Tag Archives:Account
High Risk & Low Risk Merchat Services

Lastest Merchant Account News

5 Cornerstones of Managing Your High-Risk Business – By Heather Petersen
A merchant services provider that specializes in high-risk accounts will stay proactive in notifying you of protective measures, fraud prevention programs, and the condition of your merchant account. This partnership can benefit your company immensely. 3.
Read more on FeedFront Magazine

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What’s the average rate of acceptance for high risk merchant account applicants put under the TMF?

Question by Phoenix: What’s the average rate of acceptance for high risk merchant account applicants put under the TMF?

Best answer:

Answer by Merchant Helper
I’ll be upfront with you, its not good. < 1%. Processors take TMF's very serously and it is hard to place merchants that have been TMF'd. Its much easier to resolve the TMF, or in some cases reincorporate.

What do you think? Answer below!

What is Merchant Account?

Question by jeo_onn: What is Merchant Account?

Best answer:

Answer by Monsta’
A Merchant Account is simply a relationship between a retailer, a merchant bank and payment processor for the settlement of credit card transactions. Any retailer who wants to take credit card orders must establish a merchant account.

What do you think? Answer below!

Lastest Merchant Account News

Alaric Introduces New Version of Fractals to Modernize Payment Fraud Detection
“The latest version of Fractals arms fraud teams with the best possible technology to protect their account holders and, ultimately, their bottom line.” The latest release incorporates new features designed for merchant acquirers, developed in …
Read more on MarketWatch

DataPath Provider Payments Simplifies Reimbursements for Workers
How it Works: DataPath manages the entire payment process, including provider registration. Once registered, providers are reimbursed for services by entering a secure account number on their merchant terminal. Through a customized portal, payers can …
Read more on PR Newswire (press release)

Android Apps for Mobile Payments Will Make Processing Simpler for Your
Like Square and PayPal though, you will need to buy the card reader and open a merchant account with them. Its strengths are support for many payment gateways and reasonable transaction fees. You can either pay them per transaction or a monthly fee …
Read more on Tech Cocktail

What is the difference between Merchant Account and Payment Gateway?

Question by M Shadows: What is the difference between Merchant Account and Payment Gateway?
Online Shopping

Best answer:

Answer by imisidro
Merchant account is a bank authorized account which allows you to accept major credit cards, electronic checks, etc. Note though that rates banks will charge you are higher if you are operating an online store because the “card is not present”

Payment Gateway is a software which actually processes customer order information, address, credit card number, etc. The data is sent to a credit card authorization network which verifies that the credit card is valid and verifies that the shipping address matches the billing address. Example of payment gateway is Authorize.net http://www.authorize.net

If you have only a few items, you can operate without a payment gateway and only with a merchant account — as long as you can manually assess the order and identify signs of fraud. All you need is a merchant account and a terminal where you can manually key in the credit card information

With a payment gateway, the order and credit card information is directly sent to your merchant account. So if the customer pressed the BUY NOW button twice, their card can be charged twice, as against when you manually key in the number, you can ignore the duplicate order

Add your own answer in the comments!

What is a high risk merchant account?

high risk merchant account
by lisby1

Question by : What is a high risk merchant account?

Best answer:

Answer by stymiee
Some businesses by their very nature have higher then normal chargeback rates. Sometimes this is due to the product or service offered by the merchant being in high demand but also being high priced (e.g. high end electronic, jewelry, etc.). Sometimes it is because the service causes customers to be misled whether intentionally or not (e.g. multi-level marketing schemes). Regardless of the root cause these businesses will usually find it difficult, if not impossible, to establish a merchant account.

