Category Archives: High Risk Merchant Account

Seeking A Fantasy Sports Merchant Account?

November 7, 2022 admin Leave a comment

The industry is thriving when it comes to obtaining a fantasy sports merchant account. This high-risk vertical will require a payment processing provider that understands the ins and outs of this specific gaming model, as well as recommendations, advice, and sports forecasting that goes along with fantasy sports merchant accounts. Many of them require high-risk merchant accounts. For your online fantasy sports merchant account, whether it’s phone orders, online sales, recurring billing, or anything else.

Radiant Pay processes payments for fantasy sports merchant accounts in the professional leagues listed below:

Fantasy Football (NFL)
Fantasy Baseball (MLB)
Fantasy Hockey (NHL)
Fantasy Basketball (NBA)
Fantasy Racing (NASCAR)
Fantasy College Football (NCAA)

For a multitude of reasons, a Fantasy Sports merchant account is regarded as high risk, making it difficult to locate a dependable processing partner. Radiant Pay specialises in working with high-risk merchants, and we have a number of acquiring banking partners who provide Fantasy Sports merchant accounts.

Do you need a Fantasy Football Processor?

Choose your players, your starters, and the fantasy football processor that is best for you. Your company may have a large number of customers who want to sign up, form teams, and place bets. You immediately learn that you have no method to accept online payments via debit or credit cards because your firm is classified as high risk, which you were unaware of previously, and you’re now left with clients to serve but no way to accept their money.

Rather than becoming increasingly frustrated with the process of being declined and given the runaround when applying with traditional banks, or worse, having your fantasy sports merchant account frozen or completely dropped by an aggregate processor like PayPal or Stripe, you take the smarter, more efficient route of seeking out a dependable and knowledgeable high-risk merchant account provider.

What Is the Purpose of a High-Risk Fantasy Football Merchant Account?

It’s not always all fun and games with fantasy football merchant accounts. Furthermore, the risks of this market might cost a lot of money in customer-initiated chargebacks. Customers that are bitter losers are one of the most common causes of chargebacks. While some customers may win big, others will not, and those who do will normally chalk it up to a fair loss and play again – but others and this group of “others” are substantial, will be angered by the loss and file a fake chargeback in an attempt to avoid paying for the service entirely.

The excessive amount of chargebacks, commonly known as a company’s chargeback ratio, is a major contender for fantasy sports merchant accounts being classed as high-risk. When chargebacks occur, they are unpaid by the business owner or merchant, which is one of the most important financial losses for credit card processors, which are rigorously scrutinised by both sponsor banks and credit card companies.

Sponsor banks will cancel any fantasy sports merchant account that consistently exceeds 2% in chargebacks and will levy a fine on the payment processor who set up your merchant account. With the chargeback rates for fantasy sports merchants, most traditional banks will not even consider supplying payment processing solutions to a high-risk business like this – there is simply too much responsibility and uncertainty involved.

Why is credit card processing for fantasy sports so risky?

Fantasy sports credit card processing can be simple, but choosing a provider with the expertise you need to get proper underwriting for your fantasy sports merchant account, as well as a company that has been in the business long enough to have developed relationships with sponsoring banks, is critical for high-risk merchant accounts. Failure to be choosy in who you choose to set up your payment processing will effectively determine the future success and longevity of your business as a whole. High-risk merchants aren’t always the first to be approached by banks for a fantasy sports merchant account – in fact, they typically deny any high-risk applications that come across their desks.

This implies that what was most likely your Plan B soon becomes your Plan A, and if you don’t have access to options that make sense for your business model, you can find yourself rushing for solutions. What are your options? First and foremost, you need a high-risk merchant account provider, such as Radiant Pay, that does all of their underwriting in-house and has the experience and banking ties to get you approved for a fantasy sports merchant account and accept payments quickly.

Business services, Credit Card Processing, High Risk Merchant Account, payment gateway Solutions, Safe card processing services, Types of Merchant Account

The Top 5 Things to Think About When Selecting a Merchant Services Provider

November 2, 2022 admin Leave a comment

If you run a business, you already know how important it is to accept credit card payments. It simplifies not only your clients’ lives but also your own ability to handle your funds.

Selecting the appropriate merchant account services provider is crucial for this reason. Before choosing a service, it’s crucial to conduct some research because not all are made equal. We will review the most crucial considerations in this article while discussing your options.

Let’s talk about the qualities a merchant service provider should possess.

Select a service provider with a solid reputation and few complaints.

