Why you should use Multiple Payment Gateways for your business?

Businesses operate on profit. And in order to drive revenue, every business needs to grow. Adapting to the changing business environment and offering innovative solutions in the key to achieving both growth and continuous profit generation.

To survive in this competitive market, businesses need to push boundaries and expand. Expansion does not only include geographically but also through the services they offer.

One area of business operations in particular that is of utmost importance for a merchant is – Payments. Merchants have always struggled to find a payment solution that fits just right for their business. Just as customer demands and expectations keep changing, methods of accepting payments keep evolving too. And to capitalize on the change, merchants need to be aware and adapt accordingly.

Flexibility in payment methods leads to customer satisfaction. Imagine a buyer abandoning their shopping cart because they of the tedious payment process or simply because they couldn’t find their preferred method of payment. According to studies, the average shopping cart abandonment rate is 69.57%. And one of the most common reasons for it has been the lack of preferred payment options that customers want.

Having Multiple Payment Gateways can prove to be a good option. With various payment gateways to choose from, customers are happy. But before you go ahead with it, consider if your customers do really need the payment options other than the ones you already offer.

Apply for a Secure Payment Gateway

Better Customer Experience

Customer retention is important for any business. And one of the vital parts of providing better user experience is in the way payments are processed and accepted. Declining payments and a lengthy process can turn off customers easily. With multiple payment gateways, customers have variety to choose from which keeps them happy.

Works as a Back-up

There is always a possibility of your payment gateway suddenly crashing and your business coming to a standstill. And a merchant should always be prepared for such scenario. With one gateway down, you have a back-up ready that can continue to provide seamless, uninterrupted service to your customers.

Global Expansion

If you are looking to expand your business, especially abroad, you might find the need to integrate multiple payment gateways. The right international payment gateway solution might do the trick, but it may not always be the convenient option since they sometimes come with limitations with regards to the services they offer for that particular country. Each payment solution varies from place to place, so you can get multiple payment gateways that will cater efficiently for the particular region.

Increased conversion rate

Providing multiple gateways builds credibility and customer trust. Different payment gateways offer different features and options, selecting the best one that suits you which in turn will increase your conversion rate.

How To Choose The Right CBD Merchant Account Provider?

Major shift towards plastic money in recent years means businesses cannot afford to continue accepting payments in cash only. Variety should not just be limited to services and products offered by a business but also payment options.

In order to accept credit cards, you need a merchant account. Now obtaining a merchant account is fairly simple unless your business comes under the high risk category. And if you are a merchant selling CBD, you are almost guaranteed an outright refusal from a regular bank or processor even though you operate in a lucrative industry worth millions which is only expected grow further and predicted to reach 1,182.65 million by the end of 2024 at 31.26% CAGR.

Not all hope is lost because there are several reputed merchant account providers who are willing to take on your CBD business. But how do you choose the right one for you? Here are a few tips to follow while looking for a CBD Merchant Account:

Payment Options –

While credit card processing is an obvious choice, it is not the only choice of payment. There are several payment options that you can opt for when looking for a CBD Merchant account.

You also need to consider what suits your business the best. If you are a CBD store planning to expand into the e-commerce space in the future, you need to look for online payment processing solutions. So before settling on one, make sure they offer all the possible options you might need so you don’t have to waste time looking for another one in case your current provider isn’t enough.

But if you only need a POS Terminal to accept payments, you don’t want to end up paying for extra services you don’t even need.

Apply for a CBD Merchant Account

Additional features –

Chargeback protection tools, fraud prevention measures, PCI DSS compliance, 3D secure payment gateway, etc are some of the important features that a CBD merchant account provider should be able to provide. You will need a provider who will be willing to offer features that are customized to suit your business requirements.

Charges –

When you approach a processor for a CBD merchant account, they will shoo you away or charge unreasonable rates. Most merchants in a desperate attempt are then forced to pay higher processing fees.

Now bear in mind that you will be charged higher than other non-risky businesses. However, it also becomes important to negotiate in such cases. Different processors offer different pricing plans based on the kind of business you are and the type of payments you receive. Compare the prices of several other processors, understand the rate structure and only then settle for the one who offers the best services at a fair price.

Specialized Processor with stable bank partners –

Since CBD merchants deal with legal matters on the regular, a processor who is experienced and understands the industry will prove to be a helpful partner in the long run. They will also be lenient and are more prone to accepting your merchant account application.

Customer Support –

Effective and reliable customer support is important regardless of the type of business you operate. But it becomes all the more important in case of CBD business who deal in large processing volumes regularly. In case of any emergency, good customer support will provide solution on time.

Obtaining a CBD merchant account might be a task but keep in mind these tips and you might actually end up finding one that will only assist you in growing your business further.

Adult Merchant Accounts: Everything You Should Know

What Are Adult Merchant Accounts?

Adult Merchant Accounts are considered to be in the high risk category. Merchant accounts for most businesses are invariably different from the one required for the adult business.

Every business has its own characteristics, especially with relation to the risk profile it presents. As such, every individual business needs to have a unique merchant account to facilitate receiving online payments through credit cards and checks. The risk-proneness of adult service business tends to keep bulk of the merchant account providers (such as banks and credit card processors) away from adult service businesses.

Apply for a Adult Merchant Account

Payment Methods of Adult Businesses

Normally, there are two types of payment methods available in any adult businesses. These are:

* Monthly/periodical membership fees.

* One-off fees.

Both the types have their advantages and disadvantages. While the monthly membership fees ensure a guaranteed decent income every month, the one-off types help in building a sound client-base comprising of loyal customers, thus bringing quality and popularity to the business. The adult service providers, therefore, tend to allow both the versions in order to maximize their revenue.

Making the Adult Business More Profitable

At the initial stages, adoption of both types of payment methods may cause a little hiccup. Yet, subsequently and in the long run, it will prove useful for increasing one’s profitability. It is, however, essential that a strict vigil should always be maintained on the quality aspect. Once the business breaks even, the adult service provider can seek to expand through advertising on the Internet as well as in other media. This will also be the appropriate time to plan creating a merchant account to facilitate payments through Credit Card Processing.

As mentioned before, not a lot merchant account suppliers come forward to lend a helping hand to adult service providers. The few that may be inclined a little are likely to charge astronomically with their rates ranging up to 20%.

Paying the account provider 20% of its profit will cause the adult service provider make a number of compromises with respect to his price, quality and also, the bottom line. Since he is not likely to compromise on his quality and charge a higher price that is bound to make him lose many of his customers, the only option open to him is to cut down on his profit. However, no plan is likely to bring the desired results unless he finds a method to conveniently receive his payments online.

The Best Option for the Adult Business and Adult Merchant Accounts

Under these circumstances, the adult service provider should carry out a thorough research on the web to find an agency that can cater to his needs. There are a number of international/offshore agencies that can provide Adult Merchant Account with considerably fewer charges – ranging between 4 to 5%.

Since Internet is the order of the day, these agencies do not really bother as to where the business is located. The payments are quick and their system is meticulously streamlined. Moreover, they are known to provide merchant accounts to the adult services industry with an open mind and without any fanfare. Moreover, the adult service providers too find them most convenient to deal with.

With hordes of facilities and options, these agencies are the best bets for any adult service player. Some of the features offered by them are:

* Facilities for both one-off transactions as well as periodic billing.

* Variable billing/rebilling frequencies.

* An option to make use of Total Collect, an exclusive technology that assures to protect up to 10% more subscribers in a year.

* Employment of latest fraud prevention tools/software.