Tag Archives: High Risk Merchant Account in London

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, card payment strategy, Card Processing Services, Merchant Account

6 Essential Questions About Merchant Account

October 14, 2022 admin

It may seem apparent to get your Merchant Account through your business bank, but it is frequently wise to compare prices with several online payment service providers. In most cases, they have connections with a variety of acquiring banking partners that they can use to their advantage to negotiate more affordable rates.

Choosing a merchant account can sometimes be a daunting task. Here are six questions that you should ask to make sure you are getting the best possible price if you are new to online businesses.

What are your acquiring rates and charges?

Pricing and rate-related queries are the most logical ones to make. You will often have to pay a monthly fee to an acquiring bank for your Merchant ID. A basic authorisation cost per transaction as well as an acquisition fee, calculated as a percentage of the transaction value, will also be charged. Refunds and chargebacks may incur additional expenses. Credit and debit cards may have different fee schedules.

When will you be reviewing my acquisition rate?

Your acquiring rates may be higher if you are a start-up, have little trading experience, or if the nature of your business is thought to be high-risk. If this is the case, request a rate review from your merchant account provider at a 6, 12, or 18-month point. If your company is doing well, they might be more willing to offer you more appealing terms.

What terms & conditions do you have?

Merchant accounts have different terms and limitations. The length of your contract, how frequently you use the service, and even the content of your website can all be impacted by this. If unsure, get advice from the merchant account provider.

What are the supporting documents needed to apply for your merchant account?

In order to confirm that your business complies with its requirements, the merchant account provider will need to view a number of documents, including your business registration documents, proof of domain ownership, and any supplier agreements. To expedite the application process, request that the acquiring bank email you a list of the necessary documentation so that you can gather it.

What are the details of the settlement?

The frequency of payments being transferred from your merchant account to your business bank account depends on the settlement terms. Terms of settlement might range from three days to four weeks. Finding out how settlement terms will impact your business model before you apply is important because acquiring banks frequently retain funds in your merchant account for a while after a transaction has been completed if there is a risk of chargeback.

What security guidelines are applicable?

The heightened potential risk of fraud associated with an online transaction is one of the reasons why getting a Merchant Account might be challenging. You should be able to get the most recent security recommendations and minimal criteria for your e-commerce website from card schemes like Visa and Mastercard. Your payment network must be compliant with the Payment Card Industry Data Security Standard (PCI DSS) in order to meet one of the technical requirements of the Visa and Mastercard card schemes.

The sanctions that card schemes can impose on a non-compliant merchant are significant if you are not PCI compliant. Then, if you encounter a security breach on your own systems (where you are managing your own payment sites), you risk daily penalties as well as the loss of your ability to accept credit card payments.

We at Radiant Pay can assist in reducing your credit card processing costs. To negotiate cheaper rates, we’ll speak with your acquiring bank on your behalf. We can arrange the best price for you because of our expertise.

This might result in annual savings of tens of thousands of dollars, depending on your processing volume. For a risk-free audit and assessment, get in touch with us immediately.

Continue to visit our blogs. This resource is updated frequently with details on bank fees, credit card fees, card networks, and a wealth of other helpful information pertaining to credit card processing.

Business services, Credit Card Processing, digital payment system, Merchant Account, Online Banking Payment, Online Credit Card Payment Solutions, Online Payments

Factors To Consider While Choosing A Payment Gateway Provider

October 12, 2022 admin

The innovative integration of cutting-edge solutions, dynamic technology at its best, and comprehensive customization are what really drive the expansion of the digital commerce sector. The eCommerce sector is anticipated to continue expanding exponentially.

You need a safe system in place to manage sensitive client information before you can begin accepting online payments. A payment gateway essentially serves this purpose by securely authorizing online transactions and charging your customers’ credit cards.

eCommerce enterprises face a wide range of difficulties; wise choices must be made because each poor choice has the potential to be disastrous. An eCommerce website’s preferred payment method, such as a bank account, credit card, debit card, gift card, or other online wallets, is securely interfaced with through software known as a payment gateway.