If you want to discover a merchant service provider with a solid reputation, you should look for three things: little to no complaints (let’s say for argument’s sake), a lengthy history in the industry, and positive customer feedback.

Check to discover if there have been any complaints made about the provider first. Even if there are only a few complaints, make sure to read them thoroughly to determine whether they are justified if there are. Next, find out how long the supplier has been in operation. An established provider is more likely to be dependable and steady than a fresh service. The more established they are, the more likely it is that they are succeeding. Review what others are saying about the provider, and then take action. Finding a merchant service provider with a solid reputation is shown by the presence of favorable customer testimonials.

Make sure the business provides top-notch customer service.

Make sure you’re working with a merchant service provider that offers excellent customer support if you’re a business owner. After all, you depend on their services to handle payments and maintain the efficiency of your organization. Absolutely no one should be tampering with your money!

Any queries you may have will be answered, and any problems that may arise will be resolved, by excellent customer service support. In case of an emergency, they should also be reachable around the clock. You may feel secure knowing that your demands will always be met if you engage with a firm that offers excellent customer assistance.

Understand the costs and available rate plans.

It’s crucial for business owners to be aware of the costs associated with processing credit and debit card payments. In addition to a per-transaction cost, merchant service providers often impose a fixed rate equal to a percentage of the transaction amount. Depending on the kind of card being used, these fees may change.

Rates may also change based on the type of transaction. Is the customer actually handing you a card in person, or are they making an online purchase through your website?

The entire cost of processing payments will depend on the rate plan you select. Before selecting a merchant service provider, make sure to evaluate the prices of various rate plans. You can ensure you’re receiving the greatest possible price on credit card processing by being aware of the associated fees.

Make sure there are no volume limits on transactions.

Make sure your merchant account provider doesn’t impose volume restrictions on transactions, whether you’re a startup small business or a giant corporation doing millions of transactions per month. If your service provider does have such restrictions, you can be assessed extra fees for any transaction that exceeds the cap. These fees can quickly pile up and reduce your revenues. Transaction volume restrictions can also restrict your ability to expand because you won’t be able to handle any more transactions than your provider permits.

Check with your merchant account provider in advance to determine if there are any transaction volume caps in place and if they will be able to meet your needs in order to avoid these problems. By doing this, you can be sure that you won’t be hit with unexpected fines or have your accounts closed as you scale.

Verify PCI compliance and registration.

Make sure a potential merchant account provider is PCI compliant and registered while searching for one. This indicates that they uphold the highest security standards while processing credit card transactions and that they have the necessary security safeguards in place to secure the sensitive information of your clients.

A PCI-certified service will have modern encryption technology and be open about its security procedures. Additionally, they will have a specific team to oversee compliance and address any issues. A trustworthy merchant account provider will collaborate with you to make sure your company is successful. You can ensure that the information about you and your clients is secure by checking to see if your merchant account provider complies with PCI standards.

Gaming Merchant Account, High Risk Merchant Account, high risk payment processing, Online Gaming, Online Gaming

Why Your Gaming Company Is High-Risk and What You Can Do About It

October 1, 2022 admin Leave a comment

Online gaming has seen a sharp increase in popularity since the COVID-19 lockdown. The number of gamers has suddenly increased, which has resulted in a large increase in revenue. The market is undoubtedly ready for further expansion, and gaming companies are starting to recognise the many benefits of joining this trend.

The security of client data is the largest problem facing the sector. Many customers are still wary of giving their personal account information when they are purchasing because payment fraud is still on the rise.

You may have heard that the online gambling market is a “high-risk” one if you are considering beginning a firm in this sector. However, it merely means that you have to collaborate with the appropriate parties. This needn’t be bad news. But before we do that, let’s talk about why the gaming industry poses a significant risk to payment providers and how to mitigate those risks.

Online Presence

There are fewer protections in place because everything is done digitally and remotely. This implies that financial crimes like fraud and identity theft are now simpler to do. Banks label online transactions as high-risk as a result of their increased uncertainty.

High Chargeback Rates

Most banks and payment processors will request that you keep them below a particular threshold to avoid fees or even account suspension. There are various causes for these chargebacks.

High-Risk Industry

Online gambling is viewed as a high-risk sector of the economy. It frequently serves as a target for people trying to transfer illicit funds, and in some places, it has a bad reputation. Because of this, most banks and payment processors avoid working with gaming businesses, but not all of them. You may prevent and minimise any potential problems by making sure you have a licence from a respectable jurisdiction and continue to comply with the regulation, your bank, and your payment processor.

