Archives for August 2018 | IBS Payment Solutions

Third Party Merchant Account Services

There are many different ways you can set up a merchant account, including through your bank or through an intermediary. Often these methods are complicated however and require that you prove your financial solvency. Thus, for many small businesses establishing a merchant account isn’t always easy.

Fortunately, that’s where third party processors come in. One example is Clickbank, a third party Merchant Account processor that provides a quick, easy and inexpensive setup for just about anyone. Some come with built in affiliate programs you can add to your website. One of the benefits of using a third party administrators is that any small business can usually sign up. There is a downside though… many pay less frequently, up to a month in between payments thus you may have to wait 30-45 days for funds to be settled. For many small businesses this leads to problems.

Disadvantages Third Party Merchant Account Processors

Third party administrators like intermediaries will also charge you a fee. There are various fee structures, including set monthly fees or per transaction fees. Third party processors usually charge fees higher than those that other merchant account providers charge direct customers. This sometimes limits your choices when it comes to a third party processor.

You may also find you have to send your customers to the third party processors website to make a purchase, which some worry will make their business look cheap or less professional. You will probably also have to use a pre fashioned order form with the third parties form rather than your own.

Do You Need Credit Card Processing Services?

Are your customers asking for credit card processing services? If so, you may want to consider adding this service to your company’s domain in order to provide appropriate payment methods that will bring back repeat business. Many companies today are going toward e-commerce industry, which means that if you want to avoid getting left behind, you should get ready to join the throng of professionals who are filing into the electronic age of doing business.

Although you may have depended on cash transactions up to now, you might find that is becoming more difficult to make correct change, accept checks that could bounce, and track delinquent payments, all while keeping track of each and every transaction? Some of these tasks works to hired help can be expensive, which is why you may be able to advantage from credit card processing services. If you organize business onsite at a primary ability, you can connect a Credit Card Processor and start taking credit card payments instantly, which are far less likely to bounce than personal checks.

But you will first have to open a merchant account before starting credit card processing services. Look for a long-lasting bank with a solid reputation, one who at present offers merchant accounts to dependable business owners like you. Then be ready to provide the mandatory documentation that confirms a stable credit history and a better business plan that depends on credit card processing services. Beginning with approval, It will come within a few days then you can start to purchase or rent credit card processing equipment and start accepting credit payments from your clients.

Credit Card Processing services can be established at your company’s Website. You do have a Website, don’t you? If not, that is the second important step into the 21st century that your company needs to take. Hire a Web designer or sketch a few ideas yourself. It need not be fancy or sophisticated, but rather a basic outline of your company’s services or products along with basic operating information. Then you will need to register a domain name for a small fee and then pay monthly rental fees to live your website in Internet. Hiring a designer or someone to maintain and update your site will cost a little more, although often you can find a high school or college student who can do this type of work at nominal cost. When your site is up and running and your merchant account is approved, you are ready to open the Website doors to current and new customers for business. They can look at their ease and pay by credit card without human assistance at every stage. You can do both make money and save money at the same time.

Accept BitCoins with High Risk Merchant Account

In order to flourish as an e-commerce merchant in this economy, it is mandatory to keep up with all the latest industry trends and consumer preferences.

A most recent and increasingly popular trend in the payments industry has been accepting Bitcoins as payments. Gone are the days when consumers only used cards & cash for purchasing items. Alternative Payment Solutions like Instant Bank Transfer, E-wallets, Mobile Wallets and Bitcoins are a hit, especially among the younger demography.

So what is a Bitcoin? Bitcoins are a virtual currency traded using a peer-to-peer system. This digital asset is non-regulated. Buyers and users of bitcoin are usually self-governed.

Because of its growing popularity as a mode of payment, several merchants have started accepting Bitcoins as payments. However, finding a bank or a processor to integrate bitcoin processing with your business can prove to be a difficult task.

A High-Risk Industry

Bitcoin Industry falls under the High-Risk category. Merchants accepting bitcoins are labeled as High Risk.

The fact that these digital currencies are non-regulated makes financial institutions extremely wary of processing them.

A common misconception regarding Bitcoins is that they are traded almost exclusively for criminal reasons. Another issue being merchants require a merchant account provider that can convert Bitcoins in real-time since there is always an issue of volatility.

