How to Ensure Your Merchant Account Application is Approved

How to Ensure Your Merchant Account Application is Approved

feature

Don't want the hassle of opening a third-party merchant account? Try Shopify Payments.

Getting a merchant account should be easy. After all, they're going to make money every time you process a transaction. They should be happy to have your business, right? If only that was the case.

The payments business is highly competitive, and processors obviously want your business - but they still need to do their due diligence before approving your application. In this article we're going to tell you exactly how to ensure your merchant account application is approved, and what to do if you're declined. 

Since the payment industry and the jargon used is fairly complicated, we're also going to define some commonly used terms, like merchant account, payment gateway, and payment processor. If you already know the basics, feel free to skip the definitions. 

What is a Merchant Account?

A merchant account is a special kind of bank account that exists for the purpose of holding funds captured from credit and debit card sales. If you’ve ever used your card and actually wondered where the funds just disappeared to, they went into a merchant account. From there they are transferred out to a normal business bank account, normally on a daily or weekly basis. 

If you want to accept credit card payments online, you need either a merchant account provider (Example: Merchant-Accounts.ca) that issues merchant accounts to businesses. Or, you can use the services of an aggregator (Example: PayPal) a company that processes transactions through their own merchant account on behalf of other companies. 

It's also worth noting that a Merchant Account is a legal agreement between you and the provider. You'll be given terms and conditions and an contract to sign. Here are some things to look out for before signing a Merchant Account Agreement.   

What is a Payment Gateway?

When processing a credit card transaction, information needs to be sent somewhere to see if the cardholder has sufficient funds to pay for the sale. In a traditional brick and mortar transaction it’s actually the POS (point of sale) machine which takes the cardholder data, formats it and sends it to Visa or MasterCard to see if the customer has sufficient funds. 
In an ecommerce transaction the service takes place online via a payment gateway. The payment gateway receives transaction requests (that are sent online by software like Shopify) and then connects to Visa or MasterCard, and ultimately down the line to the customers card issuing bank to see if they have sufficient funds. If they have enough cash, the transaction is authorized and the funds are transferred from the cardholder into the merchant account. Often, a merchant account and payment gateway are set up in one process through the same company.

What is a Payment Processor? 

When discussing payments, the phrase “payment processor” tends to be used arbitrarily and mostly incorrectly. It's most often used by business owners interchangeably in reference to the merchant account provider, the gateway, or both (especially because the merchant account and gateway are often provided together). In technical terms, this is an incorrect usage of the term. However, it’s used this way so commonly and freely that there is in fact a street/layperson definition and a technical industry definition which is quite different.  
In industry terms, the payment processor is the services that a payment gateway sends transaction requests to. The payment processor then handles the transaction request and sends the authorization and settlement files from Visa and MasterCard and distributes them across the network to the various payment gateways and merchant account providers. The payment processor also handles other aspects of the transaction such as the handling of chargeback requests and settlement. In short: Payment processor is a generalized term to refer to a company that processes Visa and MasterCard payments.

What is the Difference Between a Payment Gateway and Processor? 

As we can see above, the terms are used interchangeably, and for a layperson most often mean the same thing. Example: a processor is a company that facilitates the processing of payments on behalf of a merchant. 

Why do I Need to Apply to get a Merchant Account?

Broken down to it’s most basic core, the reason you must apply and be approved in order to get a merchant account is because they have the potential to lose money every time they process a credit card transaction on behalf of your business. 

Visa and MasterCard have a very clear policy that is enforced when a cardholder pays for a good or a service: 

The cardholder is entitled to receive the promised good or service. If such good or service is not delivered then the cardholder is entitled to getting their money back. 

This is one of the basic consumer protection principles that apply to credit card transactions. 

In order to mitigate this risk the credit card processor has a screening / application process. Note that most processors charge an application fee, and only some will refund the application fee in case of a decline. If you're concerned about being declined, ask if your setup fee is refundable. It’s not an unreasonable request and if your chosen processor won’t agree you can find another that will.

