account, as well as any processing statements. Processing statements will show merchant accounts precisely how many transactions you typically process and any vital information regarding those transactions.

 

Business License

In some cases, you may be required to provide a merchant account with a business license. This will give the merchant account with your company’s sales tax registration, as well as professional or occupational licenses. As mentioned, your business may not require a license, but it’s essential to check with your merchant account provider beforehand to make sure.

 

Articles of Incorporation

Whether you’re an LLC, sole proprietorship, or corporation, articles of incorporation provide proof that your business is legally a business. In essence, articles of incorporation are what legitimizes your business in the eyes of the government. If you don’t have these already, you can typically find resources on how to do so through your state government’s website.

 

PCI Compliance

In order for your merchant account to be approved, your business must also abide by a particular set of rules determined by the Payment Card Industry (PCI) and Data Security Standards (DSS). 

PCI compliance protects the information of your customers and requires a business to use a specific set of security procedures when handling customer data. While this will depend on which state your business is located in, check with your merchant account provider to determine if PCI compliance is something you must abide by.

 

Supporting Documents

While you may not need some of these documents, it’s still worth having them close by as every merchant account provider may require multiple forms of documentation to complete your application. Some documents worth having on hand include:

Marketing materials

Business plan

Business policies

Inventory reports

 

6 – Submit Application

Finally, once you have completed all of the above, you are now ready to complete and submit your application for a merchant account. While the application is somewhat straightforward, be sure to read each section carefully and double-check the information you’ve provided to prevent any errors in the submission process. Additionally, the merchant account will also require a setup fee along with the application.

Once you’ve submitted the application alongside all of the required documents, your application will be reviewed, and a final decision will be made. As soon as the application has been approved, your business can now start processing and accepting credit card payments both in-store and online, if applicable.

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Original Content Source : https://www.highriskpay.com
April 08, 2020 at 11:24PM

Are Merchant Accounts Secure?
https://www.highriskpay.com/are-merchant-accounts-secure/

Regardless of which industry your business operates in, security will always be a significant concern for both the owner and the customers. As more and more transactions are completed via credit or debit card payments, high-risk merchant accounts must be able to prove to their customers that their personal and sensitive information can securely be transmitted. But are merchant accounts as secure as they claim to be?

Let’s take a look at what merchant account services providers do and why security is so vital in payment processing.

 

What Do Merchant Service Providers Do?

Merchant service providers give businesses the ability to collect transactions using payment card information, receive authorization for the pending sale, then collect the funds from the payment card’s financial institution, and transmit the funds to the merchant.

Most merchant account services offer a range of services that often vary between each provider, but they all aim to facilitate payments and make running a business more convenient for the merchants, as well as the customers.

Another critical service that merchant account services provide is making sure each merchant is compliant with their rules and regulations so that they can continue to guarantee their payment processing services.

Now, let’s take a look at how the payment processing chain works so that you can get a better understanding of the process.

 

Payment Processing Chain

To be a successful business, you have to always incorporate new ways to streamline the process of completing transactions. As billions of credit card transactions are being made each year, many merchants are setting up more ways to accept payments from their customers. But, to understand how to make the process more efficient, it’s essential to know how it works.

A consumer seeks goods or services to purchase. Once found, the consumer enters their data into the merchant account payment system to make their purchase.

The data is then sent to the payment processor, who then routes the information for processing.

The payment processor then sends the data to the card issuer who forwards the payment to the issuing financial institution.

Once the financial institution has verified the data, an authorization number is issued to the card issuer, and the funds are made available to complete the transaction.

The card issuer then forwards the authorization number to the payment processor, who then sends it to the merchant.

Once the merchant has received the authorization, the sale is finalized, and the transaction data is stored for the processing of returns, chargebacks, and other analytical purposes.

 

Why Security Matters in Payment Processing

With the amount of credit card purchase transactions that are conducted on a daily basis, it’s no surprise that the information is a significant target for cybercriminals.

As cybercriminals have become more adept at exploiting vulnerabilities in the payment processing system, fraudulent activity is often used to acquire sensitive information. Thus, security in merchant account services has become a significant talking point across the industry.

