TransFirst Named Eighth Best Merchant Service by topcreditcardprocessors.com …
The recommendations are updated monthly to account for the latest developments within the industry. In order to obtain a more in-depth outlook of the service, the topcreditcardprocessors.com research team also communicates with customer references.
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Samsung Sees Role as Third Player in the Credit Card War
“One less thing to carry is one less thing to worry about or lose,” Graylin writes. “They want to use the cards they already have, at their favorite merchants, on the devices they own. Their wallet account is personal. It should belong to them, and not …
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Pros and cons of the top mobile payment systems
With Apple Pay, the phone unlocks automatically when you hold it near the NFC (near-field communication) reader on the merchant's payment system. You're then … Pros: You can make payments through your bank account, not just cards. You can also send …
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KARE 11 Investigates: How thieves can easily steal your ID and credit
If Rob Olson hadn't gotten suspicious, the crook could have set up a business account that would let him ring up hundreds of phony credit card charges on his merchant account and pocket the stolen money. "And they'll do this until the wheels fall off …
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Question by Ashvin 217: how to set up a merchant account?
I would like to know the exact procedures for setting up my own merchant account on my e-commerce website without passing through a third party merchant account provider.
I know I have to open a merchant account with a bank. But how to I integrate it on my website??
Thank you
Best answer:
Answer by stymiee73
There are lots of merchant account account providers out there so shop around and get several quotes before choosing a provider. You’ll save yourself a lot of money that way. My first link below is a comparison worksheet to make organizing their rates easier. I also link to a calculator that does the comparison for you so you can see who is the cheapest in the long run.
When applying for a merchant account you’ll need the following items:
1) Verification of a US business checking account (a voided check works just fine)
2) Verification your business is legal (any document from the local, state, or Federal government works just fine. This includes Articles of Incorporation, LLC paperwork, Federal Tax ID, Occupancy License, State Tax ID, Fictitious Name Certificate)
3) A signed contract (provided by your merchant account provider)
Additional documentation is usually only required if your merchandise or account is considered high risk (e.g. there is a high risk for chargebacks). But this is rare. Personal financial documents should never be asked for, even for new businesses, as they are unnecessary.
You do not need to be a US based business but your business does need to have a legal US address and a US checking account. Otherwise it may be based on foreign soil.
Being approved will be based on the overall risk of your account. The higher the risk, the less likely it will be approved. Conversely, the less risk you present to the bank, the more likely you will be approved.
Risk is determined by several factors including:
1) Environment: The Internet is the highest risk and retail stores are the lowest risk.
2) Product sold: High stereo equipment is high risk, coffee mugs are low risk.
3) Personal credit: The better your credit the better your chances of opening a merchant account.
They balance the risk associated will all three areas and determine if it is worth it for them to take on your account.
Establishing a merchant account can be anywhere from a smooth and easy process to a nightmare. Where it falls is both the product of the merchant account provider and the merchant themselves. The better the communication between the two the smoother and faster the process is.
An account can be opened in as little as four hours or as long as a few days depending on when the application is submitted and the underwriting guidelines of the processing bank. The application process should never take longer then that without a clear and legitimate reason. If your application is taking two weeks to be approved and you’ve had little to no communication with your sales agent, something is wrong and you should consider canceling your application.
All merchant account providers require that every business sign a contract when establishing their merchant account. At the very least this contract will specify what the merchant’s responsibilities are as well as those of the merchant account provider. The entire contract should be made available to you before you sign it.
To integrate your merchant account into your website you will need to use a payment gateway. A payment gateway basically acts like a credit card terminal for your website. It’s software that runs on someone else’s server and they have an API for connecting to it. All shopping carts have built in support for at least one payment gateway and usually have the ability to support more so you don’t have to do any work to make the gateway work.
I recommend the Authorize.Net payment gateway as they are the most popular, best priced, and easiest to use. Plus they are enabled in every shopping cart by default so you don’t have to go find plug ins or anything for it to work. And if you want to integrate into your website yourself their API is extremely easy to work with. I linked to some free code with a tutorial that should help you along.
Give your answer to this question below!
Question by Jake G: What is the best alternative for a high risk merchant account’s personal guarantee?
Best answer:
Answer by Marie C
There are several alternatives but confidence from your high risk merchant account provider usually comes from your ability to be able to pay them once you owe them money. The letter of credit acts as guarantee that you will be able to pay your provider in the form of loan from your own bank. The letter of credit will only be used only under the conditions written in it.
What do you think? Answer below!
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!
Finding Out Whom to Trust When You Do Business Together
But he didn't warn me about the risks I might face in driving a 22-year old car with 144,000 miles on it to a very hot location during the summer, though I knew of a few other people who had driven cars over 200,000 miles. But the … Then the …
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Investors Turn More Positive on the Outlook for Global Equities Markets
TOKYO, PLANTATION, Fla. and HONG KONG, Oct. 7, 2014 (GLOBE NEWSWIRE) — TradeStation, a Monex Group company (Monex Group, Inc. is listed on the first section of the Tokyo Stock Exchange, code: 8698), today announced results of the "Monex …
Read more on GlobeNewswire (press release)
Why Breached Retailers Get Hit Again
"Anyone in a franchised environment, which SuperValu is, cannot be totally sure that all the risk has been squeezed out of the system, as if that is even possible," says Gray Taylor, executive director of Conexxus, a technology consortium dedicated to …
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Question by pdrpoet: what merchant account companies accept supplement companies
can anyone recommend a merchant account company that will allow us to sell supplements online with a Money Back Guarantee?
We have applied and been denied by numerous companies already and need to get this done.
Best answer:
Answer by stymiee73
You need to use an offshore merchant account provider because the risk is too high for typical US based merchant account providers. A name I see repeatedly recommended for high risk products is CCBill.
What do you think? Answer below!
Question by shawnda: Do offshore merchant accounts accept ACH payments?
or do they only accept credit card?what other modes of payments do they process?
Best answer:
Answer by jocular2005
Call this number on the web site I will list below for you. They can answer all those questions. I know the have a free terminal program so you get them for free. They also give you free software for your web site to accept credit cards, & checks ect.
So if you don’t get set up with them at least maybe they can help you with your other questions.
Give your answer to this question below!
Topcreditcardprocessors.com Announces Flagship Merchant Services as the …
The independent authority on payment processors, topcreditcardprocessors.com, has promoted Flagship Merchant Services as the top payment gateway company for April 2014. Share on Twitter Share on Facebook Share on Google+ Share on LinkedIn …
Read more on PR Web (press release)
USAePay Secure Payment Gateway Releases Version 132 for Android Point Of …
USAePay, an industry leading payment gateway, recently released update version 1.3.2 of their Android mobile point of sale application, available now for free download on the Google Play Store. To date, USAePay routinely delivers updates enhancing …
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BlueSnap Expands Local Payment Options in the BRIC Markets
WALTHAM, Mass., April 7, 2014 /PRNewswire/ — BlueSnap announced today that its global payment gateway now offers new localized payment methods in Brazil, Russia, India and China (BRIC). By letting local consumers use the payment methods they …
Read more on PR Newswire (press release)
Question by Joaquin M: Is it better to use Paypal or get a 3rd party free merchant account if I have a high risk business?
I have a growing high risk business. Do I keep on using Paypal or get a merchant account as my biz grows? Is it safer to opt for a 3rd party high risk merchant account provider?
Best answer:
Answer by Joe C
Although I have used PayPal, I’ve heard a lot of unfavorable things about them.
Add your own answer in the comments!