Foreign Inclusion

Although there are many advantages to incorporation in an offshore country, some accounts may be more difficult to obtain. By choosing an offshore bank, you can incorporate an offshore company and open an account.

International Business

An international operation is required to run an online gaming enterprise. Customers from all over the world will be served by you, and you will accept payments in a variety of currencies. Banks may be reluctant to provide services because they see this as an additional risk.

Given the current state of affairs, it is wise to forego looking for agreements with typical, low-risk merchant account providers. They will immediately reject your high-risk venture. High-risk businesses are rarely served by ordinary merchant account providers. All they want is to avoid the risk.

The finest investment an online gaming business can make is to look for a high-risk merchant account that is reliable and trustworthy to process payments safely. Look for people who are knowledgeable in the gaming and gambling industries in particular. By doing this, you can prevent your account from being deleted suddenly.

Applying for an Online Gaming Merchant Account

It’s rather easy to apply for a gaming merchant account. However, there are several requirements that you must follow in order to acquire and maintain good standing with your supplier.

The following materials are a few of the requirements to start the application process:

Application form
Gambling License Copy
Company Registration Certificate
a legally binding document, such as the M&A
Bank Statement
Overdue payments and unpaid invoices

This is merely a sample of the information that your provider might ask for. Of course, it will differ depending on your sort of business and the provider.

Radiant Pay is dedicated to offering you payment processing services that are specifically suited to the demands of your company. Credit cards, debit cards, bank transfers, online direct debit, and real-time bank transfers are just a few of the payment methods we assist our merchant partners in accepting from their clients. We also help with high-risk processing, offshore merchant accounts, and the processing of checks and ACH transactions.

We are a top London-based company that offers payment solutions to online businesses and any other e-commerce companies operating in all “legitimate” industries. Any sort of client and their online enterprises can receive customised solutions from our clientele, which has no restrictions on business size, risk level, or transaction volume.

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Reasons For The Decline Of Your Merchant Account Application

September 2, 2022 admin Leave a comment

Applying for a merchant account can be a daunting experience, especially if this is your first time in the market.

When a firm goes bankrupt or has a large number of chargebacks (the reversal of cash requested by the customer from your account back to the customer), merchant processors face financial risk and liability. It’s an obvious opportunity for fraudsters. So, before forming a partnership, banks and merchant account processors do their study.

When a company does not match the requirements for a low-risk merchant account, a high-risk option generally meets its needs. These accounts enable businesses with high chargeback rates, poor credit, or a bad reputation to accept credit and debit transactions, but getting one is far from guaranteed. If you make a few errors on your application, your business may be unable to accept your consumers’ payment options.

If your high-risk merchant account application is rejected, it could be due to one of the following issues:

Lack of appropriate documentation

Give the account provider the most accurate summary of your firm that you can when completing an application. To accomplish this, you’ll need current monthly statements that include information about your business’s monthly volume, chargebacks, and decline rates.

High Decline Rates

Customers’ banks may reject transactions when they make purchases from your business owing to incomplete information, anti-fraud regulations, and other reasons. Even while this issue may be unavoidable, if it persists long enough, it may have negative effects. Some merchant account providers could refuse to work with you if more than 10% of your transactions are refused.

You Are Enlisted On The MATCH List

Those who engage in fraud, money laundering, collusion, illegal activities, and other offences are listed on the Member Alert to Control High Risk (MATCH) list. You can find it challenging to get a merchant account for up to five years if your name or that of your company shows on the list.

Make sure the directors you choose—or even the company’s largest shareholders—have a spotless record to avoid being included on the MATCH list.

Your Company Is Linked to Fraud or Illegal Activity

The acquiring bank may reject your merchant account application if it determines that your goods or services are connected to fraud or unlawful activities. Among the instances are:

A merchant attempting to sell controlled substances.
Adult material that is prohibited, such as child pornography, excessive violence, or bestiality
Products on a website that don’t match the description or price

High Chargebacks

High-risk accounts typically give sectors that frequently deal with disputed transactions more latitude. The same is true for companies that provide services like annual memberships or automated recurring billings, which can lengthen the duration during which a business is exposed to chargebacks. However, there is still a line that some service providers won’t go beyond. The likelihood that your application will be approved will rise if you avoid making too many chargebacks.

Issues with Licences

Companies typically require a business license to approve a merchant account. In many cases, this can be as straightforward as obtaining a company license, but some internet businesses, including pharmacies and gambling websites, are subject to tougher regulations that limit where they can operate and what they are allowed to sell. You could not be eligible for a high-risk merchant account if your business is unable to acquire these requisite permits.

