Tag Archives: european high risk merchant accounts

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.

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

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.

Radiant Pay Official Blog