When merchants are aware of their company’s needs, choosing and integrating the best payment gateway provider is neither difficult nor expensive. The profitability of their brand and the consumer experience can both be immediately and favorably impacted by doing it well. Three items are required before you can begin accepting credit card payments: a merchant account, a business bank account, and a payment processor.

It’s important to choose the best payment gateway for your company. You could wind up losing a lot of money and clients if you select a gateway that doesn’t fit your business model. The Radiant Pay team is a group of smart minds who work together to provide comprehensive solutions uniquely created for your business! The payment gateway solutions from Radiant Pay in the UK make it simple for businesses to accept payments.

The following are the most vital factors:

Cost

The entire cost that you will spend should be your top priority when selecting a payment gateway. The three sorts of charges associated with using a payment gateway are the setup fee, the monthly fee, and the transaction fee.

Acceptable Card Types

Visa, MasterCard, and American Express are the three most widely used credit cards. A large percentage of payment gateways accept all of these card kinds. Nevertheless, you must confirm that your payment gateways handle any additional card kinds that your customers regularly use to pay you, such as debit cards or Diners Club cards.

Retention/Holding period

Despite the fact that payments are typically authorized practically instantly, it takes a few days before the funds are transferred to your account. This enables the processing of chargebacks and refunds. Depending on the payment service provider, these holding times can range from 1 to 7 days.

Multi-currency support

Make sure your payment gateway can process payments from numerous countries and in different currencies if you conduct business worldwide. Allowing your clients to pay in their own currency is crucial. Check the costs associated with foreign currency transfers as well.

Hosted vs. Non-hosted Payment Gateway

There are two types of payment gateways: off-site hosted (the customer is directed to the payment processor’s website to enter their information) and non-hosted (the customer will be able to enter the details without leaving your website). Each of these several hosting options for payment gateways has advantages and disadvantages of its own. Utilizing hosted gateways has the advantage of lowering the danger associated with holding sensitive data on your own website.

Security

The security of your payment gateway should be a top issue when it comes to accepting payments online because you’ll be keeping sensitive financial information. Remember that various payment gateways follow various security requirements. Make sure the gateway you select complies with PCI DSS level 1 requirements. To safeguard your company from unauthorized transactions, several gateways include fraud detection and other types of screening capabilities.

Mobile Payment Support

Nowadays, the majority of consumers shop online using their smartphones and tablets, thus it’s critical to choose a gateway that accepts payments from these devices as well. Customers will be able to pay you regardless of the device they use thanks to this.

Limitations

Some payment gateways have a cap on the number of transactions you can handle in a given month. Small firms might not experience any issues with this. However, if your company handles a lot of transactions or sells high-value goods, you need to be aware of any such restrictions or you risk losing clients.

Interaction with other systems

If your payment gateway can communicate with your accounting or invoicing software, it’s important to take this into account so that if an online payment is made, the associated invoice will update automatically in your bookkeeping system. You won’t have to keep track of payments and manually update that payment information in your accounting system as it comes in, which will save you a tonne of time and effort.

Our service providers at Radiant Pay include understanding the client’s company needs, discovering suitable payment options, and actively taking part in the selection of a payment processing service in London that is perfect for the merchant’s requirements.

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

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.

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

Merchant Account | Payment Processing for Travel Business

August 20, 2022 admin

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.

Forex Merchant Account Services, Forex Trading

Forex Broker’s Payment Gateway

July 27, 2022 admin

Forex Merchant Account Services

The word Forex is firstly an acronym for Foreign Exchange. Forex is a global marketplace where foreign currencies are speculated, bought, sold and traded.

The Forex Market is the largest financial market globally, involving $ 6.6 trillion in daily trading. It is also the most significant active market in the world. This market is used by commercial, investment, and central banks, multinational corporations, hedge funds, investment managers, and individual traders. It serves as the world market for currency exchange.

The forex market serves as a potential for individuals and institutional traders to make profits from currency trading. To make this trading happen, forex traders need a payment gateway that permits them to deposit and withdraw their funds at inexpensive transaction rates.