With such active ingredients in the payment processing chain, including consumers, merchants, acquirers, card brands, financial institutions, and more, sensitive data exchanges many hands throughout the entire process. With so many data collection points, data becomes more vulnerable to criminal exposure and identity theft.

Fortunately, there are several solutions to help keep personal and sensitive information secure and reduce compliance costs in the process.

 

Making Merchant Accounts More Secure

Without quality security, a merchant’s ability to ensure customers that their personal information is secure can significantly affect their ability to do business. The good news, however, is there are several pieces of technology available that can make payment processing more secure and prevent cardholder data from the risk of being compromised.

Let’s take a look at two of the most popular solutions below.

 

End-to-End Encryption

One of the most popular solutions to merchant account security is end-to-end-encryption. Encryption refers to algorithms that encode plain text into a non-readable format, providing privacy for the data that is being transmitted.

Through encryption, transaction data is never sent in plain text for cybercriminals to compromise. In the event that data is somehow stolen, it is virtually useless without the encryption key.

Encryption starts the moment that cardholder data is entered remains until the data has been fully transmitted. Most merchants rely on encryption in both the transaction process, as well as in their databases, where customer information is stored.

 

Tokenization

Another popular solution to solving security issues with merchant accounts is the practice of tokenization. In this approach, cardholder data is used in a transaction, and once it has been authorized, this data is then sent to a centralized and secure server where it is stored.

During this time, a random and unique number is generated and sent to the merchant account provider’s systems to be used in place of the cardholder data.

Tokenization works best in solving the problem of storing cardholder data in storage once the transaction has been completed. Additionally, tokenization helps eliminate the chance of cardholder information being stolen because the data exists elsewhere.

Unlike encryption, tokenization dramatically reduces the chances of cardholder data being stolen from the merchant because, technically, the data is stored in a separate location.

 

Security Solutions for Merchant Account Providers

Payment processing is a complex structure with several risks involved throughout the entire process. Unfortunately, as cybercriminals become more inventive in their methods, there is no single solution that can completely eliminate the threat of data theft.

As risks and vulnerabilities evolve, merchants and payment processors must also learn to adapt to new ways of conducting business and keeping customer data safe and secure.

Figuring out which merchant account service provider offers your business the best security can be a challenging process to navigate. If you’re looking to learn more about your options when it comes to high-risk merchant account services that offer secure and trustworthy options for your business, contact us today. We offer quick approvals, competitive rates, and secure solutions for all of your merchant account needs.

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Original Content Source : https://www.highriskpay.com
April 08, 2020 at 11:28PM

Criteria to Become a High-Volume Merchant Account
https://www.highriskpay.com/criteria-to-become-a-high-volume-merchant-account/

If you’re running a business that’s anticipating processing a large number of transactions each month, starting a high-volume merchant account may be in your best interest. This solution will not only allow for more growth within your company, but it can also give you the added benefit of being able to process a large number of transactions each month without having to worry about funds being placed on hold.

Regardless of the type of high-volume business you run or the products or services you provide your customers, you don’t want to be limited in any way, and a high-volume merchant account provides you with a solution to all of your problems.

But how much does a high-volume merchant account benefit your business, and what criteria must your company pass to qualify? Keep reading to find out not only how critical a high-volume merchant account is in terms of the success of your business, but also how it can help your company grow.

 

What Is A High-Volume Merchant Account?

When it comes to merchant accounts, most come with a processing limit or average of transactions that the merchant account provider expects you to stay under.

While these limits are put in place to protect the provider and credit card issuing bank from fraud and chargebacks, they can also drastically limit the amount of business a company can do and hinder its growth. This is where a high-volume merchant account becomes critical.

So, what is considered “high-volume?”

Most merchant account providers have an average transaction limit set anywhere between $2,000 to $10,000 each month. While this number can vary and largely depends on several factors that are unique to each business, processing transactions past this limit can put your funds at a significant risk of being placed on hold.

You might even find that your merchant account is suspended altogether, bringing your business to a complete halt.

As mentioned, the limits are not meant to punish businesses, but they are necessary for limiting and discouraging fraudulent activity. However, at times this can often become much more of a problem rather than protection.

 

Benefits of a High-Volume Merchant Account

The most significant benefit of a high-volume merchant account is the number of transactions you will be able to process without the fear of accounts being frozen or suspended. Additionally, a high-volume merchant account also makes you eligible for processing discounts that can even save you money in the long-term.

