- June 25, 2020
- Posted by: iPay Editor
- Categories: high risk merchant account instant approval uk, high risk merchant account provider, High Risk Merchant Accounts, high risk merchant payment processor, high risk merchants uk, online payments, online pharmacy merchant services, online store
Accepting credit or debit cards when selling used cars will lead to profit for a merchant. However, getting used car dealer merchant account is not that easy as it sounds. Used car dealers fall under the high-risk category. The main reasons are due to high chargeback ratio. Traditional or low-risk credit card processing companies usually do not approve used car dealer merchants due to the risk factor. The only option is to get a high-risk merchant account.
Why Used Car Dealers Are considered High-Risk?
There are several industries that fall under the high-risk category due to their nature. Used car dealers are one of them which falls under this category. The main reason why Used Car Dealers fall under the high-risk category is that they are more easily prone to fraud. The nature of the business itself is such that it is susceptible to fraud. Moreover, they have high-ticket averages and high returns which in turn results in stolen credit card carriers and other kinds of a fraud attempt. Not to mention each transaction is a tremendous amount so there is always space for fraudsters.
What To Look For When You Choose Car Dealer Merchant Services?
High-risk merchant providers understand what Car Dealer merchants require. They look for flexibility in payment options. So it is crucial to choose the right merchant account provider. You need to look into a few features before you choose a high-risk merchant account provider:
1. Tailor-made solutions: Look for a high-risk merchant account provider who offers tailor-made solutions because each and every merchant’s requirement is different. The same size does not fit all. There should be an option to customize as per your requirement.
2. No application fee: You need to be smart enough to choose an option wherein there is no hidden fee or application fee. Go through the contract in detail before you sign it. Look for features like minimum cash reserve, next day funding, etc.
3. Fraud filters: Always look for the security of your account. You do not want to end up losing all your amount if there are not enough fraud filters. Choose a high-risk merchant account provider who has a well-equipped fraud filter and can combat chargeback.
4. 24/7 support: Used Car Dealer merchants need an experienced, reliable, and friendly customer service staff. They usually need a combination of card-not-present and in-person payment options. Look for high-risk merchant account providers who offer round the clock support otherwise, if you are in a total opposite time zone it’s no good for you.
Documents required for User Car Dealer Merchant Account:
The process to apply for User Car Dealer Merchant Account is the same as any other high-risk merchant account. Find a reliable high-risk merchant account provider and fill the application. Here is the list of documents that are required:
§ Valid photo ID, driver’s license or Passport copy
§ Utility bill copy
§ Last 3 months personal bank statement
§ Last 3 months business bank account statement
§ Void cheque
§ Processing History
Are you looking for a Used Car Dealer Merchant Account call iPayTotal now…