Watch Out for Unrealistic Promises  


When you speak to your prospective processor ask what type of documentation will be required and how long it will take to get approval. There should be concrete answers to this question. In particular, if they are making blanket promises or statements that seem unbelievable like “we approve any type of account”, (especially if you know your product or service is higher risk), you should be highly skeptical.  
This is also a point at which you should make sure you get a copy of your merchant agreement before signing the contract. If it’s seeming entirely too rosy, with no explanation of the process and little mention of supporting paperwork then consider yourself fairly warned: you may not receive what was promised.

 

How to Get Approved for a Merchant Account

1. Gather Your Financial Statements

Financial statements are the single best tool you can bring to the table in order to leverage the best terms of approval possible. 

From time to time I work with clients that do not want to provide financial statements. It’s usually because they are a mid-sized company that is privately owned and they value that privacy. Company financials are sensitive business information. However, from a payment processing perspective this is a significant mistake. More than anything else, most underwriters will want to see financial stability demonstrated so that they know the company will continue successfully operating well into the future. 

On the flip side of this coin I work with startups that don’t have solid a financial history. Being a startup is tough and being in that situation (especially if you have a risky product) makes it hard to get approval. The underwriter knows that if a pile of chargebacks come in the merchant may have difficulty returning the funds to the cardholders. Merchants in a startup position would give anything to have a strong balance sheet because it would make a huge difference in their approval. If a business has worked hard to earn success, it's a poor decision not to leverage this successful history to get the best possible terms of approval. Use your financial statements or be prepared to put up a security reserve. You will want to provide the most recent balance sheet, profit and loss statement, and any notes from the accountant. 

A note on startups:  if you have not yet completed a year end don't fret. If trading volumes are smaller, then approval should be relatively easy to achieve (less money trading through the account means less potential risk). If you operate a startup business that is likely to do strong trading volume out of the gate you will have to leverage the other tips found below to achieve approval. It may also be helpful to work with a processor or agent that specializes in consulting with startups to help through the approval process. Some processors are more startup friendly than others.

2. Consider Your Processing History

Having a strong processing history is another extremely important tool to leverage your application. The more money you trade, and the fewer chargebacks, the stronger case you build. The logic is simple: if you've processed credit cards previously and been successful then why would that change? It wouldn’t. Always supply at least 3 months processing statements whenever available. 6 months is going the extra distance. If you trade high volumes or have a high risk product or service dig up an entire years worth of statements. It may be a bit of extra work but it will be well worth the effort if it reduces or eliminates the need for a security reserve. 

Processing statements should always show the following broken down by month:

  • Number of transactions
  • Total transaction volume
  • Number of refunds
  • Total refund volume
  • Number of chargebacks
  • Total chargeback volume

A Secret Weapon to Ensure Approval

There is no magic phrase or secret handshake that will get you through the door of any processor. However, the most obvious strategy is also the one that is most often overlooked: Explain what you're doing in plain English with an old fashioned cover letter.

Write the cover letter almost as if you were applying for a job, except it’s being written on behalf of a company. Your goal is to address the hot button points that the underwriter will consider when reviewing your application. It’s certainly true that the underwriter’s job is to protect the processor’s best interests. They will not approve applications fraught with chargeback risk. However, for the most part they want to help businesses succeed. 

Some processors are more lenient than others in this department. For example, some processor encourage underwriters to reach out to merchants by phone to discuss any concerns, where other processors do not. You may not ever get the chance to speak to the underwriter and make your case, so your cover letter should work to proactively address any concerns that may come up as they review the file. For this reason, the cover letter is perhaps the ultimate weapon in your arsenal.

6 Tips on Writing a Merchant Account Cover Letter 

Writing a good cover letter is a question of balance. First, seek guidance in this department from your sales representative. This is important because each bank or payment processor has a different risk appetite for different industries. They may have valuable insight or advice. 

Also remember that underwriters are people, and can be swayed and reassured like anyone else. Get your best foot forward. If you have a high risk or complicated service it’s critical that you prepare a brief, carefully worded, and extremely clear cover letter that hammers home your points. Attempt to address any concerns that might come up, and answer any questions before they even have the chance to be raised. If you do this these questions can’t foster doubts and will never grow into concerns. It’s the classic “head it off at the pass” approach. 

For suggestions, here are common criteria that should always be addressed on the cover letter.