Tax liabilities

To open a merchant account, you must provide both personal and business information, especially if you need to issue a guarantee on behalf of a specific person. Establish a debt-resolution mechanism to make sure a tax lien won’t have an impact on your application since it is a huge red flag for service providers.

Unclear Sales Volume

One advantage of opening a high-risk account is the potential to generate large sales volumes. But the best course of action is always to be transparent. If you declare volumes that are out of proportion to the size of your typical ticket, your application might not hold up under review by a service provider.

Failing to comply with Merchant Agreement Terms

If you go over the processing thresholds set in the merchant agreement of your service provider, you risk offending them. Understanding the terms to which you have signed is crucial because failing to do so could make it difficult for you to obtain future merchant accounts.

Abominable E-Commerce Enterprise

There is a list of sectors that the majority of high-risk credit card processors do not accept. This does not imply that the enterprise is unlawful. It can only signify that the processor lacks a financial partner that accepts this particular sector of e-commerce. Based on the level of risk, acquiring banks choose which e-commerce sectors they want to embrace, and the bank may simply judge your sector to be too hazardous.

The aforementioned advice can assist you in taking the proper actions to quickly and easily obtain acceptance for a merchant account.

For your business’s Low, Medium, or High-risk levels, Radiant Pay has the ideal combination of merchant account services to let your profits flow smoothly. Any legitimately operating business that sells memberships, services, or goods online is qualified to apply for a merchant account.

High Risk Merchant Account, Travel Merchant Account, Types of Merchant Account

Merchant Account | Payment Processing for Travel Business

August 20, 2022 admin Leave a comment

The market capitalization of the travel sector was an astounding 9.25 billion dollars in 2019. The travel sector was badly hit by COVID-19 in 2020, but it is now beginning to recover, and by end of 2022, it is anticipated to continue expanding exponentially.

It can often be difficult to comprehend merchant accounts for the tourism business. As the world starts to open up for travel again following COVID-19, having dependable payment processing is becoming increasingly important.

When looking for payment processors, banks and processors frequently view travel merchant accounts as high-risk. Travel merchants need to be aware of this. Because of this, you ought to look for a high-risk credit card processor who is familiar with the travel sector. Find a high-risk credit card processor that is familiar with the specifics of the travel sector.

The majority of the businesses in the travel sector routinely handle expensive transactions. For these kinds of businesses, a high-risk payment processing solution is essential.

Despite the trillion-dollar value of the travel business, fraud and frequent chargebacks cause it to lose around $25 billion yearly. In certain sectors of the travel business, chargebacks will happen more frequently. We at Radiant Pay are pleased to give your travel company our many years of high-risk credit card processing expertise.

The development of technology and the widespread adoption of electronic payments have been extremely beneficial to the travel industry. Successful travel businesses are built on offering consumers dependable payment processing. Customers can conveniently make payments over the phone, online, or even in person at a retail location when they have a high-risk travel merchant account. You will be able to take payments anywhere in the world if you use a high-risk credit card processing solution like Radiant Pay

Let’s look at what Radiant Pay can provide for you.

What Makes Radiant Pay the Best Option for Your Travel Merchant Account?

Are you hoping to increase the profits from your travel agency? For the processing of your payments, you’ve come to the proper location. Travel businesses throughout the world can utilize our payment processing to increase sales, fend off chargebacks, and advance their operations.

At Radiant pay, we sincerely care about the success of your travel company and recognize the need for dependable payment processing. We provide the following for each and every one of our travel merchant accounts:

High-Volume Processing – We offer a payment gateway that is specifically made for high-risk businesses processing large volumes.
Multi-currency – We recognize the significance of being able to accept many currencies.
Fast Approval – The amount of time that travel merchants require to make sales is increased by our speedy approvals. We can offer approvals usually within 24 to 72 hours.
Highly Competitive Rates – We provide competitive rates so that our lower processing costs will enable your company to expand profitably in the future.
Secure – We have a secure payment gateway that is constantly checked for security flaws and vulnerabilities.
Mobile Payments – Customers that pay with a mobile device can effortlessly send money to you.

We strive to make the application procedure for travel payment processing as simple as possible, and we will guide you through it from start to finish.

Click on the link to apply – https://radiantpay.com/contact.html. After submitting an application, a qualified specialist will get in touch with you and inform you of the next steps to take in order to launch your merchant account.

