Tag Archives: Global Merchant Account Solutions

CREDIT CARD BENEFITS — #radiantpay leading payment gateway solution provider in UK

Considering credit cards it has been the most increased and convenient mode of payment in today’s world. If you have your own website or thinking to build a website and not yet had fixed the option for accepting debit and credit cards then you should, because you can’t think how much sales you will be losing not keeping this option as most of the customers pay online and think this is a secured mode of payment to pay for goods and services.

Why to do it?

In today’s world credit card has become the reliable and trust-able mode of payment to pay for goods and services. The development of technology has drafted changes in the minds of customers as well as the vendors, as discussed earlier by fixing the option of accepting debit and credit cards online you will not lose the current customers as well as the upcoming/future customers.

Just in terms of websites, debit and credit cards allow the vendor to take care of three type of customers.

1. The general customer: This is the average customer who wants to shop online goods and services from his desktop. After all, why to stand in a long queue in a retail or mortar store when there is option to pay online itself.

2. Impulse buyers: After stumbling on the website the visitor finally decided to buy the product which are in front of him/her. The plastic card seals the deal of the purchase he/she will make.

3. International customers: The internet has brought the world closer as well as your customers at doors, even if your customer is overseas. Initially differences in currency was the major issue in the past, but now why to wait for a check being cleared from your customer side when there is an option of paying it online on your website. This helps in not losing the customer just because he/she is residing in abroad.

Opening your business to debit and credit card payments

There are two ways of accepting plastic money on your website.

Using the merchant account: The merchant account helps you to accept payments from your customers via debit or credit card. Whether you create your own merchant account or enter into an agreement with a payment processor, who in turn operates merchant account, but you still need to have a business bank account. However, you need to have your merchant ID. Actually it will become the portal which will allow you to accept or decline your customer credit card payment. In essence it will become your virtual vendor terminal.

Using payment gateways: There are various independent companies who will accept credit and debit card payments from your customers on your behalf but take a percentage or charge a fees. They are also called third party merchants.

Which is the best method for you?

The methods of accepting credit card payments is entirely up to you, because both the methods has its own advantages and disadvantages. The cost of setting up a merchant account with a credit card processing is much higher. In fact, to use their services as an added incentive most of the third party merchants don’t have a setup fees at all.However, the transaction fees is much higher in third party merchant than merchant account.

If you are not sure how much money you will make on website, then the best method is to choose third-party merchant account. To just “test the water” third-party merchant accounts is the great way to go. However, this method involve the merchant also as it will be a time saver. The involvement of the merchant will be at the end of each transaction just receiving the payment. These merchants include PayPal, Digital Rivers and others.

High Risk Merchant Account, Merchant Account

Myths of Merchant Account Services

August 29, 2017 admin

In the past years, the boom of online marketing has led to many changes in style and rules of our lives. Life has become quite easy for everyone be it a student, a teacher,a doctor,a bank,a businessman or even a housewife. To purchase anything we are just a click away. Similarly , online purchase of products has simplified human life to a great extent. Sellers and buyers no more need a market to start with their communications. Everything is available online. Now if the seller is selling something online they need to accept the payments of the customer through credit cards which is credited on a payment gateway.

Merchant Account Services are the services provided by the sellers to their customers on their credit cards or debit cards. For availing these services, the merchant need to have a merchant account. A merchant account is a type of bank account that allows businesses to make payment through credit cards or debit cards. Merchant account allows the seller to offer their customers a fast, flexible and secure options while making payments. Merchant account holder can be a businessman, an enterprise, a community,restaurants,governments, non profit organisation, a retail store,property management,corporate and small businesses.

When a sale is made on the credit card the customer has as much time they would like to pay off their credit card. To take transactions online,you need what’s called a Payment Gateway. It serves the same purpose as a credit card terminal in a store. Merchant Account Service provide services which are sustainable, socially – responsible and enables businesses to accept credit cards with the companies.