1. Consider the Product Risk Specific to your Industry.


 

Guns and ammunition. Enriched uranium. Ivory tusks from endangered elephants. If you are selling any of the above your cover letter had better be written with magic ink. On the plus side some processors would refund your setup fee after being declined, which you could then put towards bail after you were arrested! In reality these would be on the prohibited list which is maintained by Visa and MasterCard. You simply won’t get approval for some type of products. Let’s focus on the sale of products and services that won’t get you arrested. 

The highest risk accounts usually require a specialist processor. In the high risk category, discount rates are extremely high and security reserves are large. It’s best to summarize that in this sector you will need to find a specialist processor. Two examples of high risk accounts in the eyes of obtaining a merchant account are: 

  • Pornography / Adult material 
  • Online gambling 

A step down the risk ladder takes us to businesses that are traditionally considered high risk, but approval is most often achievable with the proper effort. These businesses should leverage every one of the tips in this article to get approval.  

Some examples of moderate risk businesses:

  • Travel packages, airfare, and accommodations
  • Telephone services (especially long distance telephone and calling cards)
  • Multi level marketing
  • Group buying websites
  • Penny auction websites
  • Discount memberships
  • Gym memberships

Another rung down the risk ladder takes us to low risk applications that where you will find most B2B and B2C products and services. I would think that most Shopify ecommerce store owners would fit into the low risk category.   

Talk to your sales agent at your prospective payment processor and ask if the type of product or service you provide is usually supported. Knowing what to expect ahead of time will give you a heads up in case you really need to give your cover letter polish. 

2. Highlight What is Good

Sing your praises and don’t be shy to provide relevant information that is factual. Remember to stick to the facts though, and don’t get carried away. You wouldn’t want to tell the underwriter that you have an IQ of 160, can cook a pretty mean omelet, and can bench press 300 pounds. You have a short window of opportunity. Keep it brief because if it’s long winded the underwriter may not read the whole thing, and if it’s too fanciful it will lose credibility. Stay on target by talking about the directors, principals or people involved in the project that lend credibility. For example, if you were selling a book that you’ve written and your editor also works on books by Stephen King it would be very relevant. Industry relevance or insight that you have earned, gained or acquired should be highlighted.

If you know your product is affiliated with a higher risk industry then you should ask yourself if there is anything that separates your business from the crowd.  Do you have proactive policies towards monitoring fraud? Do you offer a groundbreaking product that makes yours superior to that of your competitors? If there is anything of note put it in, while staying factual and concise.

3. How to Address High Trading Volumes

Trading volumes directly impact the potential risk to the processor because more money is moving through the account. If you are going to be trading strong volumes you should highlight to the underwriter that you have a strong processing history. If you are a startup and don’t have a strong processing history then tell the underwriter what is unique about your business that will cause strong volumes to happen out of the gate. You should be validating the application by providing logical reasons why your business is going to perform the way that it is, and make sure that you demonstrate an ability to keep up with orders to smoothly operate the business. 

4. How to Address Long Fulfillment Duration Timelines

There is something in the industry called “fulfillment duration” which refers to the amount of time that passes between when a payment is collected and when the product or service is delivered. For example, if you sold baseball mitts online the fulfillment duration would likely be about a week because if you ship the glove immediately the customer would receive the product within a week. If you sell vacation packages the fulfillment duration would be much longer (about 60-90 days) because most people book their vacation 2 to 3 months ahead of time.  What you want to keep in mind is that the more time that passes between the date of the sale, and the date the order is complete, the higher the risk score goes. 


Subscriptions are always impacted directly by fulfillment duration. Anytime you buy something with a future expiry date (like subscription access to a website) the risk score tends to be higher. You would ideally build your business in a way that controls or limits the risk from fulfillment duration. In some cases you will have no control over this point because external factors will dictate how this must operate.  

This leads to a very important consideration: In some cases you may find that your business is higher risk and a decline is a very real possibility (especially if it’s a young business without financials). If you find yourself in this situation it’s sometimes best to tweak your business model to reduce the fulfillment duration or subscription timeframe because it will cause the risk score to go down. Addressing this in the cover letter can make a significant difference. It could be the difference between a flat decline and the underwriter reaching out to you to open a discussion about approval.

5. Are you Open to a Security Reserve?

Some people think it’s crazy to tell the underwriter that you are willing to put up a security reserve. This is flawed logic because it’s not like the underwriter isn’t going to go down that road anyways if the risk score is getting too high. It’s best to be as proactive as possible. 
  

