ACH check processing is an effective method which permits you to charge your customer's checking account for purchases. Generally a large number of people utilize checking accounts particularly the people who take advantage of online shopping.
MLM merchant account or Multi Level marketing or Network marketing is considered a term which is applied to have a merchant account. This plays an important role to permit other business to link your business network. Perhaps this sector is regarded to be the most damaged one for excessive fraud cases.
High Risk Merchant Account - Prime Eligibilities
On 9th March, 2013
A merchant account is one kind of regular bank account which authorizes an individual or company or businesses to receive payments by payment cards, such as debit or credit cards which are used by customers .A merchant account is formed under a legal contract between an acceptor and a merchant acquiring bank for the agreement of payment card transactions. Merchant account is very essential for any trade which desires to receive payment by debit or credit card but some will need the particular use of a high risk merchant account.
Businesses are regarded to be high risk if they have a high charge back rate and allow card-less payments such as online payments, phone payments, etc. Specific kinds of businesses are more risky than others for example e-cash businesses online gambling, telemarketers, casino web sites, adult service providers, advance booking web sites, internet auctions. Credit card processing organizations charge higher rates for their services to businesses with a high risk profile.
High Risk Merchant Accounts consist of mail order, telephone order, adult industry, adult toys, adult DVD's & videos, direct marketing industry, dating services, online dating, escort services, outcall services, travel, telecom, timeshares industry, herbal supplements, diet programs, subscription services, membership services, membership clubs, ticket sales, MLM merchant accounts, multi-level marketing merchants, bail bonds, pawn shops, water filtration systems sales and etc.
The procedure of setting up Merchant Account with a bank or a financial institution.
If you want to get a new business merchant account, you should use a service which specially furnishes to set up merchant account. A merchant account makes your business possible to acknowledge debit and credit card payments. You will require to enter into an agreement with a number of bank which include a processing relationship with Visa and MasterCard to achieve a merchant account.
You can also come into an agreement with an approved agent of the member bank, for instance, an independent sales organization or member service provider (ISO/MSP.) here the agreement indicates that your business will follow the operating regulations recognized by the card credit brands. Before setting up of a merchant account, you should think about how you want credit card payments to work for your business. Universal merchant account services provide you supplementary benefits like multi-currency processing facility that is a great facility not just for the merchants but also for the customers.
Elementary necessities for setting up a merchant account
- The business must be situated in the USA and ought to have a proof of address.
- The business must have an active website with a listed DBA. The website should contain clear information on the product delivery methods, product prices, exchange and refund policies, privacy policies and customer service number.
- The domain name should be registered to the merchant.
- The website should have a secure checkout system.
Information and documents are needed to start up a merchant account.
- An application to the bank for starting merchant account and the document of the agreement drawn up between the bank and merchant.
- Account details of the merchant’s personal or business account. This may be offered in the form of voided check from the personal account or a letter from the bank with the account details. Voided check will give the bank information about the account.
- Copy of Driver’s license or other government issued ID card.
- A detailed and accurate list of the product and services offered including the pricing and refund policy, product delivery method and customer service telephone numbers. This can be given on paper or displayed in the web site.
- Credit card processing statement of the previous three months.
- Copy of Article of incorporation, if the business is an incorporated business.
- Business or personal tax return and business financial statements.
Cost involved in starting up a merchant account.
- Application Fees: This is the cost for processing the application and setting up the merchant account. Some providers may waive this fee.
- On Going Fixed Monthly Fee: This is a monthly fee charged by the provider to cover services such as customer service, billing, managing fraudulent services.
- Termination Fee: This is a cancellation fee, charged, if the account is terminated before a time specified by the provider. The commitment time ranges from 1 to 3 years.
- Termination Fee: This is a cancellation fee, charged, if the account is terminated before a time specified by the provider. The commitment time ranges from 1 to 3 years.
At High Risk Credit Card Merchant Account we are specialized of creating and handling Merchant account which is considered to be high risk. We have been in this industry for years and we are very much professional to manage your merchant account. Get in touch with us for an expert advice today.
