Merchant Account | IBS Payment Solutions

Open a Merchant Account for Bad Credit

Each merchant account provider follows different criteria while approving a merchant account. But if you go through the basic requisites needed to fulfill in order to get approved for a merchant account, having a positive credit rating is one of them.

Merchant account providers are wary of accepting businesses with low or poor credit ratings due to risks of high chargeback threats and frauds.

Checking Credit History

Major Banks and merchant account providers are required to do a background check once you apply for an account. Background checks entail reviewing personal credit history or business credit history or sometimes, both.

A personal bad credit can usually be approved under certain conditions. If you are a limited company or corporation, your business credit history will be reviewed, not your personal credit.

If your credit rating history does not meet the provider’s eligibility requirements, obtaining a merchant account will be difficult. In some cases, you may be offered a limited merchant account.

A credit check entails reviewing debt history, whether the past debts are paid or not. The credit history of the business, the owner as well as the business partners will be checked.

Fees – Higher the risk, higher the cost

With the risk associated to merchants with poor ratings, fees can be a concern for merchants. Merchant account providers charge a higher processing fee to bad credit merchants.

Fees can also be based on the industry your business operates under. Bad credit merchants are categorized under the high-risk industry due to obvious reasons. A high-risk business merchant will have an even difficult time getting approved. The costs will also be significantly higher for such merchants.

However, you can negotiate and adjust the fees with positive and long-term processing relationship with your merchant account provider.

Merchants also need to be careful and discuss any hidden or extra fees that may be charged by the merchant account provider. Make sure to ask around and exhaust your options before accepting a high processing rate.

Bad Credit Merchant Account

Are you having difficulty obtaining a merchant account because of poor credit ratings or previous bankruptcy? Do not worry! There are several reputable merchant account providers willing to take on your business.

Many bad credit merchants are concerned about compromising and receiving limited payment processing services from providers. However, you need not worry about getting limited facilities as there are merchant account providers offering a variety of payment options and services. Bad Credit Merchant Account solutions offered are on par with standard merchant accounts and sometimes, even better.

Choose a fitting bad credit merchant account for your business and serve your customer better!

How to get a High Volume Merchant Account

Business thrives on sales. The sole purpose of operating a business is to make a profit.

There are merchants who start with a limited number of sales and grow over time whereas, other businesses sell large ticket items, to begin with. While processing a high amount of transactions is a dream for any merchant, obtaining a merchant account to process can be an obstacle. It is, especially, difficult for high-ticket product merchants to secure a merchant account simply due to their business type and being categorized under the high-risk industry.

Merchant account providers usually set a limit to the number of transactions that can be processed monthly. Once it hits the monthly limit, a merchant cannot process further sales. The merchant has to essentially stop taking in sale orders until the following month.

With the current competitive market businesses also need to ensure growth in sales in order to survive. Business cannot afford to miss out on valuable customers. No merchant wants to hit stagnancy.

Chargeback Risks

When obtaining a merchant account, merchant account providers set an average upper limit on transactions for a business. Setting a processing limit is a necessity for merchant account providers. Reason being, a limited processing volume protects processors against an increase in chargebacks.

Friendly frauds are frequent in the industry. Unusually large amount of transactions raises the probability of high chargeback ratios, fraudulent sales, scammers and other fraud activities. The risks associated with these businesses are what make it difficult to get a standard merchant account for high volume merchants.

What is a High Volume Merchant Account?

High Volume Merchant Account is a merchant account wherein a merchant can process high-ticket items or a large number of transactions on a monthly basis.

If a merchant consistently crosses the upper limit set by the processor, there is a threat to their funds being put on hold. A merchant account that specializes in high volume transaction processing proves to be the perfect fit for such merchants. Features offered by high volume merchant account are similar to a basic merchant account.

High volume merchant accounts are beneficial for merchants planning on expanding their business. Merchants need not worry about rejecting sales after surpassing a certain amount with the maximum processing volume being available to you.

Involvement of large-ticket items, being considered vulnerable to frauds and chargeback risks, high volume merchant account are provided with an extra level of security than a regular merchant account.

Obtain a High Volume Merchant Account

Getting approved for a high volume merchant account requires your business to be proven legitimate with a low or no chargeback history.

Also, it is extremely necessary for a merchant to discuss the business processing volume with a potential merchant account provider before taking a decision.

Sometimes, a merchant may apply for high volume merchant account but will be granted an account with a certain processing limit. In such cases with longevity, trust and low chargeback ratios, a merchant should build a positive transaction history with its processor and negotiate the limit over time. The longer you process, more the chances of increasing the limit. A high volume merchant can request increasing the processing caps in typically 3 months.

Turn to high volume merchant account specialists such as IBS and get multi-feature benefits and top-notch services customized to meet your business demands.

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.

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!

How to Choose Between a Merchant Account and PayPal for Your Business?

