The institutions conducting the underwriting as well as the card platforms can be “subjective” versus being “objective” in their reasoning for classifying a merchant as a High Risk. This means that the reasons can be broad and vary immensely from the acquirer to the acquirer. For the sake of this conversation, I have listed the top five reasons below. You […]
What is the MATCH list? The Terminated Merchant File is a log of merchants maintained by Visa and Mastercard. As the name suggests, merchants are added to the file if any of their MIDs are canceled for breaching standards set by the card schemes. When acquirers add a merchant to the TMF, it marks that business as a risky venture, […]
MCC Codes (or merchant category codes) are assigned to merchant accounts during the setup process and are used to differentiate between types of business & industries. Each industry has different transaction patterns and differing levels of risk (potential for fraud). MCC codes are used by issuing banks to determine if they will accept the transaction. For example, online gambling is […]
If you run an online business with a higher risk of chargebacks and want to process credit card transactions, you need a high-risk merchant account. But what is a high-risk merchant account and how do you know you need one? There are many traits that define a high-risk merchant. The landscape of high-risk e-commerce is ever-changing, ever evolving. With more […]
First, let’s clarify what a merchant is. A merchant is a businessperson who trades products/services. In payment processing, a merchant is a legal entity that opts to accept payments online. A merchant account is a type of bank account used for storing funds from card transactions until those transactions are settled completely. Thereafter, the funds are transferred to a business account. Merchant accounts […]
The Opening of a merchants account requires series of documentation and verification. Each country has its own procedures while acquiring a merchants account, the sole purpose of mystifying the account opening process is to limit the chances of fraudsters and unwanted people applying. Merchants account opening takes days after fulfilling all documentation processes, at times it takes weeks depending on […]
The following requirements may have to be met to apply for a merchant account: Your website must be published to the Internet (“live”). DBA (“doing business as” or business name) must be on your website. List your products and prices on your website. Provide your physical contact address on your website. Provide your return/refund policy on your website. Provide your […]
If you run an online business with a higher risk of chargebacks and want to process credit card transactions, you need a high-risk merchant account. But what is a high-risk merchant account and how do you know you need one? There are many traits that define a high-risk merchant. The landscape of high-risk e-commerce is ever-changing, ever evolving. With more […]
What is a Merchant Account? First, let’s clarify what a merchant is. A merchant is a businessperson who trades products/services. In payment processing, a merchant is a legal entity that opts to accept payments online. A merchant account is a type of bank account used for storing funds from card transactions until those transactions are settled completely. Thereafter, the funds are transferred to […]
Having a secure way to accept payments is a necessity for any online business. And when it comes to taking credit card payments, you have two main options. The option to do is to open a merchant account with a bank and the second is to use the payment facilitator model (PayFac). Technology has fundamentally changed how businesses, acquiring banks, […]
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