If you feel ready to take your business to the next level and expand your options, it may be time to open a merchant account. It is the best way to process credit and debit card payments safely, and to provide alternatives for your customers. — Online merchants who do not process payments cannot succeed in the e-commerce world.
Studies show that 87% of UK households made online purchases within the previous 12 months. It is the highest online purchase penetration rate in the country in the last 11 years.
In this article, you will learn more about opening a merchant account to make the right decision for your business.
It starts with an application
Every merchant account process requires an application. At iPayTotal, it is straightforward and simple to apply for a high-risk merchant account. You can do everything online, and it only takes a few minutes.
During this process, you may be required to present recent bank statements and processing statements, a valid and working website and other supporting documents. You can see the complete list of documentation needed and requirements on our website.
Underwriting is necessary
The underwriting process may seem overwhelming, but it is essential to assure the business’s legitimacy and analyse the risk associated with new accounts. The best thing to do when opening a merchant account is to make sure you have an experienced partner with you to help you during every step of the process, like iPayTotal.
At iPayTotal you have full support from the first contact until setting up your high-risk merchant account, including the underwriting process. We have a dedicated and experienced team focused on helping you set up your high-risk merchant account.
PCI Compliance is important
The Payment Card Industry (PCI) Compliance is an essential part of the process because it is a set of requirements to ensure that every merchant applying maintains a secure environment.
When you open a high-risk merchant account, you have to ensure you follow the security standards to avoid having a denied merchant account. You can also find a list of compliance requirements on our website.
You can use the same merchant account for multiple online shops
At iPayTotal, you can link as many websites to your merchant account as you wish, as long as they belong to the same industry and your account manager approves the additional websites.
If the industry is different from the initially approved website, you cannot use your current merchant account to process payments for that site.
You can start processing payments in one business day
Despite the procedures and requirements, once your documentation is approved, you can begin processing online payments on your e-commerce platform. At iPayTotal, the complete process is easy and smooth, and our team of experienced professionals helps you every step of the way.
When your account is approved, you receive a notification via email along with the relevant integration test accounts and technical back-office support. You can start accepting payments within 24-48 hours!
Remember that you need ensure you have the right partner with you from the application to succeed in these steps. — At iPayTotal, we can help you obtain a merchant account even being a high-risk merchant.
Contact us today at iPayTotal and find out more about our solutions. Our experienced team is ready to answer your questions and help you find the best alternative for your business.
Apply now for a high-risk merchant account and start your journey.
It is your time to expand and succeed.