With a high-volume merchant account, you can ensure that you are always giving your business the best chance possible at being as profitable as possible.

 

How To Become A High-Volume Merchant Account

When looking to become a high-volume merchant account, there are several steps involved. For the most part, the criteria is very much the same as applying for a standard merchant account. However, merchant account providers will ask for additional information for businesses looking to be considered high-volume.

The first step involves proving to your merchant account provider that you are a legitimate business that offers products or services to a customer base. Additionally, you will also have to provide a clean account history with very few chargebacks. This is to prove that your business has not been involved with any fraudulent business transactions.

You may also be required to provide additional information such as:

Your company’s most recent credit card processing statements

The most recent tax returns of your business

Current bank and financial statements

How your business is structured (LLC, sole proprietorship, corporation, etc.)

Your business’ checking account

Additionally, to be eligible for a high-volume merchant account, you must also be able to provide proof that your business processes $100,000 in transactions each month. You will also be asked to prove that you have a secure system in place for customers entering credit card information.

 

High-Volume Merchant Account Application Process

Once you’re able to provide the required information, you can then move on to the application process. Each application is carefully reviewed to ensure the merchant account provider doesn’t assume any unnecessary risk.

As long as your business meets the guidelines determined by the merchant account provider, your application will most likely be accepted to start operating as a high-volume merchant account.

 

Getting Approved for High-Volume Merchant Accounts

As mentioned, your application will be assessed for unnecessary risk. These risk guidelines carefully review every aspect of your business, such as credit scores and credit processing history, as well as an overall review of your business and the products or services you sell customers.

If your company has any outstanding bills, previously terminated merchant accounts, or negative bank balances, these can significantly affect the chances of a declined application. To ensure quick approval, it’s essential to make sure that you have available funds in your bank account, no outstanding bills or debts, and a good credit score, as each of these can potentially affect the approval process.

While the amount of information that is required may seem extensive, it is to prevent your merchant account from being suspended or shut down in the future. However, once you’ve built trust with your merchant account provider that you can provide consistent and reliable high-volume services, the process becomes much easier, and you will soon be able to process a nearly unlimited amount of transactions.

While completing your application, it’s critical that you carefully review every aspect of the document and take your time in completing it. Any errors with the application could slow the overall process or could result in a denied application.

 

Benefits of Partnering with High Risk Pay

There are several benefits your company gets when choosing to partner with High Risk Pay for your high-volume merchant account services. Regardless of the type of business you run, High Risk Pay offers applicants a 95% approval rate for merchant accounts within 24 hours of submission.

Although we cannot guarantee acceptance, we can, however, provide you with several tips on how to give your application the best chance possible.

Additionally, with High Risk Pay, you never have to worry about application or setup fees. When working with us, you only have to pay credit card processing fees once your account has been set up. Furthermore, if you have additional questions during this process, our team of specialists are always available to help, and you will not be charged for requesting their assistance.

At High Risk Pay, we want to provide you with the services you need so that you can start growing your business as quickly as possible. If you’re ready to take your business to the next level, contact us today to begin your application!

The post Criteria to Become a High-Volume Merchant Account appeared first on .

Original Content Source : https://www.highriskpay.com
April 08, 2020 at 11:35PM

Payment Processing Merchants for CBD Oil Businesses
https://www.highriskpay.com/payment-processing-merchants-for-cbd-oil-businesses/

As the CBD industry is poised to expand in revenue over the next several years, an influx of e-commerce stores have recently emerged to capitalize on the market. In an effort to meet the demand for CBD-based products, business owners across the globe have begun lining their physical and online store shelves with products such as CBD oils, supplements, and topical solutions. However, while it may seem easy to get from point A to point B, creating a CBD merchant account in this sector can be slightly more complicated than one would assume.

If you’re a business owner looking to start expanding your own line of CBD-based products, you may be wondering what options are available to you to start processing payments. Below, we’ve gathered a few resources for you to begin your search, including what to look for in a merchant account provider and who some of the best CBD merchant account providers are.