CBD Merchant Account, High Risk Merchant Account, high risk payment processing, Merchant Account, Types of Merchant Account

The CBD Industry’s Upsurge

August 3, 2022 admin Leave a comment

Why is the CBD industry considered High-Risk for Merchant Accounts?

The fact that the general public does not have access to enough research is the first hurdle in this industry. Many people are pessimistic about CBD and think it carries “risks.” Due to the fact that THC, the psychoactive component of cannabis, is present in only minute amounts in CBD, this substance is neither addictive nor psychotic. Many people are unaware that CBD does not cause you to feel “high.” Instead, it is treasured for its calming qualities and is included in a number of wellness products.

Getting the products to market is one challenge faced by the majority of CBD companies in the industry. The market is heavily saturated. Newcomers need to carve out and maintain a niche. However, you still require a strong point of sale to accomplish that. Additionally, you must be aware of your target audience.

Some manufacturers have used deceptive tactics when it comes to eCommerce. They were reported to the FDA for not disclosing all the information about their products and for making exaggerated claims about the advantages of CBD, which had an impact on other companies that sell CBD products. In some countries, CBD is actually illegal. This includes parts of Asia because those nations have restrictive laws governing the CBD industry.

The CBD market has experienced rapid growth.

The exploding CBD (cannabidiol) market has garnered significant headlines and provided material for countless analyses and forecasts.

Numerous new businesses now have opportunities thanks to the CBD industry’s rapid growth. In addition to going far beyond the production and distribution of cannabis itself, new companies are creating CBD goods and services that are entirely legal. There are now a large number of businesses in this industry, many of which produce, package, or market CBD products. Business News Daily reports that $20 billion in sales are anticipated for the CBD sector by 2024. The Cowen analysts’ projected estimate of this market’s revenue of $16 billion by 2025 was even more intriguing.

This broad industry has many facets because CBD is promoted as a medical solution for a variety of issues. CBD has a proven track record of treating epilepsy, and MS and helping cancer patients manage their pain. However, there might be risks that seem pitfalls for business owners in this industry.

Why is the CBD market so flourishing online?

eCommerce establishes a platform for CBD products that enable customers to buy CBD goods and get information about the potential advantages of CBD directly from the producer. If customers are worried that purchasing CBD is uncool, they can purchase it anonymously online. But the main reason CBD is developing into a sizable industry in and of itself is because of its therapeutic and holistic advantages. Customers can easily compare CBD prices when buying CBD online, enabling them to find the best offers in a crowded market. To ensure the best eCommerce experience, many CBD businesses also provide free online support, including chatbots.

Even though CBD can be bought in person, for instance in a health food store, many customers prefer to buy CBD products online because they find digital product descriptions easier to scan and read than packaging. An important piece of information, like the amount of THC in a product and the suggested dosage, will be displayed clearly in the product description for CBD products when purchased online, for instance.

Payment Processing for CBD Business

Since the passage of the 2018 Farm Bill, which was signed into law by President Donald Trump in December 2018 and exempted hemp from the Controlled Substances Act (CSA) definition of marijuana, more and more owners of e-commerce businesses are looking for payment gateways that support CBD merchant processing.

Radiant Pay offers the ideal mix of merchant account features to safeguard high-risk companies while enabling smooth cash flow. The rates for a CBD merchant account are higher due to industry regulations, even though they are comparable to those for other e-commerce businesses.

Any type of CBD retailer, including start-ups, mid-sized businesses, established enterprises, and public companies, may submit an application to purchase the payment gateway system and other services.

Are you looking for a CBD merchant account? To learn more about our services and to open a merchant account for your business, feel free to get in touch with us at https://radiantpay.com/contact.html. Understanding the client’s business needs, identifying suitable payment options, and actively participating in the choice of a Payment Service Provider that is best suited to the merchant’s requirements are all part of our consulting services.

Adult Merchant Account, High Risk Merchant Account, high risk payment processing

Adult Merchant Account: Unveiling The Taboo!

July 18, 2022 admin Leave a comment

With the rise in the Digital Age, the adult industry has also boomed. Among many sectors in the market, the adult industry is one of the most lucrative, and growing rapidly, especially in the United Kingdom. The industry is expanding dramatically in terms of sales volume, a spike in the number of customers making purchases. The world has moved its businesses from offline or bricks and mortar to online, and so is the Adult Industry moving too. And with the industry moving, business owners need a merchant account in order to accept credit and debit card transactions.