Benefits of accepting Bitcoins

Apart from being a fast-growing payment method favored by the tech-savvy generation to buy products and services, accepting Bitcoins has several advantages to you as a merchant:

– Lower Transaction Cost: Bitcoin processing fees are lower than credit card transaction fees.

– No Chargeback Risks: This currency has an irreversible payment structure which means once the transaction is done, the payment cannot be reversed. No possibility of a chargeback. This is advantageous particularly to the high risk merchants.

– Minimal Security Risk: Unlike credit card processing wherein the customers’ card details are used, payment in bitcoin does not use personal information which lowers security risks & frauds significantly.

– Choice of Payouts: You have the choice to receive payouts in either bitcoins itself or any other currency of your choice.

High Risk Merchant Account for Bitcoin Payment Processing

Most merchant account providers do not understand the challenges and complexities of the Bitcoin industry and will provide merchant solutions that will not suit your payment processing requirements. This may affect your business in the long run and can eventually lead to account termination.

Here, it becomes essential to obtain a Merchant Account that will enhance and provide the right services required to process bitcoin payments smoothly.

Team up with a merchant account provider that specializes in High Risk Merchant Account solutions that will help you with smooth integration of bitcoin payment processor in your system. These processors will also provide you with a Secure Payment Gateway to accept other forms of payment.

How to Choose the Right Payment Gateway for your Online Business

Once your e-commerce website is up and running, the next most important decision is integrating a payment gateway to accept payments.

Payment Gateways are a staple for e-commerce businesses. A Secure Payment Gateway ensures customer loyalty and trustworthiness. They help streamline payments and improve your cash flow resulting in overall better cash management.

Imagine this! You are a customer shopping online. After moving all your required products to the shopping cart you proceed to pay but because of some glitch with the payment gateway, you are unable to make the necessary payment. You are bound to get frustrated after several attempts and abandon your cart.

Data shows ‘inconvenience during check-out’ as one of the most common reasons for cart abandonment. No matter how advanced and aesthetically appealing your website is, if your customers experience difficulty trying to pay for a product, you will lose sales. The right payment gateway will ensure low percentage of cart abandonment.

While there are multiple top-rated payment gateway providers, a secure payment gateway that suits your business requirements is what you should look for.

To make a well-informed decision, go through these few points while doing your research for the perfect payment gateway provider for your business:

Pricing – Payment gateways usually either charge a monthly processing or a per-transaction fee. Some may charge only one of the above or sometimes both. Choose a payment gateway that charges reasonably and prefer those with per-transaction fees rather than a monthly amount.

Some processors offer gateway integration with no initial set-up fees but they may also charge higher processing fees.

Study the pricing structures of potential payment gateway providers and choose the one suited most for your business.

Hosted vs. Integrated Payment Gateway – A hosted payment gateway will take your customer to the processor’s website to make the final payment, whereas with an integrated payment gateway the customer does not have to leave your website.

Hosted gateways tend to lengthen the process and in case of any glitch or error the customer may not want to go through it again. In contrast, an integrated gateway ensures a short and smooth process hence it is a preferred choice with businesses.

Secure Payment Gateway – Customers are wary of giving out their card details but a secure payment gateway ensures protection from data security risks and frauds. An important feature of a secure payment gateway is that it should be PCI-DSS compliant.

Also, ensure that your processor has Fraud Prevention Tools in place for security against any financial risk and frauds.

Mobile Payments – Mobile shopping is rampant in this day and age. A good payment processor should work seamlessly no matter the type of device used to make the payment.

Processing Volume – Some processors set an upper limit of monthly transaction processing. Your processing volume will not be a problem if you are a small business with limited monthly transactions. However, if your business processes a large number of transactions, be sure to notify the same to the payment gateway provider.

High Risk Payment Gateway – There are certain industries that are labeled as High risk by payment processors. Industries namely online gaming, Gambling, Online Pharmaceuticals, Credit Repair, Forex, Dating websites, etc. fall under this category.

If you operate one of the above businesses, you will find it difficult to obtain a payment gateway from a regular processor. In this case, look for processors who specialize in High Risk Payment Gateway.