When opening an online business you have two main choices for accepting debit and credit cards available. The first is either a Merchant Account or a PayPal account. Choosing the best one for your online business will depend on a few factors, one of which is the number of transactions you will have, how customized you want to make the checkout process and the budget that you are working with.

Here are a few differences to a Merchant Account vs. PayPal:

When a customer makes a purchase through your website and you have set up a PayPal account then they will be redirected to PayPal to complete the process. They simply enter in their card information and PayPal then uses their own merchant account to process the payment. One set back to this method is the fact you do not have total control over the checkout experience. PayPal also charges a percentage for each transaction instead of a monthly fee. While it is true that more people that choose to shop online are accustomed to use PayPal, extra steps required during the shopping checkout can lead to purchased being left behind. PayPal is also unable to calculate specific shipping and depending on your business type this can become an issue. Should PayPal suspect any fraud they will lock your account while you work to resolve the issue and you will not have access to your funds.

When setting up a merchant account this is done at either a bank or another type of financial institution and a payment processing company is used as well. There are financial institutions that provide both merchant account and credit card processor as well like IBS. The payment processor works like PayPal in that they take customers credit card information through your payment gateway on your website. Once the processing has been completed then the funds are added into your bank account. This process takes typically two business days. In a merchant account vs. PayPal you get your money faster. With PayPal you have to wait for the funds to be added to your PayPal and then transfer those funds to your bank account which can take as long as a week. It is true that a normal merchant account will charge a monthly fee, however, it is more flexible and PayPal is unable to match it. Merchant accounts also offer a way to set up your shipping options the way that you want.

A merchant account will also give you peace of mind by giving you a secured payment gateway and customer’s data is protected because their information never leaves your website. PayPal on the other hand has policies that are different in regards to customer’s privacy. PayPal is open in stating that they share customer information with eBay, their parent company, and third-party market research companies.

PayPal is the most common payment solution for small businesses that are looking for a faster way to accept credit cards and a merchant account is ideal for those that want and need a more flexible solution and options for their business. These are the options that are available to you with a merchant account vs. PayPal.

There are several merchant account providers that offer comprehensive merchant account services and secure payment gateway system like InstaBill, International Bank Services (IBS), WorldPay, Sage Pay, etc. Choose the right one for you and let your business flourish!

How to accept payments for your Online Gaming Business?

In the land of booming e-commerce business, credit card processors and merchant account provider options are endless. However, if your business happens to be categorized as high-risk by banks and financial institutions for any one of the numerous reasons, these same options dwindle down to half and you start feeling lost.

Businesses like Online Gaming, Online Pharmacies, Health and Wellness Products, Call Centers, Dating websites, Forex, Nutraceuticals, Travel, Adult Websites, etc. are considered high-risk due to their business background, high possibility of chargebacks, refunds or frauds.

All of the above businesses face difficulties in setting up an ordinary merchant account in order to accept payments. For such merchants, a High-risk Merchant Account is considered to be the best option. There are various merchant account providers offering High-risk merchant account services. Instabill, International Bank Services (IBS), Chase, SagePay, WorldPay, etc. are some of the best high-risk merchant account providers in the market.

Online Gaming Business

Online gaming is one of the fastest growing businesses with the largest online traffic and ever-increasing revenue in the e-commerce space. And it is predicted to grow even further. Online gaming business includes Online gaming or gambling, poker, casinos, sports books and social gaming.

In spite of being, inarguably, quite a profitable business, banks and traditional institutions shy away from offering their merchant account services with major reasons being high chargeback ratios and possible legal issues.

Gaming Merchant Account

Do you run an online gaming website? Looking for the best way to accept world-wide payments online without much hassle? Surely you must have faced numerous rejections by now. Fear not! Do not think you cannot secure a merchant account just because of your high-risk tag. Look for payment service providers who specialize in high-risk businesses. You can also choose among those who provide business-specific services, in your case, a Gaming Merchant Account, like IBS.

Merchant account providers who provide specialized gaming merchant account services along with a payment gateway are your best bet. They help legal online gaming merchants to accept credit card payments safely and efficiently.

Gaming merchant account providers understand the nature, challenges, demands and requirements of an online gaming business. IBS, for example, provides expertise and educates merchants to take necessary measures with fraud protection by detecting potential chargeback threats.

These service providers have years of strong banking relationships all around the world and therefore help you obtain gaming merchant account with quick approvals and no initial set-up fees.

Customized solutions that cater to your business size and type are one of the most beneficial features of a gaming merchant account.

Some major benefits of a gaming merchant account include:

Real-time processing of payments
Multiple currency payments and settlement option
Accept all major credit cards
Fraud prevention tools with secure payment gateway

Make sure to check whether your business is compatible with the gaming merchant account of your choice and start accepting secure online payments from players across the globe with Gaming Merchant Account.

International Bank Services (IBS) with several years of expert merchant account solutions is an industry leader providing comprehensive and customized gaming merchant account and gaming payment gateway services. Come and enquire with us for further assistance!