However, getting an account approved for this becomes a task. Due to the nature of business and a variety of other reasons most providers simply won’t approve an account adult business. The main reasons for rejection which are highly influenced are increased risk of chargebacks and reputational damage. This might have resulted in forcing many business owners out of desperation to accept subpar standard processing solutions for their legitimate online business.

Finding the right fit solution for your business can be difficult and troublesome but it will help the business in the long-term success of your online adult business be it the sale of sex toys or physical goods which comes under this business or the subscription services for exclusive digital content.

For all adult goods and services, including digital downloads, entertainment websites, legal escort services, streaming video, webcams, online dating, toys, novelty items, travel, strip clubs, and more, Radiant Pay offers adult merchant accounts. Since Radiant Pay has been doing this for a while, we are in a good position to impart our specialized knowledge on offering “package” services to the online adult industry. With affordable prices, subscription billing services, and cutting-edge fraud prevention technology.

The term “adult industry” covers a wide range of goods and services with adult themes. Here is a short list of the adult industry’s most popular subcategories:

Dating Websites
Sex Education Material
Lingerie items
Fetish-related items, Sex toys
Lubricants and Lotions
Adult-themed videos and photographs
Escort Services

What Makes the Adult Industry High Risk?

The following are some elements that make businesses in the adult sector high risk:

Reputation Risk:

While the majority of processors are happy to work with any profitable company, they do have to consider their reputations. Even though they are entirely legal, some providers simply don’t want to be associated with these kinds of companies.

High Regulatory Compliance Standards:

Compliance with multiple laws adds a layer of complexity that many processors do not want to deal with given that eCommerce businesses operate in almost every state.

Chargebacks

The most frequent factor that makes a company considered high-risk are having a higher-than-average chargeback rate, which affects many areas of the adult industry.

Risk of Frauds

All eCommerce businesses are increasingly concerned about fraud, but historically, the adult entertainment sector has had more of a problem with it.

Payment Fraud

The primary method of payment for adult entertainment and eCommerce businesses is card-not-present (CNP) transactions. In comparison to in-person card payments, CNP transactions have higher rates of identity fraud.

We Radiant Pay provides adult businesses with multiple options from which to choose, and we process online credit card and check payments. This will help both unbanked customers and businesses that have trouble getting merchant accounts. The majority of adult businesses can obtain an adult merchant account through Radiant Pay, which specializes in high-risk merchant accounts and is connected to card processors.

Hassle-Free Adult Merchant Account

Are you having trouble locating a provider of adult merchant accounts? Whether you operate an adult business online or offline, we do have a good solution for you. You may have spent many hours filling out card processor applications only to keep getting rejected. You will require a Merchant Account and a payment gateway if your business caters to adults. Your company will be able to accept card payments online while also increasing security by not keeping any cash on hand. Although many providers of payment services are hesitant to work with adult businesses, many of them are skilled in high-risk credit card processing solutions.

If you have any questions about setting up a merchant account, get in touch with us to speak with one of our payment specialists.

Author’s Giveaway:

Understanding 2257 and How It Affects Your Adult Business

Banking institutions place a high priority on following rules and regulations because doing otherwise could harm their reputation, and finances, or cause them to be penalized. The fact that the adult sector is subject to more regulations than many other sectors simply increases the likelihood of noncompliance. To obtain an adult merchant account and promote the adult industry as law-abiding, it is crucial to abide by all regulations that apply to the sector.

However, if you employ an actor of any kind, 18 U.S.C. 2257 must be practised in the daily operations of your adult business. Strippers, cam girls, and phone sex operators are the first types of performers. According to Section 2257, every producer of adult content is required to have and keep a copy of a government-issued photo ID proving the performer is at least 18 years old. This document must be kept for at least seven years. If your company dissolves, you are required to keep this record for five years after the end of the business.

Cryptocurrency Merchant Account, High Risk Merchant Account, high risk payment processing

Top 7 Reasons Why You Should Accept Cryptocurrency

June 13, 2022 admin Leave a comment

If you run an online business, why not accept a digital currency as well? While there has been some discussion about whether or not to accept cryptocurrencies, now is the time to take advantage of their flexibility and offer your customers another payment option.

Bitcoin and other digital assets are increasingly being used in everyday business transactions for a variety of reasons, including investment and operation. As with any other digital innovation, there are risks, but there are also substantial benefits. In practice, the list includes not only Bitcoin but also other cryptocurrencies.

Adopting the most delinquent technology in your business ensures that your brand is credible and acceptable. Radiant Pay offers competitive terms when it comes to establishing a cryptocurrency merchant account.