What Is a Forex Payment Gateway?

The currency trading platform and its users are connected by a forex payment gateway. Merchant integrates Forex Payment Gateway with the platforms allowing brokers to accept payments from their clients. Meanwhile, traders also use this forex payment processing system to deposit and withdraw money from their accounts, here the payment gateway collects the sum and transfers it to Merchant’s Bank account from the user’s account. Before sending the money to the merchant, the forex payment gateway deducts a percentage-based, a fixed fee, or both, as payment for the service.

Why Is it Difficult for Forex Brokers to Find a Payment Gateway?

The main reason it is difficult for forex brokers to find payment gateways is that forex trading is considered a high-risk business and gateways and processors will have frequent concerns regarding working with these merchants. Since there is a lot of trading going on on the platforms used by forex brokers, they process a lot of transactions every day, which raises their chargeback rates. Due to payment processors’ classification of forex service providers as high-risk companies, brokers should expect their applications to be denied at conventional gateway solutions.

Why Is Forex Considered High Risk?

As mentioned above it is not the merchants but the banks who classify the forex business as high risk. Apart from the fact that Forex Merchant Accounts generally face high levels of chargebacks and fraud, it involves users globally, as forex is a global trading platform. This means that it is not regulated by the regulations of one nation and no one nation may be in the power over another nation’s currency.

It has come into consideration that many trading platforms are not licenced businesses. To conclude, the lack of regulation is the major part where banks classify Forex Business as a high-risk business. The likelihood of fraud, money laundering, and chargebacks from disgruntled investors has increased, which is another factor that causes banks to view Forex merchant accounts as high risk.

Possessing all required licenses as well as effective anti-fraud and anti-money laundering filters will make it simpler for you to get your merchant account approved.

Finding a payment provider who is aware of the particular requirements of your industry and who will implement clever anti-fraud filters capable of telling your real customers from fraudsters is therefore crucial. Anti-fraud filters have the potential to develop into overly sensitive, which lowers the likelihood that payments will be accepted, lowers conversion rates, and irritates customers.

Prefer a payment processor to find the ideal balance between the two to avoid this.

What Should Merchants Consider When Choosing a Forex Payment Gateway?

Forex businesses must consider several factors before selecting a payment gateway solution, such as:

Instant Transfers: Forex traders must act quickly to seize opportunities and profit from currency fluctuations. Because of this, merchants must pick a payment gateway that handles customer transactions quickly.
Fees: Considering that price spreads and other trading fees are how forex brokers make money, maintaining a profitable business requires an affordable payment gateway.
Chargeback Protection: A payment gateway must be able to offer chargeback protection to merchants to shield them from disgruntled investors or dishonest actors because chargebacks are a significant challenge in forex trading.
Security: The strictest anti-fraud and anti-money laundering security requirements, including PCI compliance, must be followed. This ensures that the money and information of traders will be secure.
Multiple payment systems: A payment gateway must be able to provide a wide range of payment options due to the global nature of forex trading. Credit and debit cards must be among them, as well as additional payment options like digital wallets, various currencies, and others.
Multi-currency system: Expenses associated with currency conversion can deter traders from using brokerage platforms. Because of this, choosing a solution for a forex payment gateway that provides reasonable exchange rates is crucial. Even better, the service offers multi-currency accounts for merchants and their customers to reduce the cost of currency conversion.

Forex Merchant Account Application Requirements

To approve and set up forex merchant services for your brokerage, several documents are needed. After the processor receives them, approval will occur in one or two days.

Application
ID (issued by Government)
Utility Bill
Corporate Documents
Domain Registration Screenshot

Start your Forex Merchant Account Services With Radiant Pay

Applicants for payment processing solutions from companies looking to open a merchant account for forex brokers. A brief application must be filled out and a few supporting documents submitted to our company. To get started, get in touch with one of our experts on forex payment processing right away at Radiant Pay, a leading payment service provider in London, UK.

Have you yet to “like” us on Facebook? Join us on LinkedIn too!