To brief it,Merchant Account Services are handling of electronic payment transactions through credit cards. Merchant processing activities involve obtaining sales information from the merchant, receiving authorisation for the transaction,collecting funds from the bank which issued credit cards and sending payment to the merchant.

Merchant Account

Hasty Tips for Small High Risk Businesses

January 28, 2017 admin Leave a comment

Business is off two types high and low risk, different size small, medium and large business entity. Businesses have different types of goods and services to offer or sell. Some goods and services are falls under special category which are known as high risk businesses. Any goods and services in which your business is trading whether it is fitness supplements online dating services, tobacco, money laundering, etc. is known as high risk businesses. These businesses face many issues with merchant payment processing system, because of chargebacks and risks. Companies with processing revenue lower than $1.2 million annually will find certain issues securing a high risk payment processor because most providers are focused exclusively on larger businesses.

Demonstrate Substantial Capitalization

One of the best ways to secure a payment processing provider, even for a high risk merchant, is being well-capitalized. With sizeable capital resources, underwriters and banks are more willing to provide payment processing services. For a business, substantial available capital signals to payment processors that your operations will be funded and any issues regarding fulfillment or payment can be addressed in a timely manner.

High risk businesses without money in the bank are at a particular disadvantage when seeking merchant payment processing services. Even with nearly six figures in monthly revenue, many banks and underwriters will refuse the business of many high risk industries, such as online gaming, credit rehabilitation services, and nutritional supplement providers. Without capital in the bank, underwriters and banks will worry that any issue, like a product recall or data breach, will result in significant financial losses.

Business services

Unrevealing Myths of Banking Offshore

October 24, 2016 admin

When we heard of banking offshore many of us sounds that it is irrelevant and voidable of using such bank account. But the real situation is different only people with merchant banking and international businesses man known the real picture of banking offshore. What people think about banking offshore is not all true here are some myths about offshore Banking that will change your personal and professional overview.

Offshore Bank Account are Illegal? – No banking offshore is fully legal, but in some countries, you need to show the feasible offshore assets report to your home authorities. For eg, if you are Citizen of U.S and have a bank account in Canada you must declare that account. The place and country matter in holding an offshore account. The tax issue occurs because most countries taxed interest income in the country of residence, while this income is taxable in an offshore jurisdiction.

Regulation and Banking Restriction is Poor – since it not implies too many restrictions on Account Holders, given full freedom of confidentiality. Some small jurisdiction is subject to particular laws and regulation on behalf of FATF and other authorities. This may take your business in great loss.

Offshore Bank Account is Fully Anonyms – whenever you open an offshore bank account your Name and bank account detail are not anonymous to the bank. Only your bank knows each and every detail.

The fund is not safe in Offshore bank which has global visibility – It can explore your information and account detail to the parent bank in your home country. But a subsidiary offshore bank is a separate legal entity subject to the different law and jurisdiction. Keeping full confidentially of depositors and clients and not passing any information to the parent banks. In some countries, it is punishable to disclose the information by prison terms.

Fully Tax-Free – Not Fully tax-free, but give some tax benefits to the merchants. In most cases, it’s free of local taxation of the bank’s jurisdiction.

Physical Appearance is Compulsory for Opening Such Account – No Clients doest not have to appear physical in order to open an account. These banks have developed a procedure for opening remote and mobile bank account. Clients need to provide certain extra documents t provide proof of identity.

Needs Heavy Deposits – Not all banks require a heavy deposit, mainly it requires deposits starting with US$100,000 or equivalent. But a significant number of smaller banks are still interested in a regular middle-class customer and their initial deposit requirements may start with US$1,000 or less.

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Tag Archives: Global Merchant Account Solutions

Benefits of accepting credit cards on your website

Myths of Merchant Account Services

Hasty Tips for Small High Risk Businesses

Demonstrate Substantial Capitalization

Unrevealing Myths of Banking Offshore

Online Merchant Account Solutions