In this quick read, we’ll go over the top 7 reasons why you should accept cryptocurrency into your business right now!

Transactions take place quickly.

There is no need to wait for cryptocurrency transactions. The transactions are frequently completed in real-time or in a matter of minutes. Whereas credit card payments can take days, if not weeks, to process. Multiple banks do not slow down the payment process. On the other hand, cryptocurrency allows for instantaneous transfers as well as simple, real-time, and secure money transfers.

Global Acceptance

Because everyone in the world uses the same protocols to trade and invest in cryptocurrency, there is a global presence for crypto payments. As a result, customers will be able to pay more easily, and your online store will gain value.

No fraud, hacking, or chargebacks.

Security is the most important aspect of cryptocurrency payment processing. E-commerce businesses can also use a secure cryptocurrency payment gateway provided by payment processing service providers. Consequently, whether you run a brick-and-mortar store or an e-commerce site, a crypto payment processor can assist you in securing your transactions and customer data.

When it comes to crypto payments, this makes it impossible for fraud to happen. Each transaction involving cryptocurrencies must be approved by both parties. As a result, there will be no more disputes, and chargebacks will be eliminated.

Acquire new customers.

Cryptocurrencies have a large following; more and more people are learning about them, adopting them, and investing in them. Accepting digital currencies will be extremely beneficial to your business as your customers become more familiar with and use cryptocurrencies. While this is still a niche market, it isn’t going to be for long. It’s better if you give your customers as many payment options as possible. You’ll not only attract a larger customer base and more shoppers, but you’ll also save money.

Enhances your Brand Awareness

Crypto payments are one of the best tech-savvy methods to accept payments from all over the world because they offer a more advanced and secure method than credit and debit payments. Payments made in cryptocurrency reflect well on your company. That means that if you start accepting cryptocurrency right now, you’ll be ahead of the curve and ahead of the competition.

Accepting cryptocurrency allows you to save money.

Because cryptocurrencies are decentralized, they do not require every transaction to be verified by a bank. This means your company will no longer have to pay those fees, and you will no longer have to share your hard-earned money with financial institutions.

Lower Transaction Fees

The rates for accepting cryptocurrency transactions are substantially lower than those for debit and credit cards. Accepting digital currency instead is advantageous for small businesses because their transaction volume is low compared to large businesses, which get an advantage in negotiating a lower credit card transaction fee.

Cryptocurrencies have transformed the world of finance, with benefits resulting, in large, medium, and small businesses alike. When used correctly and, above all, with the right advice, digital assets can provide a significant financial and operational benefit to a business.

The Radiant Pay team is a powerhouse of brilliant minds who collaborate to deliver comprehensive solutions that are tailored specifically for your company! We have a broad understanding of payment dynamics in a variety of industries.

We can help your business qualify for Cryptocurrency acceptance thanks to our experience and scalable payment solutions. Offering cryptocurrency payment processing services allows you to accept Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Dogecoin.

CBD Merchant Account, Gaming Merchant Account, High Risk Merchant Account, Merchant Account, Types of Merchant Account

How to Get Approved for a Merchant Account

May 24, 2022 admin Leave a comment

When determining whether a business is ‘high-risk,’ many factors are considered, including the nature of the enterprise or industry, customer types, transaction volumes, geographic location, and payment terms.

Merchants dealing in the travel and cruise industries; Internet auctions; CBD; adult; forex; online gaming; casinos; and many more are all examples of high-risk merchants.

However, just because your business is high-risk does not mean you won’t be able to open a merchant account. It does, however, imply that setting one up may be more difficult. Banks and independent sales organizations that provide merchant accounts will look at how long you’ve been in business, your credit history, and any previous merchant accounts you’ve had with other processors.

Because merchant account providers want assurance that you understand the business environment in which you operate, can identify the potential risks you face, know how to prevent or reduce fraud, and understand how to manage credit card acceptance, the length of time you’ve been in business matters. Regardless of risk, the only thing with first-hand business experience that can provide this kind of insight is.

Good credit history will help you establish your credibility as a potential merchant. If your previous processor terminated your merchant account because you defaulted on payments or had too many chargebacks, it may be difficult to open a new account in the future. And if you’ve previously had a well-maintained merchant account, it’s a good sign of how you’ll handle your new processor.

