Merchant Stronghold Provide Debt Collection Merchant Account in USA

OFFSHORE DEBT COLLECTION MERCHANT ACCOUNT SERVICE

Merchant Stronghold works with a number of processors and gateway providers with sponsor financial institution relationships that offer both domestic and offshore debt collection merchant accounts. we are able to offer credit card processing for debt collection companies under the following two options:

Debt collection is High-Risk 

Fact is, debt collection enterprise is at extraordinarily high Risk, due to the enterprise’s traditionally high chargeback rate. The purpose for this is fold: (1) the inherent nature of the business is that humans are paying cash they’d like an alternative now not be paying. some of the ones people will always initiate a chargeback, and (2) a few debt collection corporations who didn’t recognize the way to manage chargebacks, or who weren’t operating with a informed high-risk processor and payment gateway that would assist them manage and avoid chargebacks, have given the complete industry a bad reputation. no matter all this, however, thankfully, there are nevertheless a few true alternatives.

Necessary Document for US Debt Collection Merchant Account:

• US-based- company representative.
• US-based- Company Entity
• US bank account
• Business operations can be global

Benefits of Debt Collection Business:

Through our processing partners, we can also offer debt collection businesses the following additional benefits:

• Expert in underwriting
• Same day approvals
• Compatible with E-commerce portal and major payment gateways
• Acceptance Visa / MasterCard / American Express etc.
• MOTO (phone / mail), eCommerce, and swipe accepted.

How Merchant Underwriting Affects your Business?

Representative Merchant Underwriting Process

The vital goal is to evaluate the business’s level of high risk for the provider. Why? Because a merchant account is fundamentally a line of credit. If a business is strike with a chargeback but doesn’t have enough funds in the bank to pay it, the provider fronts that expenditure right away.

Just before truthfully establish the High-Risk Business level, providers review the following:

INDUSTRY TYPE

Every business kind has its own level of risk. For example, a business that swipes cards is less likely to deception/fraud and chargebacks, and is, therefore, less dangerous, than a business that sells products on the web. The riskier the business, the more support documents and information required for review.

BUSINESS HISTORY AND POLICIES

This incorporates years in industry, billing, shipping and returns policies (if applicable). Organizations that ship products are riskier because the product might not be delivered, which can result in a chargeback.

MERCHANT HISTORY AND CARD ACCEPTANCE METHOD(S)

Providers will need to know things like your business’s chargeback ratio (over 1 percent is a red flag), whether your business is or has been on the Merchant Terminated File and, if so, why. Most providers evaluate current merchant statements to get an idea of processing volume and methods of acceptance. Businesses accepting tips or phone and online orders are there for more features and security measures if approval is there.

PROCESSING LIMITS REQUESTED

Providers will take these into consideration in conjunction with the above information. Providers should set your limits on a happy medium — they should accommodate your regular processing without giving too much room in the event of a large fraudulent charge. If your business doesn’t need very high limits, your account needs a different setup.

FINANCIAL STABILITY

This can include a look at the business’s bank statements, its financials and, usually, the owner’s credit. This is vital for high-risk businesses, as this information can make or break the merchant underwriting approval. Some providers inadequately review businesses, resulting in issues after they’ve started processing.

Ask Merchant Stronghold - How to Poor Merchant Underwriting After effects

• Incorrect Limits
• Hidden Volume Fees
• Downgrades

Some businesses opt for an account with Payment Facilitators, such as PayPal, Stripe or Square, which bypass merchant underwriting altogether. While they may seem like a better option, these alternatives have their own pitfalls.

Speak with a specialist about underwriting at 888-622-6875.

Pleasant Way To Fight Credit Card Transaction Disputes

HOW IT WORKS

When a brick-and-mortar business accepts credit or debit card payments for its products or services signature is available from the customer. The customer is ordinarily physically present to present their card for payment. Having a signature is the merchant’s proof that the customer authorized payment. The product or service delivery was there and the customer was initially happy with their purchase.

But, when an e-commerce business receives payment for an online order. Cardholder verification, proof of delivery and customer satisfaction is more difficult. The reason being there is no visual card examination or in-person customer contact with a written signature authorization. These are defined as card-not-present transactions.