The businesses considered to be high risk will vary from merchant account provider to provider. However, there are some businesses and industries that are consistently considered high risk. This list includes:

* Adult Book Stores
* Adult Entertainment
* Adult Novelties
* Adult Video Stores
* Advanced Sales
* Check Cashing Services
* Child Pornography
* Collection Agencies
* Credit Repair Services
* Dating/Escort
* Diet Marketers/Programs
* Exotic Dancing Establishments
* Multi-level Marketing
* Pharmacies (Card Not Present/Internet)
* Pornography
* Sexual Encounter Firms
* Telemarketing
* Time Share
* Travel Clubs/Tours/Guides
* Vacation Packages

For these businesses to accept credit cards they typically have to turn to high risk merchant account providers. These companies are typically off shore and always charge higher rates then traditional merchant account providers. Rates can go as high as 20% of sales and some may charge set up fees of $ 1,000 or higher. The reason why these rates and fees are so high is the high risk merchant account provider needs to make sure they make enough money to cover the costs of the high number of chargebacks they will receive.

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Pot credit union takes aim at agencies that denied account, insurance

Pot credit union takes aim at agencies that denied account, insurance
But the Financial Crimes Enforcement Network branch of the U.S. Department of Justice laid out a system in which banks can take on pot businesses so long as they keep detailed records of those transactions. Still, many banks refuse cannabis clients …
Read more on The Denver Post

FBME to challenge FinCEN's ruling in court
THE decision by the US Department of Treasury's Financial Crimes Enforcement Network, also known as FinCEN, to prohibit US financial institutions from opening or maintaining correspondent accounts or payable through accounts for or on behalf of FBME …
Read more on Cyprus Mail

Lastest Merchant Account News

Ocean Shore Holding Co. Reports 4th Quarter 2014 and Year-End Results
… decrease in other income for the full year compared to 2013 resulted from decreases in deposit and loan account fees and cash surrender value of life insurance offset by increases in debit and merchant card commissions and gain on sale of investments.
Read more on PR Newswire (press release)

TouchSuite Announces Plans to Provide Complimentary Tablets to ddlegates of
With a Firefly demo starting up every 20 minutes at the TouchSuite booth, salon owners, booth renters and stylists will have plenty of opportunities to explore the software and receive their tablets. The required corresponding merchant processing …
Read more on Virtual-Strategy Magazine (press release)

Sheffield United v Tottenham Hotspur: Capital One Cup – as it happened
He's just 18 years old and opens his account with a fine side-footed effort from the corner of the eight-yard box after the ball had rolled his way from the right. That's an inspired substitution from Nigel Clough. Che Adams directs his shot past …
Read more on The Guardian

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Lastest Merchant Account News

UBS On Apple Pay: Drinking The Merchant Kool-Aid
The “additional value” of mobile payments is to consumers, who can get electronic receipts, and real-time insight into spending habits and account balances. Both retailers and banks are in a position to provide that kind of value. That's what a “mobile …
Read more on The Financial Brand

Payments Business Will Bypass Banks, Says Adyen Boss
In essence, Adyen takes over the role banks play in handling payments for merchants. It offers tools and services to accept and process payments and transfers the funds from the consumer's account to the merchant's accounts at Adyen. The company, which …
Read more on Wall Street Journal (blog)

Tampa man who cheated Apple gets prison time, ordered to give back money
Parrish had at least three Chase debit cards and one SunTrust debit card — all associated with closed accounts — that he used to buy expensive electronics, to rent cars and to stay at hotels. When the canceled debit cards were declined by a merchant, …
Read more on Tampa Bay Business Journal

Lastest High Risk Merchant Account News

Highrisk industries can now accept online credit card payments and secure a
UltimateMerchantProviders.com have a newly launched service that aims to help businesses that operate within so called 'high-risk' industries secure merchant accounts more easily in order to enable them to accept debit and credit card payments as well …
Read more on PR Web (press release)

Marijuana Merchants Denied Bank Accounts
Ryan Kunkel is a legal marijuana merchant and owns several dispensaries in the Seattle area. But because banks are worried about the implications of being in professional cahoots with "drug dealers," many—incuding state-chartered ones—are denying …
Read more on Neon Tommy

100BestMerchantAccounts.com Names Top 3 Merchant Account Providers for
A few things to consider when reviewing merchant account services: setup fees, processing rates, and other account service fees. Some merchants specialize in international merchant accounts, high-risk merchants, small business services, or other …
Read more on PR Web (press release)