International payment gateway – You may only be selling locally now but if you ever decide to expand your audience, you will need a different payment gateway that is able to process international payments. A local payment processor will work if your audience is local only. But going global will require an International Payment Gateway. This gateway may come with higher fees but also has additional features such as multi-currency support, multiple language interface, alternative payment options, etc.

Customer support – An efficient, 24*7 Customer Support ensures you are not left grappling for answers when the payment gateway experiences any technical glitches. A gateway should always have an account manager assigned who is present to answer your queries and resolve any issues swiftly.

Review the payment process – Go through each and every step of the payment process that a potential secure payment gateway will offer. Experience it as a customer and look for the different features and benefits that it can offer. Also, note down any inconvenience that may occur during the process. This will give you a fair idea of how efficient and effective the payment gateway will be once integrated with your website and will help in making a well-informed decision.

Do your own research as well as ask for recommendations. When you have finally narrowed down your list of potential payment gateway providers, weigh the pros and cons of each processor and make a final decision based on the payment gateway that will suit your business model the best.

High Risk Merchant Account for Credit Repair Business

Having bad credit is common in the current market. However, navigating this economy with a bad credit is not the most ideal option anymore. To improve their credit history and over-come financial difficulty, consumers then seek credit repair companies.

Credit Repair Industry is often referred to as a ‘Disputed’ industry. Most credit repair businesses accept payments through online transactions rather than in-person which lead to a high probability of theft and frauds. Also, by taking on the responsibility of cleaning a client’s bad credit history, the company itself is at risk of the client defaulting on payments again. Reasons such as these have caused financial institutions to label the industry as high-risk.

Looking for a Merchant Account Provider for your Credit Repair business?

Similar to various other businesses categorized under high-risks, a major reason banks decline to take on the risk that comes with any credit repair related business, are excessive chargebacks.

Hence despite of being an efficient billion-dollar industry, most financial institutions refuse to process payments for these companies.

As one of the fastest growing industries, the ability to accept credit cards has become an absolute requirement for this business. But obtaining a merchant account for processing credit cards is a difficult task.

If you are a credit repair merchant you will find banks and merchant account providers reluctant to accept your application for a merchant account. As mentioned, high chargebacks and high processing volumes prove to be a deterrent for traditional banks and institutions.

While some providers may outright deny you at first glance, others may put you through a lengthy and complicated process for weeks at times, with no guarantee of an approval.

High Risk Merchant Account Solutions for Credit Repair

With the industry being labeled as high-risk, High Risk Merchant Account providers are an ideal solution for credit repair businesses.

Of course you can always go with basic merchant account processors that are willing to take on your business. But you need to be careful in such cases since there is a chance they may offer limited solutions not entirely suited for your business or provide spotty service or straight-out decline your application after a tedious application process.

– Opting for high risk merchant account provider is beneficial because they evaluate and understand the associated risks and challenges that come with the high risk tag.

– Look for a reputable merchant account provider that has previously worked with businesses related to your industry. These providers will know your requirements and offer you the right solutions. They are also well-prepared for any challenges you may face.

– While applying for a merchant account, always be honest about the details of your business. It will prompt the merchant account provider to be upfront about any extra costs or other factors related to your business. You may get approved by being vague during the application process but there is a serious risk of your account getting terminated if the provider finds any discrepancies later on.

Although it is an uphill task, as long as you are a legitimate and responsible business, you will end up finding the right merchant account provider!

Reasons Why Your Business Is Denied A Merchant Account

Merchant Account is an absolute for businesses in this online-crazed world. But obtaining a Merchant Account, especially for a new merchant, can be an intimidating process.

Getting a merchant account is like being involved in a partnership with your merchant account provider. The merchant account provider assumes some level of financial risk and liability for providing payment services. Hence, the provider has to thoroughly evaluate and determine whether or not your business is fit for this partnership.

Make no mistake; providers never like to turn down an applicant, but the tedious application process is necessary to evaluate your business and hopefully minimize risk.

Below mentioned are a few reasons on why you might have failed to obtain a merchant account. And if you are merchant planning on applying for one soon, the following points could help in making the process simpler:

– Bad Credit History

The merchant’s personal credit history comes under scrutiny during the application process. A history of bad or unresolved debts, unpaid loans or failed business ventures can get you turned away.