Customers who use credit and debit cards to make online purchases have an advantage over other customers. Because they can contact the bank who offers their card and ask for their money back when they are unhappy with a purchase. That too without first contacting the merchant.

TRANSACTION DISPUTES

There are a variety of reasons for transaction disputes and cardholders have 60 days in which to file a dispute.

As soon as a cardholder disputes a transaction, one of two things will happen. The issuing bank will make a retrieval request or initiate a chargeback.

When an issuing bank contacts a merchant to obtain information about a transaction before initiating a formal chargeback case. This is an issuing bank’s first attempt to settle a dispute and can get via email or over the phone. Or through a conference call with the customer and the merchant.

During this process, the merchant gets an opportunity to explain why the transaction is valid. As a result, the retrieval process is not often used because customers are reluctant to confront a merchant over the phone.

Credit Card Payment Processor

So, successfully fighting a chargeback demands knowledge of the rules and regulations set out by card brands, banks, and payment processors. Also, the chargeback reason codes. Each card brand has their own chargeback reason codes. This defines the general justification a customer has for filing a chargeback. And, helps merchants know what documentation is must validate transactions.

So, the key to validating transactions and winning or losing chargeback claims depends on having a broad knowledge. Knowledge of online payment processing and the transaction dispute resolution process. To be effective, merchants need to have a specially trained in-house team. Or to hire an outsourcing agency to handle chargebacks effectively.

Setup Online Merchant Account for ID theft Protection Business

Add a merchant account to your online ID theft Protection business and keep your customers happy. As a result, providing multiple payment methods to customers will return you trust and money.

Ultimately, if you are starting or already started your ID theft Protection Company and like to accept credit card payments then you just need an online merchant account. Because this is the account where your customer’s card details are sent for verification.

Therefore, once the details of the customer’s card get verified, money is transferred to your company’s bank account.

Our team will give you advice on merchant accounts so that you can start as new or switch current provider and save money.

INTERNATIONALLY RECOGNIZED PLATFORM

Merchant Stronghold has set up many accounts of ID theft protection companies. The online merchant account provides convenient multi-currency solutions so that you can offer better service to your customers.

Business owners also get some advanced reporting tools to view all past transactions and track the progress of your business. Users can filter previous transactions based on country or all together. We are the best online merchant account providers recognized worldwide.

As we provide a single source of contact for your ID theft protection business. And also handles every aspect of online merchant accounts:

• Transaction processing,
• Settlement
• Charge-back,
• Risk,
• Underwriting,
• Reporting, and
• Customer service.

Our team at Merchant Stronghold maintains an efficient service as per your business needs. Stronghold offers the variety of payment solutions to meet business needs and point of sale, from mobile to e-commerce.

TYPE OF PAYMENT METHODS TO INTEGRATE

Credit and Debit cards - Electronic check services - Mobile Payment - Online payments

WHY BANKS CHARGE MONEY?

Credit card processing is a very complex process. Therefore, when someone purchases anything by using credit or debit card, first of all, that information is transferred from retailer to acquirer. It is the bank that actually processes payment. As a result, all these costs are important for transactions. This is why we offer best and secure online merchant accounts with a low and affordable cost to business owners.

Which category you fall in High Risk/Low Risk

High-risk merchant processing basically known as credit card processing is the handling of electronic transactions of the merchants. Merchant processing means getting sales information from the merchant, receiving authorization for the transaction, collecting funds from the issuing bank and sending payment to the merchants. Electronic payments are highly sensitive to fraud. Liability for misuse of card data can expose the merchant to significant financial loss.

High-Risk Merchant or Low Risk?

Before you look for the payment gateway, you need to know the risk associated with the business. Be prepared before you approach the banks and gateways else you will end up with denials.

Business life and financial stability, business model, billing method, products sold /services, and processing history play an integral part in deciding whether payment gateway will be provided or not.

Different banks and different payment gateway providers have different parameters, there are some general industries that come under high risk.