When in doubt say: “I realize that our industry may historically be considered a bit higher risk. We realize this and are sincerely interested in working with you. If security is required we are willing to look at this if necessary.” It conveys a sense of seriousness about the application. You aren’t going to waste anyone’s time and will work with the processor to find mutually agreeable terms of approval.

6. Dealing with Bad Credit

If you’ve had problems with chargebacks previously, or have bad credit you should be forthright about it. It conveys to the underwriter that you are an honest person and demonstrates that you are willing to step up to the plate and address any issues that may otherwise be a cause for concern for the underwriter.

What if My Merchant Account is Declined?

What should you do if you’ve done everything you can and you have still been declined? First of all, remember that some processors are more lenient and willing to listen than others. Declines can be overturned. If you’ve received a decline you should consider responding back with something like:

“Thank you for taking the time to look at our application. I have some knowledge of how merchant industry risk works and why our application may not be able to be supported. For the sake of being thorough I’d like to reiterate that we are sincerely interested in using your service and this is a serious project for us. If there is anything we can provide, including cash collateral or security we are happy to do explore this. We are committed to this business and are willing to provide significant security or anything else that may be required in order to achieve approval. If there is anything that we might be able to provide to help achieve approval please let me know, we do want to work with your organization.”

Obviously, the above is a rough template and should be edited to be specific to your situation. What you are trying to do is convey a sense that you want to work with them. I’ve found that the more overtly willing a merchant is to come to the table and have a candid discussion around security, the less security ends up being needed. I expect this is because it demonstrates to the underwriter that you are serious about your business and are willing to “put your money where your mouth is”, so to speak.

I’ve Tried Everything But Was Still Declined!

Keep in mind that different banks and processors have different appetites for risk. For example, travel is historically considered a higher risk industry but some processors specialize in travel accounts and can provide them relatively easily. It might be the case that the processor you selected just wasn’t the right fit for your business. 

Another example: Right now, group deal (Groupon type) websites are very popular, but there aren't many banks that will underwrite these accounts. You may have to pound the pavement and research to find the right processor. It also sometimes helps if you can work with an Agent that represents a few banks, because they may be able to save you some effort and know which processor will have an appetite for your type of business. 

What Happens if all Else Fails? 

In almost every situation “declined” really means “declined right now, but talk to me later once you have more history.”

Some processors specialize in very high risk accounts. I encourage cautiousness when using this type of processor. Thoroughly do your due diligence before going down this road. High risk processors, which are often located offshore, will charge significantly higher fees than low risk processors. In some situations you may not have an alternative though. If you do use a high risk processor try to make sure you are not locked into a contract. After 6 months to a year of successful processing history you may be able to re-submit a stronger application into some of the processors that declined you previously. 

I realize it’s a catch 22 that you can’t get a processing history if you can’t get approved. Some businesses have to start with a high risk processor, with a long term goal of building a solid processing history and moving to a lower risk processor. 

A last note regarding this strategy:  Be fanatical about preventing chargebacks if you are going to go this route. You want to make sure your processing history is sterling when you try to revisit that application a year later. 

Conclusion

Your merchant account sales representative is the best tool you have access to ahead of submitting your application. Ask questions about approval and listen to the responses. If it’s all roses be skeptical. Be honest with your expectations and if you have concerns highlight them upfront. The processor you are working with should want to help you get approval, which should ultimately lead to a mutually beneficial long term partnership. 

This article was written by David Goodale  who is the CEO at MerchantAccounts.ca. David has over 10 years of industry expertise in the international and multi-currency ecommerce payments sector.

54 comments

  • Jason
    Jason
    September 25 2012, 01:58PM

    Wow, that was great. I especially appreciate the ddefinitions.. i honestly didn’t know the definition of “gateway” and “processor” until now.

  • Rachel M
    Rachel M
    September 25 2012, 02:28PM

    Super valuable. But this isn’t a blog. It’s a novel.

  • chrissy
    chrissy
    September 26 2012, 06:03PM

    so if you are just starting your online business and have had 0 transactions because you are just launching….how do you get approved?