If your credit history is what getting you into trouble, make sure to settle your previous dues or let your business partner with a positive credit rating sign on the application instead.

– Business Type

Traditional banks and some payment processors, by default, turn away businesses placed under the high-risk category. Due to their risky nature, merchant account providers refuse to accept these types of businesses.

Such merchants can then turn to merchant account providers specializing in high risk businesses. A quick internet search will land you a few hundred High Risk Merchant Account providers; International Bank Services (IBS), GS Pay, InstaBill, WorldPay to name some are top-rated in the industry.

– Mentioned in TMF/MATCH List

When your previous merchant account provider or bank terminates your account, they place you in the TMF/MATCH list. Basically, it means your business is black-listed. Your presence on the register indicates the other providers that you are a credit risk. High chargebacks, fraudulent activities, violation of company rules can get you quickly on this list.

Avoid committing the above mistakes and clear any outstanding dues with your previous merchant account provider before applying for an account elsewhere.

If you are already on the list, you can either wait for 5 years for your name to be taken off of the list or look for merchant account providers that are willing to process for TMF merchants.

– Lack of documents/Misinformation

A simple reason for being denied is not providing all the necessary documents required and/or giving misleading information about your business to the providers.

In order to properly evaluate the nature and legality of a business, providers ask for a host of documents that need to be submitted and failure to do so can only result in your application being cancelled.

Also, keep in mind that the business information provided by you is thoroughly evaluated by the processor to ensure that your business is right and legal. Your business location, business partners, your bank as well as any previous providers you might have had are contacted during this process.

Hence, understand the company’s procedures & policies and be completely honest about your business.

– Illegal/Fraudulent Business

The most obvious reason for your business to be denied a merchant account would be if the provider finds out your business is linked to a fraud activity or you are selling banned products & services. Avoid any illegal or fraudulent activity in order to get approved.

As tiresome as this process might be, be patient and do your homework before applying. The above points can serve as guidelines to make the process a bit easier and land you a merchant account provider that is a right match for your business.

How to get a Merchant Account for Online Pharmacy Business?

Online Pharmacy shops are getting increasingly popular due to their convenient nature. Consumers have an easy and 24*7 access to medications required without making a pit-stop at their local store. The process is as easy as shopping from an e-commerce site such as Amazon. Despite being considered as a rapidly growing industry, online pharmaceuticals are considered high-risk.

If you have just started your online pharmacy shop and are looking for a merchant account, you may instantly get turned down by traditional banks and payment processors. Obtaining a merchant account for an online pharmacy business can be a difficult and tricky process.

Reasons such as business legitimacy, confusion about prescription drugs, frauds and high chargeback risks are the major factors for why you are being denied a merchant account.

Merchant Account for Online Pharmacies

Have you recently opened up your pharmacy business and looking for a merchant account? Or are you an established merchant repeatedly denied by banks and payment processors?

To boost sales and offer secure credit card transactions, a Merchant Account is what you require. However, similar to other businesses considered risky, online pharmacy merchants will need to turn to a High risk merchant account provider for approval.

A Merchant Account provider that offers merchant account customized according to the requirements of an online pharmaceutical business is your best bet. They ensure secure credit card transactions and proper management of your complete account.

IBS Pharmacy Merchant Account

With the varied options online, Online Pharmaceuticals should be extra cautious while obtaining a merchant account. You should be able to able to extract the right kind of features and advantages from a reputable merchant account provider for your business.

Having trouble finding one? International Bank Services (IBS) is here for you!

Whether you are an Online Pharmacy, offer Health & Wellness products or Nutraceuticals, IBS provides a Pharmacy Merchant Account that meets the demands and requirements of your online business, just as long as your business is legal and legitimate.

With several years of experience, strong global banking relationships and an approval ratio of over 95% in High-risk Merchant Account, IBS is a trusted name in the market.

Our experts understand the requirements of your business and then offer tailor-made merchant account solutions for maximum account efficiency. We also offer a secure payment gateway for safe payment processing with multiple features including multi-currency transaction option.

With an easy payment integration, chargeback prevention measures and secure payment transactions, merchants need not worry about managing their account.