THESE INDUSTRIES ARE HIGH-RISK MERCHANT:

Industry -  Reason

Adult Industry- Because of regulations 

Financial Industry - Because of unpredictable nature 

Airlines - High chargebacks 

Online Gaming - Instability 

Law Firms - Survival Issue

There are dozens of others such as:-

Auctions, cigarette, brooking, coupons, Debt collections, Horoscope, Lotteries and Memberships, Real estate, Vacation planners, VOIP services, selling of vitamin and supplements and many more industries.

Apart from this if any business model is dealing with the card, not the present transaction that is also a High-risk merchant.

The riskiest transactions are the one that is done over the phone and Internet and if the transaction is of the high amount and the business is of a kind that tends to generate complaints.

That’s why an important part of applying for merchant services is revealing what kind of business you are. And if your business contains high risk, you will get multiple denials from the Banks and payment gateway providers.

For low-risk businesses, the fees are usually low. High-risk merchant accounts will not only have higher, but they will also include additional fees. Don’t be shattered, despite the risk involved we at Merchant Stronghold will assist you in getting the payment gateway. Get more information you can contact us directly - +1 (888) 622-6875.

Start Collecting Credit Card Payment in UK & Europe

Collecting payments through cards has grown as one of the essential parts of the business. As today people prefer to pay through their cards that are, purchasing product or services through their account directly.

For this, the businesses who are practicing the traditional way of business are rapidly changing their working or the start-up businesses who want to have a credit card payment accepting merchant account, needs to deal with a lot of paperwork for the approval of a merchant account that is specially dedicated to collect payments through cards.

Here we are going to discuss the merchant account requirements in the UK, Ireland and other 26 European countries. For a merchant account to be initiated for collecting card payments the businesses need to have the following documents to file applications:

The above were the perquisites that will act as the deciding factor whether the applicant is eligible to apply for the merchant account. Now, for filing the application in the bank these are the other documentation required to be submitted to the bank:

• Applicant profile: The applicant needs to submit its profile containing Applicant’s name, address, phone number, email address, business web address (if any), Business ID and additional knowledge about the applicant if any. This will help the applicant to prove that he/she is a resident of European countries and eligible to do business in the country.
• The article of Incorporation: This is a kind of silenced that will help the applicant to prove that the business is running incorporation and eligible for selling products in all European countries.
• Personal banking statements: These statements will help the applicant to prove the financial strength of the applicant as the merchant account risk management asks for this type of security proof.
• Business banking Statements: If you need the high-risk merchant account in European countries for your existing business then you will need to provide business bank statements to show them how strong is the financial profile of your business that will help you to get the high monthly volume on the merchant account.
• Personal guarantee: This is required when the business is from the category of high-risk industry or the volume of the business is higher, needs to provide a guarantee that can act as a security for three transactions.

If the business has used the card accepting services before they need to provide the previous 3-6 months year old transaction details that will help the bank to get the estimation of the business’ transaction and risk volume.

Required Documents for High Risk Business Merchant Account

Business Documents and KYC

• 3 months recent prior processing statements for all products intended on being processed through the merchant account (If applicable)
• 3 months recent business bank statements. (If the new business, the merchant should be able to show financial stability to support the startup/operation of the business or personal bank statements.)
• Prior years and year-to-date business financials (Prior years audited financials required if available)
• Website or Marketing materials (Print ads, brochures, etc.) if mail order/telephone order sales
• If product/service being sold and not owned by the merchant, reseller agreements should be provided
• Articles of incorporation/articles of the organization showing the ownership of the entity associated with the merchant account

Offer/Campaign Information

• Describe the product/service being sold? How is the product/service ordered or purchased? What are the price points for the product/service?
• Is the product/service being sold through a Front End or as an upsell offer? Is the product/service being cross-sold with any other product/service? If yes, explain. Is there a free trial and/or auto-ship program attached to the product/service? Is there recurring billing/continuity plan associated with the product/service?

At Merchant Stronghold, we make the process easy for you. You can simply start our online application and with few clicks be able to submit all your information. Accept Payment, Anytime, Anywhere with Merchant Stronghold.