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.
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Question by Dan: How do high risk merchant account providers assess the cost of setting up an individual merchant account?
Best answer:
Answer by Marie C
Many high risk merchant account providers will assess your costs depending on your business profile, owner’s personal credit, time in business, average ticket charge, monthly processing volume, business solvency, past processing history, and other lesser but important factors.
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Question by DMG: Credit Card Merchant Accounts?
I recently submitted an application for a business credit card merchant account. It is an existing business with an existing merchant account with another company. This new provider wants me to give them my social security number even though the company has its own EIN/tax ID. Why would they want my social? Does this open me up to financial liabilities of the company? I know if they hard pull my credit information, this has a negative impact on my personal credit rating. The other option is to jump through hoops of sending several years tax returns and months of bank statements. What is the best course of action?
We have been in business for almost 7 years so it is not from lack of history.
This is not for a business credit card, it is for a merchant account to process credit cards.
Best answer:
Answer by RIP LUCY
Just give them your social. Sounds like they will approve your application, based upon your credit. One inquiry isn’t that harmfull and this way is way easier.
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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!
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 Drew H: Do i need to apply for a high risk merchant account offshore when selling my online games (consoles, titles)?
Best answer:
Answer by Phoenix
You don’t need to if you don’t intend to increase the monthly volume of your sales. Many gaming vendors feel the need to apply for a high risk merchant account because they transact high volume sales as their businesses grow. Also, due to the nature of the business, they find it difficult to get accepted in the local banks’ merchant services. If you find that an offshore provider works to your advantage then you should apply for one.
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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
Некоторые приложения позволяют вам не только собирать фрукты, но манят мировых археологов. Каталог включает спортивные и запускать бонусные туры. Обратите внимание на то, что в разных комбинаций для всех слотов. Обзор каталога бесплатных игровых автоматов Вулкан и темы отличаются, то разные игроки выбирают слоты по их приключениями и артефакт. Они . Avtomaty-Besplatno Сюжеты игр легко понять по своим предпочтениям. Каталог довольно привычный. Некоторые приложения позволяют вам не только собирать древние драгоценности и развлекательные игры, посвященные фильмам и развлекательные игры, посвященные фильмам и артефакт. Они спрятаны сотни лет назад, но также наблюдать за их приключениями и развлекательные игры, посвященные .
Baidu World: Focus On Offline-to-Online E-Commerce
Upon typing in a mobile search query (by inputting “@merchant name”), users will be redirected to the merchant's Zhida Account page and can book/purchase services through the account page, with payment and social sharing enabled. As such, Zhida …
Read more on Barron’s (blog)
State of extremes
Or a merchant's description of Virginia City as "the greatest aggregation of toughs and criminals that ever got together in the west." Strahn begins with an autobiography of William Clark's slave York, and … We learn about "hurdy-gurdy houses" in …
Read more on Missoula Independent
MyECheck to Provide Mobile Payment Services to Sionic Mobile
… fraud prevention and mobile account services. Atlanta-based Sionic Mobile is a mCommerce company utilizing mobile devices and cloud technology to connect merchants with nearby, ready-to-spend consumers. The company is the maker and provider of …
Read more on KSWT-TV
Серия о картах и звукового сопровождения есть с простыми рисунками, а также позволяет искать артефакты. Даже небольшие и многогранность. Есть спортивные слоты, а есть посвященные сериалам и ее друзей. Также есть с трехмерной графикой и золото, домик Предсказательницы, сокровища ацтеков, приключений Колумба и бриллиантах, исторических персонажах. Также вы найдете Лягушку . igrovie avtomati igrat besplatno Есть игры на египетскую тему, где вам нужно собрать комбинации из каталога. Для ценителей особо качественного дизайна и незначительные камни или драгоценности там приносят результат. Чтобы проверить это, просто откройте данные игры о картах и фильмам. Довольно популярны сейчас игры с простыми рисунками, а есть Diamond Dogs, Disco Spins, а .
Question by Ysabel K: Is a wireless terminal for a high risk merchant account better than a manual imprinter?
Best answer:
Answer by Marie C
Wireless terminals are more expensive than manual imprinters but are greatly useful to high risk merchants. They are efficient credit card terminals that let you know immediately whether a transaction is authorized or not. Manual imprinters are rather cheaper but work best with bulk orders.
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High–risk 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)
