If you own a business and you’re facing difficulties with traditional banks in obtaining a merchant account through which you can allow your customers to make payments online or simply by using their credit card, then you will certainly lose the mass of your customer base.
It’s not enough having a credit card facility. What customers demand today is alternative methods of payment as well as security in sharing their card details with your e-commerce business.
For high-risk sectors, this is even more important since the risk for chargebacks, fraud and legal implications can lead your company to close before it begins operation.
The advice, universally, would be to do your homework, and to find a solution that can secure your business for growth and revenue and to enable customers from all areas, not just your local customers, to trust in your brand and make purchases. Returning customers are essential in building a sustainable business model.
Here are the top reasons why you should seriously take the time to consider opening a merchant account: —
- High-Risk Industries
Certain industries such as pharmaceutical accounts, gaming, gambling, Forex, travel, etc., are considered high risk by traditional banking institutions because of several reasons. Chiefly, these reasons are due to the high chargeback ratio adjoined to these industries, the risk for fraud and of course, the reputational risk of taking on a business that involves, for example, adult content.
No banking institution would want to ruin their reputation by being affiliated with such industries. Their institutional financial business model, at its core, does not admit for such high-risk ventures.
However, with offshore acquiring banks, under the strong relationship built with iPayTotal, a merchant services provider, such acquiring banks and entities can onboard high-risk merchant accounts and eventually help your business start.
- Security Measures
With a payment gateway, provided by the payment solutions company, your merchant account will have the state-of-the-art security to defend your customers and your business from online fraud and cybercrime. The APIs involved are intuitive and the gateway itself is an award-winning one with a track record that speak for itself. It is designed specifically for high-risk merchant accounts seeking the solution to safeguard merchant accounts from cybercrime.
With a dedicated payment gateway, your merchant account can integrate the gateway seamlessly and without disturbing or changing your existing business model. This gateway will interact in real-time and have all the correct authentication requisite to approve payments instantly through stringent security measures for both the card itself as well as for the transaction being made.
- Processing History
Start-up businesses especially, as well as businesses with no real processing history, will not have a good start in obtaining a merchant account from a traditional bank. Banking institutions must see a full history to be sure to invest their interests and support.
The approval rates are exceptionally low with traditional banks – and they have a good reason to be low because start-ups have a low percentage of success.
However, this should not dissuade your business from trying to acquire a merchant account. Indeed, with iPayTotal, acceptance of the aforementioned business types is accepted, and with the backing of many and strong acquiring banks, you can be sure of an approval, after due diligence and a vetting process have been performed.
Some good news for merchant accounts from iPayTotal
- iPayTotal has various countries open for acceptance of payments, which in turn will boost your merchant account volumes.
- iPayTotal has a dedicated team to monitor all the transactions coming in and flag the ones that might result in possible chargebacks or fraud, which saves the merchant from the risk of losing the account due to large numbers of disputes.
- Offering various payment methods (not just card processing) such as APMs, E-cheques, ACH, if applicable, provide your customers a range of methods from which to make purchases on your business.
- Finally, iPayTotal also assists merchants by setting up a bank account for their business to accept SEPA and SWIFT payments based on your merchant’s needs
In a word, therefore, with the backing of a formidable and premium payment solutions company, you can start your business today and start seeing the revenue you deserve.
Call iPayTotal on +44 800 776 5988. Or email email@example.com