Occasionally offshore high risk merchant account providers are not what they seem to be. We have been at the high risk credit card processing space and the landscape carries on change and develop with the new rules, put forth from the major card issuers and governments. Staying on top of those changes is paramount to staying applicable in high risk payment processing. Hence, retailers looking for a change in payment service provider is more common today than ever since the environment is harder and choices with a change in. Reasons can be several, they may be complicated or the merchant thinks they may get better rates which is why they support an offshore merchant account solution to expand.
Why Do Merchants want To Change Offshore High Risk Merchant Account Providers?
Too few solutions: Perhaps you have outgrown your payment service provider, who can’t offer you an offshore merchant account solution to expand and accept.
Expand to other nations and regions: You’re just a domestic merchant, but want an offshore merchant account solution to expand and accept additional transactions from other countries. Seeking company registrations: With new rules from the European Union, retailers are needed to register their businesses inside the EU.
Our first piece of advice is the most crucial without question. Whilst a merchant might not be pleased with his/her offshore high-risk merchant account supplier, the merchant agreement plays a vital role.
What’s Involved When Changing Providers?
From our standpoint, a few hazards may be found by retailers.
Withheld rolling reserve: The payment processor can withhold the rolling reserve for a period of 180 days to cover up any future refunds or chargebacks. This is a very common practice.
Withheld funds: Several banks can hold your funds, utilizing for chargebacks in increments to cover.
Exit fee: Early departure or termination fees may be imposed on merchants as per the agreement which they have signed with their payment processor. Again, it’s a typical practice in payment processing because obtaining banks and merchant account providers will need to safeguard themselves. The penalties for opting out of a merchant account contract vary from bank to bank but may be severe. We recommend choosing a safe route – reevaluate your requirements while seeing the terms of your contract. For retailers who want to start a high-risk merchant account, maybe your PSP has a partnership with another supplier that may accommodate you.
How can IPAYTOTAL LTD Help
We review your business details and select appropriate banking partners amongst our network of acquiring banks and regulated EU payment institutions. We work closely with our merchant throughout the application process without any upfront fees. Our goal is to have our Merchant’s account approved as soon as possible with the best rates. Typically within 7-14 days, our Merchant’s account is ready to be integrated on the website with a selected payment gateway or a Virtual Terminal to accept credit card payments.