  • Ralph
    Ralph
    September 27 2012, 08:12PM

    I am a new online business owner i am just starting my business afresh and i need to know how i can get approved too

  • Jacqueline
    Jacqueline
    September 30 2012, 03:11AM

    I’m using Paypal.com , I have a merchant account with them. To take other forms of CC payment, I’m going to be using Stripe.com, which is pretty new, but is very easy to set up, and is included with Shopify. ;)For Stripe you have to use a checking account to collect the money. Paypal allows a savings account however. I’m not sure what the transaction fees are for Stripe yet, but I heard they were 2.9%+.30 cents. Which I think is totally worth the hassle free set-up, not sure on that info yet, and it probably goes by what kind of account you make with them.

  • Jason simms
    Jason simms
    October 04 2012, 02:24AM

    This post is quite informative and provides every information regarding eCommerce merchant account.

  • Charley
    Charley
    October 11 2012, 07:25AM

    Is a merchant account required to use shopify.com?

  • salecia
    salecia
    October 24 2012, 08:25AM

    I really want to start online business but i think i need assistance on these as i know nothing about running the online business and i want to start right away please help.

  • sachin shrimal
    sachin shrimal
    December 02 2012, 10:50PM

    i need an international payment gateway for my new tech suppport businees

  • High Risk Payment Processors
    High Risk Payment Processors
    December 28 2012, 02:09AM

    I just came onto your post and found it quite interesting. I am also associated with High Risk and Off Shore Merchant Accounts, Payment Gateway Services and enjoy to read the stuff on the same as it’s rarely found on Payment Gateway.

  • CONTEST PAYMENTS http://www.contestpayments.com/
    CONTEST PAYMENTS http://www.contestpayments.com/
    December 28 2012, 04:14AM

    Indeed a nice post and I really like reading High Risk and Off Shore Merchant Accounts, Payment Gateway Services related stuff on the web. You have beautifully explained the importance and updated news on the Payment Gateway Services. Keep up the nice posting as I have subscribed to your blog.

  •  Diana Jenner
    Diana Jenner
    January 02 2013, 04:25PM

    http://blog.sekurecardservices.com/ Has been super help as well. I would recommend them to anyone!

  • Arnel
    Arnel
    February 06 2013, 03:13PM

    Are there downsides to just using PayPal alone? Why would I need a merchant account when PayPal does exactly the same thing. Most of all, PayPal does not need to do the lengthy process of getting an account approved.

    Would you suggest using just PayPal?

    -Arnel
    Integgris.com

  • litebrite
    litebrite
    February 06 2013, 05:15PM

    Arnel, paypal has horrible customer service.

  • Venkat
    Venkat
    February 08 2013, 06:38AM

    Excellently written. Keep up the good work.

  • JSnow
    JSnow
    February 16 2013, 12:26PM

    This was an extremely informative article. When looking for merchant services it is imperative to know the ins and outs of credit card processing. Also, as you look for a processing company, make sure they have a high approval rating, offer immediate set up along with excellent customer service and low or no startup costs. A company that has been in business for many years is a good indicator that they have been conducting business in a reputable manner. Finding a reliable company that meets these qualifications may not always be an easy task. North American Bancard has a fast and easy approval process and will help you set up your merchant account and all that that entails.

  • charles Dean
    charles Dean
    February 28 2013, 04:54AM

    Merchant account is very helpful for us, Using the merchant account we can increase our income due to customer does need to have case to pay and protect our self for money loss from bad check.
    -——————————
    offshore merchant account

  • Colleen Lambert
    Colleen Lambert
    March 21 2013, 04:52PM

    Great article. I just wanted to speak to the part where you caution against seeking out a high risk merchant account to handle your credit card processing. I have managed a collection agency for years and as a result have had a very hard time getting merchant account approval because we are always considered high risk. However, there are reputable companies that do handle my type of business without having to go off shore. I use Seattle based company, Zeno Tools and they have been great to work with- no shadiness and great customer support. Just wanted to add a bit of hope for high risk merchants like myself. http://www.zenotools.com/

  • Richard Berry
    Richard Berry
    March 29 2013, 11:47PM

    Merchant account have an importance in our life in business purpose. If you running a business then you need an merchant account to protect your business and make it easy.