A fast and smooth application process, no initial set-up fees and industry competitive costs; start processing credit card payments with IBS today!

How to get a Merchant Account for Tech Support Business?

Undoubtedly, technical support is one of the fastest growing industries today. Tech support companies provide assistance and solve queries of users via e-mail or live chat. This industry includes call centers, telemarketing, remote computer repairs, etc.

Tech support companies have its own set of challenges, one of them being finding a reputable merchant account provider. Why? Tech support industry features in the high-risk category; the reason being high number of chargebacks.

However, Merchant account is an absolute necessity, no matter the type of business you operate. Boosting sales, secure online payments, multi-currency option are just some of the few advantages that a merchant account could offer.

Are you a tech support merchant and want to accept credit card transactions?

More often than not, traditional banks and financial institutions turn away tech support merchants due to their high vulnerability to risks and frauds. You may insist your business being completely legitimate yet these institutions will refuse to be hassled with setting up a risky account and losing money. And nobody wants to lose money!

Low monthly processing volume can also be a cause of rejection. Certain merchant account providers may be reluctant to put in the time and effort unless your business has a high-volume processing history.

Now, you may also find a seedy merchant account provider willing to take on your business but they may end up instead taking advantage of you if you are not too careful.

Lost hope yet? I have some good news for you! Turn to a High risk merchant account provider.

Merchant Account for Tech Support

Setting up a merchant account for tech support is a challenging task. Here are a few points to keep in mind while obtaining a merchant account:

– First and foremost, be ready with your paperwork that proves your business is legal and legitimate.

– Years of business operation and experience with your industry make a positive case for you since it gives the merchant account provider confidence that you know how to reduce frauds and can identify and handle potential risks.

– A positive credit rating is also required, meaning no bad or outstanding debts, bankruptcy, delayed payments, etc. A good credit report always helps in establishing your credibility and giving a positive impression to the merchant account provider.

– Most importantly, do not leave details of your past financial difficulties or experience with merchant account providers. Being honest about such details will only help you find a merchant account that will best suit your requirements.

– Lastly, find out about the merchant account providers’ rates, transaction fees and other costs. A must-ask list of questions about their services and features may come in handy here.

Instabill, WorldPay, International Bank Services (IBS), Authorize.net are some of the top-rated high risk merchant account providers that offer comprehensive merchant account services for tech support businesses.

Obtaining a merchant account for tech support may seem difficult but it is certainly not impossible!

12 Questions to ask a Potential Merchant Account Provider

A quick search of ‘Merchant Account’ will land you among a few hundreds of merchant account providers offering somewhat similar services with slightly different features. GSPay, WorldPay, IBS, Vantiv, etc. are some of the top merchant account providers in the market.

With such a wide variety of options available, choosing the right merchant account provider that also happens to be compatible with your business can be a confusing process.

Do not fear! With the right information and resources, you will be able to make the right decision.

Get on with your research and cut down your list to 2-3 potential merchant account providers that (somewhat) match your requirements. Now that you have a prospective list in hand, set-up an appointment and get familiar with the services each of them offer.

Here, listed down below are a few essential questions you need to ask your merchant account provider that will hopefully help you consolidate your decision.

Don’t sign on the dotted line until you have answers to the following questions:

Will I be able to process credit card transactions online as well as offline?
If yes, what are the different procedures for each and if there are additional fees involved?
In addition to Visa and MasterCard, what other major credit cards can I accept? Also, can I accept Debit cards, online checks, and foreign currencies?
If yes, what are the fees involved & what is the procedure for setting them up?
What are the fees for each of the following: submitting an application, account set-up, yearly maintenance, discount rate, per transaction, monthly statement, customer support, payment gateway access and chargebacks?
Are any of these fees subject to change?
Are there any extra costs I should know about?
What is the length of the contract and how much is the early termination fee?
Is the payment processing gateway compatible with the some major E-Commerce software systems and shopping carts?
Is your payment gateway PCI-DSS Compliant? What fraud prevention measures do you provide?
Do you offer 24/7 Customer Support Service?

And finally,

Why should I avail your services?

Be patient and do your research, you may just be able to land an excellent deal for your business!