Follow these guidelines to improve your merchant account eligibility:

Maintaining a good credit score: Before applying for a merchant account, remove any previous bankruptcies, late payments, or mortgages from your credit report. Contact a credit reporting bureau to obtain your credit report. Send them a letter explaining that these issues have been resolved and requesting that they be removed from your credit report. Having a good credit rating will make a lasting and favorable impression on a transaction processor, whether you own a small or large business.
Previous merchant accounts, bankruptcies, liens, or judgments should all be disclosed: You improve your credibility by acknowledging the recent financial difficulties, and you may encounter one fewer barrier to opening a new merchant account. You can’t keep information from the public record hidden.
Be willing to pay higher fees if necessary: If you need to follow special rules or pay slightly higher fees to open a merchant account, go ahead and do it! It’s worthwhile to offer your customers as many non-cash payment options as possible. It will aid in the generation of revenue and the stimulation of impulse purchases.
Look for a credit card processor that best fits your requirements: Learn more about:
The discount rate: The fee paid to the merchant account provider as a percentage of each transaction. The processor may charge a higher percentage of your monthly charges if they are less than a certain amount.

Transaction Fee: For each transaction processed, a flat fee is charged.
Monthly minimum fees: If the merchant’s discount rate and transaction fees do not add up to the monthly minimum specified on the original merchant application, the merchant account provider collects these fees from the merchant each month. If the monthly minimum volume is not met, it usually costs $25 per month.

Reserve Fees: If your credit history is suspect, or if you own a new or high-risk business, you may be required to open a reserve account to protect the processor from future losses. Your reserve account is based on a percentage of your total sales.
Chargeback Fees: These are the fees a processor charges to cover disputed charges.
E-commerce: If you’re an e-commerce merchant, inquire about the costs of storefront solutions, such as shopping carts, Web hosting, payment gateways, virtual terminals, virtual checks, databases for order fulfillment, customer tracking, and a way to calculate tax and shipping charges, from your prospective processor.
Gadgets: Point-of-sale terminals, printers, and peripherals, as well as installation fees, are included.

If you follow the steps outlined above, the process of opening a merchant account should go smoothly. And, in the end, getting approved will put you on the road to increasing your company’s revenue. Operating a high-risk business does not rule out the possibility of accepting credit cards.

Regardless of the factors mentioned above, Radiant Pay is committed to providing you with payment processing solutions that are well-tailored to your business needs. We are a leading London-based agency providing payment solutions to the online business and all the e-commerce enterprises across all “legal” industries. Our clientele is not limited in terms of business size, risk status, or transaction volume and can provide tailored solutions for any type of client and their online businesses.

ACH Payment Processing, Business services, CBD Merchant Account

Payment processing for CBD in 2022

April 26, 2022 admin Leave a comment

CBD (Cannabidiol) is a compound present in the Cannabis sativa plant, which is commonly referred to as hemp or cannabis. It is used in a prescription form to treat epilepsy. CBD is also used to treat anxiety, pain, dystonia (a muscular issue), Parkinson’s disease, Crohn’s disease, and a variety of other disorders. CBD oil is growing in popularity in the United Kingdom and around the world.

Mostly the CBD and hemp oil are sold using e-commerce platforms and with the nature and risk of the product, it becomes imperative to have a correct payment gateway system where Radiant Pay comes into the picture providing Robust payment gateway solutions and CBD merchant accounts in the UK and Europe tailor-made as the business demands.

As CBD i.e cannabis is a salient plant it has different regulations in different countries. Businesses that sell CBD online find it difficult to find secure merchant processing. Popular payment processor like Paypal and Stripe does not encourage their bank to deal in cannabis products. Few traditional payment processors choose not to involve in this segment as there exists a different framework for different nations. Securing payment services providers for the CBD oil merchant is difficult to find due to their niche.

Because of the nature of products sold some businesses can be only classified as high-risk businesses or the industry they deal in. Many digital products are considered as high-risk due to higher rates of chargebacks as it is exposed to the risk of scam with their global operation.

Radiant Pay provides a perfect balance of merchant account features to protect high-risk businesses while permitting the flow of earnings seamlessly. Although the cost of a CBD merchant account will be similar to other e-commerce businesses, the rates are higher due to industry regulations.

Accepting payments using cards through a CBD merchant account raises your sales while making you realise the possibility of income and benefits similar to that of other businesses.

Merchants dealing in CBD at any level, be it a start-up, mid-size, fully grown, or public company can apply for acquiring the payment gateway system and other services.

Are you looking for CBD high-risk merchant services? Get in touch with us from https://radiantpay.com/contact.html to know more about our services and avail a merchant account for your business.