  • Samuel Ortiz
    Samuel Ortiz
    March 31 2013, 10:10AM

    http://get-a-merchant-account.com/
    Get a merchant account with lower rates plus cash back every month.
    We’ll match any competitive rate offer.
    Terminal , POS , Online & Wireless Solutions.
    Free equipment programs & cancellation fee reimbursement.

  • Merchant Account Store
    Merchant Account Store
    April 01 2013, 09:45PM

    Lots of good info here. I mean lots..I felt like I was reading forever. That’s good though. We offer a lowest rate guarantee and 25% cash back each month from your merchant account.

  • Owen Sechrist
    Owen Sechrist
    April 16 2013, 06:55PM

    Nice article, can’t believe someone above criticized the length…. heaven forbid someone give out thorough and comprehensive information!

  • pallavi
    pallavi
    April 28 2013, 03:43AM

    wow, it was a very crisp article. I a a start up from india into gift registry model wherein the gift from the guests is in the form of cash(payment being debit/credit cards) to the registry creator.I wll still need a merchant account but since this is cash holdng and trasnfer, would you know of any laws in India that i need to acquiant myself with?

  • National Transaction Corporation
    National Transaction Corporation
    May 09 2013, 02:15PM

    What a GREAT article! We here at NTC can help those in the travel industry as we do specialize in that field. We can approve your start up business to your “high risk” business. If you need some help in setting up a merchant account or just need answers, please contact us (888) 996-2273 to speak to a live representative now! Also, please check out our website www.NationalTransaction.com

  • Rajeev Vishwakarma
    Rajeev Vishwakarma
    May 21 2013, 07:52PM

    hii

    i need payment gateway with high risk

    can call 008800415562

  • gaurav
    gaurav
    June 06 2013, 09:53AM

    Dear Friends,
    We are a leading payment processing Service Provider, offer “PAYMENT GATEWAY” For TECH SUPPORT PROCESS.
    Nature of business we entertainment
    High Volume,
    Telemarketing
    Adults,
    Travel
    Pharmaceutical,
    Travel
    Online technical Support
    MLM
    More…

    To facilitate those centers in Tech support process we would be eager to provide the “PAYMENT GATE WAY SERVICE”. We (Unicorn Pay) are the Direct e-commerce merchant .
    The Features Of this GATEWAY are as follows:-
    1. Payment through MASTER/VISA/MAESTRO/AMEX/DISCOVER
    7. All currencies are acceptable.
    8. Charge back management system.
    8. No Setup fee.
    9. No hidden Policy.
    10. Quick & painless Approval (24hrs-48hrs)
    To qualify to get our sub merchant ship; centers have to fulfill some criteria.
    Interested Centre is advised apply online on : http://www.unicornpay.com

  • sandeep mahato
    sandeep mahato
    June 17 2013, 06:26AM

    payment gateway

  • Global Merchant
    Global Merchant
    June 30 2013, 02:47PM

    This is a great article. Complete A to Z about Merchant Account.

    My account request for my new business (tech support) has been declined twice because I have Fair credit history.

    I got good things and will prepare my application once again.

  • ajay sharma
    ajay sharma
    July 13 2013, 11:53PM

    It a awesome article i really appricate it.

    thanks david.

  • Chris
    Chris
    July 16 2013, 02:46PM

    Selling guns and ammo within the US won’t get you arrested if you have the proper license. Come on David do your research! Tired of these pansy ass merchants!

  • lisa
    lisa
    July 30 2013, 03:23PM

    cool information! blog

  • Rita
    Rita
    August 23 2013, 08:45PM

    This was helpful. I like most have been DENIED by so many places, collections is a risky business but how do I get approved? I am new, no payment history and limited time in my office, but I need a merchant to get going. I have AMAZING credit and substantial capital to back me. HELP :(

  • Jasleen
    Jasleen
    September 13 2013, 10:01AM

    What if in case the customer is overrefunded . Can i claim the the over refunded amount.

