Despite the fact that most payment service providers work with a wide range of businesses, there are always a few that they are a little more cautious about. Many of these are in high-risk industries that have a lot of chances of fraud or chargebacks in them. High-risk merchant account: If you run an online business that has a high […]
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 […]
How to keep risk-free in business and prevent chargebacks from expensive processors or the MATCH list with the assistance of PayPound.
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 […]
How to open a merchant account and a list of the key documents involved are provided in further detail here.
We offer information about website opening, needs, and the documentation required to obtain a website on this blog. for opening a merchant account, paypound.
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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