June, 2018 | IBS Payment Solutions

Key Points To Consider Before Choosing A Credit Card Processor For Your Business

Consumer convenience and comfort are top priority for any business. You don’t want to turn down sales simply because you do not accept card payment.

Whether you are an existing business or opening a new venture, your foremost step should be to take into account your customers’ payment preferences and requirements.

With the popularity of new payment technologies such as mobile payments among consumers, especially young shoppers, businesses need to adopt and offer multiple payment options to survive in the market.

While having a cash-only approach can be sufficient for a small business, missing out on major sales due to lack of it can hurt the business in a long term. In fact, several studies reveal a major boost in sales when businesses switch from cash-only to accepting credit cards. Credit card processing is gradually replacing traditional payment options.

Integrating credit card processor to your small business can be complicating. Choosing the right credit card processing company for your business can be even more confusing. Here are a few key points you should keep in mind while choosing a suitable Credit Card Processor:

– Review Fees & Costs

Different types of fees & costs are associated with credit card processing. The fees charged depend on the merchant account provider you choose.

Transaction fees are charged with every transaction you process. These include interchange fees paid to the card issuing bank by the credit card processor. The interchange rates depend on the type of card accepted, type of transaction i.e. card-present or card-not-present, type of merchant, and size of a transaction.

Check out their recurring fees like monthly statement fees, minimum fees, and payment gateway fees if the processor provides gateway services.

Application fees, set-up fees, early termination fees, chargeback fees to cover any risks, PCI compliance fees are some of the one-off costs charged by the credit card processor.

There are several other charges related to credit card processing. Understand, review and compare the fees & costs charged by each processor. With IBS, we provide you with a simple monthly processing statement with no hidden or additional fees that ensures transparency.

– Best-suited Payment Methods

It is extremely vital that your credit card processor accepts all major credit and debit cards there are. After all, you do not want to lose out on those sales.
As mentioned earlier, if your business targets a young demographic, you should consider payment processors that accept mobile payments too, like IBS.

Depending on the type of business you operate, choose a payment method suitable for your business needs. Online Invoicing, Digital Wallets or Mobile Payments, EVM Terminals for brick-and-mortar stores, Payment Gateways for e-commerce merchants, Virtual Terminal Payment Gateway (MOTO), Point-of-Sale (POS) Terminals, API Solutions are some of the payment technologies available.

– Quality Customer Support Service

If your credit card processor stops working suddenly, an efficient customer support should be able to provide quick, on-the-spot solution.

Reach out and talk to potential credit card processors’ customer care executives to get a feel of how problems are handled and customers are treated.

Look out for a credit card processor that offer 24X7 Customer support system that you could call and talk to, instead of just an automated virtual assistance.

– Security

To protect the sensitive information of your consumers, PCI-DSS (Payment Card Industry Data Security Standard) has a set of standards & guidelines that make it essential for a credit card processor to record, document and secure over-all merchant transactions.

When a customer swipes their card, they are essentially transferring sensitive information. A PCI-DSS Compliant gateway like IBS, ensures safe and secure transaction.

– Research, Review & Compare

With a sea of credit card processors offering credit card processing solutions in the market, the task of selecting the right one that suits your business demands and requirements can be quite tedious. Some major companies that provide credit card processing solutions include WorldPay, First Data, International Bank Services (IBS) and banks like Chase, Barclays, etc.

Analyze and compare services and costs offered by credit card processors in the industry before settling down on one.

Now that you are on the hunt to find the perfect credit card processor for your business, reach out to International Bank Services (IBS) and learn more about our end-to-end credit card processing solutions offering a transparent price model and quality customer service.

How to accept International Payments for your Online Store?

Rapid emergence of online shopping has led to cross-border transactions. With that, arose the need to accept payments globally for a quick and effortless costumer experience.

Consumer survey reveals nearly a quarter of online shoppers worldwide make purchases from outside of their home country.

While it is quite easy for global e-commerce giants to dominate the international market, small businesses often struggle.

If you happen to be one of those small businesses trying to wiggle into the global trade space be it either because of local market saturation or simply to test new markets, set a foot in the right direction by accepting international payments.

That’s right! Local businesses too can get in on the worldwide e-commerce trend with international payment gateway and other payment technologies available.

What is an International Payment Gateway?

An international payment gateway is a typical payment gateway that validates your card transactions. Only in this case, with an international payment gateway, you can process currencies of various countries which enable you to accept worldwide payments.

Before choosing an ideal international payment gateway,

– Understand the difference between a payment gateway and a full service payment gateway provider. Payment gateway simply authorizes your card transactions initiated either online or at a physical store, like PayPal.

Whereas, Payment service providers offer a combination of both merchant account services along with payment gateways. They approve the transaction process as well as manage merchant accounts.

The better alternative would be a full service payment processor because of how easy and quick they are to set-up while also helping manage your merchant account.

– Does my existing payment gateway offer global payment option?