  • Ron
    Ron
    October 10 2013, 03:44AM

    PayMyId is a clearing House Network. Also if anyone is looking to work with a robust software Merchant Merchant Company as a experienced Sales Rep, Feel free to email me at ron@paymyid.com

    To review the employment opportunity, feel free to visit the website at www.paymyid.com/5.0/rewards_program.php?user_id=7lceLbWq527xog

    Then click the top link “Merchant Exchange Floor”

  • Angela
    Angela
    October 17 2013, 01:52PM

    I need a merchant account and payment gateway for my set up in INDIA for pharma process in usa. I need help as to how can i get payment gateway / terminal to charge cards. and what all documentation will be required for it anyone can help please

  • Julia
    Julia
    November 30 2013, 03:02PM

    How can someone have processing history if they haven’t processed anything yet? Catch-22…

    I need a processor to handle purchasing software licenses online (a license is emailed right after receiving the payment). I guess it’s rather low risk.

  • Truls
    Truls
    December 06 2013, 03:51AM

    What evr you DO NOT GET PIVOTAL. they are crocks They keep taking out way more then the contract state and very very difficult to cancel even after the contract is over. The worstc ons on the planet

  • Patrick
    Patrick
    February 18 2014, 04:35AM

    Establishing a merchant account* and executing a merchant processing agreement are the first steps to get you started with credit card processing. Before you open a merchant account, it’s important to know which account is right for you, and how the right payment processing solutions can help you manage and grow your business. A merchant services account is a specialized account that enables your business to accept credit cards, debit cards, gift cards and other types of electronic payment. Opening a merchant account with us brings the added benefits of working with one of the leading merchant services providers in the United States. there are many merchant account providers who can help you to create an account but you should always trust the one who has got a good reputation. Get more tips at : http://www.thedailyfinancenews.com/opening-a-merchant-account-for-your-online-business/

  • Christophe Wan
    Christophe Wan
    April 12 2014, 02:44PM

    serious business should always consider real payment processors. agree with Vincent etransact is definitely the best choice to go with, our guys use them in canada.

  • Jerry Everett
    Jerry Everett
    April 25 2014, 12:31PM

    Superb and simple explaination. One this missing though, what is an “acquirer” and where do they fit in?

  • High risk credit card processing services
    High risk credit card processing services
    May 13 2014, 02:41AM

    Fantastic blog!in my opinion site owners should acquire a great deal out of this blog its very user welcoming.I will absolutely valuate your effort.

  • Mark A.
    Mark A.
    May 23 2014, 11:37AM

    When we were looking for a merchant account we found a site that basically shops around for u. Instead of calling multiple diff companies, this site shopped for us based on our specific needs and essentially had a few top companies competing for my business. I ended up getting a rate below 1% and the customer service is good as well. Their site is

    www.mynewmerchantaccount.com

  • Intermegatrade
    Intermegatrade
    May 31 2014, 09:43PM

    I can get anyone written starting at about 1.58% free terminal

    I also do POS Systems $69 a month no money down nothing due at signing. Include Touch screen cash drawer receipt printer and more. FULL Hardware replacement warranty Tech upport by phone/online remote and onsite, Onsite installarion and training, Register Tape, FREE Software and upgrades much more.

    Email me intermegatrade2000@gmail.com

    I can even get you approved if you are in the TNF or Match File.

  • Jeniffer Spark
    Jeniffer Spark
    June 07 2014, 12:01PM

    I was in this battle field looking for something for my small business and all providers just seem to through charges upon charges upon charges, until I came across ‘acceptcards.co.uk’ they saved my life. Very customer oriented, free,friendly advice around the clock and an easy, non-pushy application process. Such a lifesaver! :)

  • MyNewMerchantAccount
    MyNewMerchantAccount
    June 10 2014, 07:45PM

    Are you paying too much in monthly processing fees? Let us find you a better option!! Start saving money TODAY! Is your business considered High Risk? We work with the best providers out there including High Risk credit card processors

    www.mynewmerchantaccount.com

  • okttfhhoks
    okttfhhoks
    July 14 2014, 11:11AM

    lquqptipqjgz, lyvxhcvmbr

  • Merchant Application 101
    Merchant Application 101
    September 05 2014, 05:50AM

    Whether you are a start up company or an established small/medium-sized business, I will get your merchant and processing application approved within 24 hours or less. 0.5% rate, no monthly statement fees, no set up or application fees, NO CONTRACT, no hidden fees, no annual fees, excellent customer service, free equipment/swiper. If you are not happy after your first 30 days, feel free to cancel with no termination fees at all, that is a guarantee. We currently offer a Sign Up Today Bonus of $xxx.00 which will be credited to your account as soon as your first credit card transaction or a few batch. Free yourself from high fees and contracts. Email me for free consultation- merchantapplication101@gmail.com