 

What To Look For In A CBD Merchant Account Provider

Finding a merchant account provider that will be a good fit for your CBD business is essential when it comes to the daily operations of your business. However, as a CBD oil business, you will be classified as a “high-risk merchant,” which can make the process slightly more challenging. 

Here are a few things to look for when choosing the right high-risk merchant account provider for your CBD business:

 

High-Risk Availability

As mentioned, as a high-risk merchant, it’s critical that your payment processor is equipped to handle high-risk transactions. Because the CBD industry is relatively new, it may be prone to fraudulent business activities and frequent chargebacks. This being the case, it’s wise to choose a merchant account provider that has extensive experience in high-risk businesses.

Seamless Integration

As a business owner, there’s nothing more frustrating than being forced to change your entire operation to integrate a new way of doing things. Not only is it time-consuming, but it’s a hassle that nobody wants to deal with and could potentially affect your business dealings with customers.

This is why it’s essential that your CBD merchant account provider enables you to integrate their payment processing systems with your existing platform to save you from needless headaches.

Low Fees

When running a business, the biggest concern will always be the bottom line. The same is true when it comes to finding a reliable payment processing merchant. When deciding which merchant account provider, your business will partner with, be sure to research any registration or service fees that could potentially detract from each transaction.

Reasonable Contracts

Another critical thing to consider is what type of contract each service provider offers. While each contract may look similar, some fees and clauses will differ. When looking over contracts, be sure to give yourself enough time to carefully review each document so that you know exactly what you’re signing and how it will benefit your business.

Customer Support

Last, but certainly not least, is customer support. When choosing a CBD merchant account provider, be sure to ask how they go about handling disputes or potential errors that may occur. While it may not seem important in the beginning, there’s nothing worse than having your payment processing system crash and not being able to speak with anyone to resolve the issue.

 

Tips on How To Get Your CBD Oil Approved For A Merchant Account

There’s a lot of competition in the CBD industry, and the same is true for merchant account providers, which means any competitive advantage is sure to help.

Now that you know what to look for in a merchant account provider, let’s take a look at a few tips that can help you get approved faster.

 

Comply with Laws and Regulations

Before starting any business, it’s essential to check if any state permits or federal regulations must be followed regarding the sale of CBD related products. Merchant account service providers require a copy of all business licenses and permits when you apply for an account, which means these must all be organized before your application.

If you’re unsure about laws and regulations, be sure to check with your local government agency beforehand.

Maintain Good Credit History

Before being approved for a merchant account, it’s crucial to maintain a good credit history. Any past bankruptcies, overdraft fees, or late payments can significantly decrease your chances of being approved. 

Having a good credit history will not only make a favorable impression with your merchant account provider, but can also be helpful in the future.

Maintain Processing Volumes

Another helpful tip to remember when applying for a merchant account is to ensure your products or services have enough demand. If you’re unable to prove a certain amount of demand for your business, a merchant account provider may not think your business is worth investing in. Stable processing or transaction volumes only increase your chances of approval.

Be Open to Special Accounts Requirements

If this is your first time partnering with a merchant account provider, you may be required to pay slightly higher fees or abide by certain transaction limits. While they may seem like a burden now, they are put in place to help establish new accounts and protect providers from future losses. In most cases, they will be reduced over time.

Research Each Service Provider

Once you’re ready to start deciding between merchant account providers, get as many quotes as possible to help you gain a better understanding of which service is best for your company. 

There are several things worth considering at this time, such as monthly minimum fees, startup fees, discount rates, reserve fees, and much more.

Getting as much information as possible upfront can help you make the most educated decision possible to put your company in a better position for growth.

Educate Yourself About The CBD Industry

While the CBD industry has shown significant growth over the past few years, the market is still relatively young, which means potential volatility. Although there is still plenty of skepticism, there are several health benefits and medical purposes for CBD, such as proven results of lowered cholesterol, balancing hormones, and mood stabilization.

Keeping yourself as educated as possible about your investment can help you make well-informed decisions down the line.

If you’re interested in learning more about how to get started with your high-risk merchant account, contact us today.

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Original Content Source : https://www.highriskpay.com
April 08, 2020 at 11:43PM

High Risk Pay is one of the fastest growing companies in the credit card industry since 1997. We specialize in providing offshore merchant account and high-risk merchant accounts.
https://www.highriskpay.com/