If your business already processes credit cards, be sure to enquire with your current payment gateway provider on whether they accept multi-currency payments, if not, switch to an international payment gateway provider like IBS. A payment gateway with a multi-language user interface adds to customer convenience and comfort.

– Is your payment gateway compatible with local credit cards?

Make sure your payment gateway accepts credit cards beyond the popular ones like VISA, MasterCard, Amex, etc.

– Costs

Get strictly familiar with the provider’s rate structure. Some payment providers charge extra for accepting international payments or even payments from specific countries. For example, a global payment gateway provider IBS guides you on handling fluctuating currency exchange rates and charges low currency conversion fee and no foreign transaction fee.

– Authorization & Settlement

Some payment gateways require you to obtain a merchant account in a specific country. Now, having to maintain multiple bank accounts in multiple countries can be a tedious and sometimes, a never-ending task. Get in contact with a domestic international payment gateway provider like IBS, to authorize and settle cross-border card transactions in your local currency. This will simplify your operations and also lead to higher card approvals. Most importantly, you can avoid any foreign transaction fees.

International Bank Services (IBS) is a payment service provider offering comprehensive online payment solutions.

In a sea of competitors, the one way to stand out is by gaining customer confidence and providing convenience on their terms. Do not give a reason to your customers to abandon their shopping cart right when they reach the check-out point.

By offering shoppers their local currency payment option with their preferred payment method, you create a pleasant shopping experience; the payoff being customer trust and loyalty.

Leave all the technical know-how to us and trust our team of experts to show you the ropes and manage your payments with our full-featured secure international payment gateway solutions.

Call today and partner with us for customized payment processing solutions!

How Do I Get Instant Approval On High Risk Merchant Account?

Businesses are inherently risky. One cannot run a profitable business without some kind of risk involved.

Getting approved for a merchant account is a tedious process, especially if your business happens to fall under the high risk category.

Banks are wary of approving high risk businesses because of the risk involved. Even if the process is simpler, there are some strict guidelines and policies that you need to adhere to. Unsurprising, given that the bank is taking a substantiate risk. It is their responsibility to minimize risk which is beneficial for you as well as them.

High Risk Merchant Account –

There are also instances when you have been rejected over and over again for a merchant account. Wondering what other options you have? Call high risk specialists like IBS! Merchant Account providers who specialize in high risk merchant accounts understand the difficulties faced by such merchants. They guide you through the application process and get you approved without much hassle.

Now, as a merchant you need to take certain measures before settling for a merchant account provider.

Do your research.
Make sure that the provider offers services that are compatible with your business
Be aware of those asking for an application fee. No fees are charged until the actual transaction process begins.

IBS does not charge any sort of fees until your high risk merchant account is up and running to process transactions.

-You will find thousands of providers ready to take on your business with claims of getting you ‘instantly’ approved within a day or even a few hours. Be careful when dealing with such.

Being an experienced industry player, IBS can assure you instant approval can only mean a minimum of 2-3 days. And yes, it is possible to get approved within that timeframe.

Accelerate your High risk merchant account approval process –

Getting approved within a day is simply unrealistic. Merchant accounts take time to get approved, especially a high risk merchant account at that. Sometimes, you can get approved within a week or the process can very well get dragged into next week. Still, here are a few tips you can follow to accelerate this process to get an easy and instant approval.

Honesty is the best policy – Be honest about your business from the get go. Provide a complete disclosure to your provider. Be completely honest about the kind of services & products you offer. While a high credit score is preferable, it is okay to have an imperfect credit history. You may be tempted to leave out a few minor details but the underwriter can instantly catch such discrepancies and cancel your application. Give detailed, transparent and clear records of your business and be ready to answer any questions that the underwriter may have. This makes your business trustworthy and has a positive influence during the final decision.
Keep your KYC documents at-hand – Be sure to gather all your financial documents and submit them together for the underwriting process at the earliest. While you can also submit them in batches, sending them at once can expedite the process and make you look organized.
Valid Company Information – Be very clear about the type of service you provide and your place of operation. Make sure your personal as well as company details including addresses and customer service contact numbers are valid and correct. These details should match your application information as well as wherever you have advertised your business; be it online or print.
Try to minimize your risk factors such as charge backs – Charge backs is one of the reasons why your business maybe termed as high risk. High charge backs are a threat to high risk merchant accounts. They possess a risk to the provider as well as the account holder. Try to minimize them as much as possible for a better chance at approval.

Partner with IBS for High Risk Merchant Account Approval

International Bank Services (IBS) specializes in High Risk Merchant Account solutions for risky ventures. We have an approval ratio of over 95% in merchant placements. With several years of strong banking relationship with several acquiring banks all over the globe, we provide secure and reliable payment processing solutions for all-risk businesses. Give us a call to talk to our representative about your business and we’ll employ our best resources to get your transactions online.

Hurry up and enquire today for further assistance!