  • Paul 123
    Paul 123
    October 01 2014, 06:25PM

    Wow… i learn a lot here mostly in having a Merchant Account
    and learn about protecting your Merchant Account from fraud on this blog:

    http://www.bancardsales.com/blog

  • how i got my loan
    how i got my loan
    October 04 2014, 09:12AM

    I’m Mrs Janices by name. I live in UK but currently in USA for business, i want to use this medium to alert all loan seekers to be very careful because there are scammers everywhere who are from Nigeria and pretend to be loan companies .Few months ago I was financially strained, and due to my desperation I was scammed by several online lenders. I had almost lost hope until a friend of mine referred me to a very reliable lender called Rev.John based in USA who lend me an unsecured loan of $185,000 under a day without any stress. If you are in need of any kind of loan just contact him now via: Paradisefinancialsolution@outlook.com I‘m using this medium to alert all loan seekers because of the hell I passed through in the hands of those fraudulent lenders. And I don’t wish even my enemy to pass through such hell that I passed through in the hands of those fraudulent online lenders,i will also want you to help me pass this information to others who are also in need of a loan once you have also receive your loan from Rev.John, i pray that God should give him long life his email. Paradisefinancialsolution@outlook.com .Thanks

    email. Paradisefinancialsolution@outlook.com

  • Dianne
    Dianne
    November 01 2014, 07:55PM

    You write “Guns and ammunition. [… In reality these would be on the prohibited list which is maintained by Visa and MasterCard. You simply won’t get approval for some type of products.”
    As an online merchant who accepts payment via both Visa and MasterCard for ammunition, I have to call B.S. to the inclusion of these in your prohibited list group. There are processors who accept purchases from the firearms industry and ammunition can be sold online using BOTH Visa and MasterCard. This is done every day. So “In reality”, your statement here is complete bullshit.

  • larry ben
    larry ben
    November 24 2014, 12:07AM

    If u need a reliable and genuine loan help,and don’t want to be a
    victim of scam,I think this is for you.All posts of loan lenders
    giving loans on-line especially on sites were loan offer are post the
    posters are all SCAMS..The referrals there as well are bunch of
    scammers.Don’t contact them for your own good.This is a story of how I
    was ripped off my hard earned cash by some idiots on-line that calls
    themselves lenders from Nigeria So i went to report at the
    authorities. It was there i meant Mrs Jolene Hover and she referred me
    to Mr Anthony Pasco of Reliable finance Company in INDIA and he is 73
    Years old man and that was how I finally got my financial freedom from a God
    sent loan officer within 36 hours at just 3% as interest.All thanks to
    Mr Anthony You are the one who remove me and my family out of
    poverty. The reason why i am doing this is that, i promise Mr Anthony
    that if i truly get my loan, i will advertize his company and bring
    customers to his company. Contact him now at
    (globastandardfinance@gmail.com) for the Loan you have been looking
    for.

  • naveen kumar bairwa
    naveen kumar bairwa
    November 27 2014, 06:23AM

    Please someone can tell and guide me how to open merchant account and start online business.

  • Van
    Van
    December 05 2014, 09:41PM

    Whatever you do don’t use paypal merchant account with a virutal termainal. I got screwed big time as a start up business owner. Your account can be frozen anytime and you will not be able to send or receive funds or refund customers. I got my account frozen for no good reason, provided all documents and appealed all concerns but to no avail. They sent me a email saying because my account was considered high risk they decided to close my account refund my money to customers. Read all the horror stories about paypal and you will find they are cheaters.

  • JasonSimms
    JasonSimms
    December 09 2014, 03:48PM

    It is true that in this age of an extreme corporate competition, no business can expect to grow without having merchant accounts in place. It is easy to understand that if you are not providing your customers with customized credit card processing facilities along with multiple payment modes, they will always prefer to move to some other merchant who’s got all this.

    In fact, I personally think an online business should get fully functional only after getting approved for a merchant account with a reputed provider. It’s like you don’t deserve to be on the market unless fully equipped!

Leave a comment ...

Start your free 14-day trial of Shopify