Gaming Merchant Account, Online Gaming, Online Gaming

Online Gaming Merchant Account

May 27, 2022 admin

There is a spike in the number of customers playing online games and with the increase in the number of fans their spending also is going to increase, let alone in the US, over 164 million people do online gaming. Mobile gaming, social gaming, multiplayer video games, fantasy sports, online poker, racetracks, pari-mutuel wagering, and casinos are all eligible for accounts.

Payment processing is critical to maximizing profits, increasing customer satisfaction, and increasing the lifetime value of your online gaming customers. Most acquiring banks consider these as high-risk gaming businesses. It is critical to have a merchant account for online gaming because of the high-risk nature of the business. Radiant Pay is a leading provider of payment processing solutions for online gaming in London.

The online gaming industry typically has a high turnover rate. Gaming companies and their audiences are commonly offshore, for the same, offshore merchant account services in London, are provided by radiantpay. Multiple money laundering and fraud cases have already been documented. This immediately raises bank concerns. The vast majority of banks that are willing to extend their credit view this factor as a high-risk business. Online gaming merchants use payment processing services. Allow players to easily pay you. Send money to the winners right away.

Card payments and ACH are the two most common payment methods. Card processing merchant accounts are used to accept credit and debit card payments in online gaming. Having a gaming merchant account in London and Europe can help merchants handle transactions seamlessly. Payments are deducted from players’ bank accounts using ACH. It’s a smart business for online gaming merchants to encourage debit card payments over credit card payments

Credit Card Payments

Chargebacks, particularly for credit card transactions, can be a problem for online gaming merchants. A credit card transaction is much easier for a player to chargeback than a debit card transaction. When using a credit card, the player disputes the charge by calling the card’s issuing bank. Because they have a financial interest in the consumer continuing to use the credit card, card-issuing banks are more likely to side with credit card holders rather than merchants when a chargeback is initiated. Because there are no potential financial losses from debit card transactions, banks are less likely to side with consumers in disputes.

Debit Card Payments

A debit card transaction is much more difficult to chargeback than a credit card transaction. A large number of documents are required. The procedure takes time because the player must prove that a transaction was not authorized or that a service was not provided. Because banks face no financial risk when customers pay with their bank accounts, there is little incentive for them to refund money to the player’s debit card.

Payments to a virtual debit card are also an option. A virtual debit card is similar to a physical debit card, but it does not come with a physical card. Money deposited into a virtual debit card can be used to make online purchases, but not in stores.

ACH

ACH credits are a reliable way to receive payments. It is a low-cost and dependable way to fund players’ accounts. Players’ bank accounts are debited through ACH. ACH payments are always less expensive to process than credit card payments. The reason for this is that ACH transactions do not incur “interchange” fees, while card transactions do. As a result, ACH processing fees are 50-80% lower than card processing fees.

ACH debits can now be processed on the same day, which reduces processing time. From your back-office reporting portal, you can easily monitor the status of all transactions. Because direct deposit of wages and payments for household bills are tied to the account, switching banks is a major hassle. As a result, ACH payments are far more consistent than card payments.

You will make more money if you accept more payment methods. Accept all types of debit and credit cards to maximize profits. Add ACH payments for players who prefer to fund their accounts with a bank account debit rather than a credit card. radiantpay also offers specialized payment solutions, such as ACH, to help your online gaming business process large volumes of transactions efficiently.

Companies in the United States and Europe have used Radiant Pay’s gaming merchant account services. Here are some of the reasons why companies choose us.

Banking Network with a Wider Reach
PCI/DSS Level 1 Certified Gateway
Providing excellent service
Fraud-Prevention
Services for Chargeback Mitigation

Radiant Pay is a UK-based company and is an Online Gaming and Casino Merchant account provider. At Radiant Pay, we help our merchant partners accept payments from their customers using credit cards, debit cards, bank transfers, online direct debit, and real-time bank transfers. We also assist with ACH and check processing, high-risk processing, and offshore merchant accounts. Visit https://radiantpay.com/contact.html for more info!

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.