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3 Tips to Manage Your High Risk Business

by total-apps,

, in Credit Card Processing Merchant Services

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There can be a few reasons your bank is labeling you as “high risk.” You may be in an industry with government regulations. You may be selling a service or product that is in a legal gray area. You may be running a business with a track record of chargebacks. Whatever the case, here are 3 tips we’ve come up with to ensure you manage it successfully and know your options.

 

 

1. Form a Relationship with Your Merchant Account Provider

This…

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Why is the Act of “Know Your Customer” Important?

by total-apps,

, in Credit Card Processing Frequently Asked Questions Merchant Services

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Know Your Customer (KYC) is the act and process taken by businesses to ensure they know their client. In the case of merchant accounts, it is the form of underwriting in which an application is reviewed with all supporting documents.

 

 

We believe it’s important to take it one step further. It’s important to understand the business model of a client as well as understand how the industry and any current regulations in the market can affect the client’s business.

 

When you…

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Why is a High Monthly Volume Risky?

by total-apps,

, in Credit Card Processing Frequently Asked Questions Merchant Services Online Payment

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This is a question that we get quite often. People are under the impression that higher volume equals more fees which should be good for the merchant account provider. So why do providers look at a higher monthly volume as risky compared to a low monthly volume?

 

 

It really comes down to the fact that every additional dollar processed holds a risk of chargeback for the acquiring bank. If a merchant lacks the funds to cover the chargeback, the bank…

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3 Ways to Run a High Risk Business

by total-apps,

, in Credit Card Processing Merchant Services

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So you just found out your business is being labeled “high-risk” from banks and merchant account providers. Businesses can be labeled high-risk for a number of reasons. Some of these reasons include: financial risk / loss, health and safety concerns, or government regulations. This makes it a bit more difficult to set up a merchant account….. BUT not impossible. Here’s what you need to know and do to ensure you can start taking credit cards from customers.

 

 

1.  Consider Opening…

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What Credit Cards Can I Accept with a Merchant Account?

by total-apps,

, in Credit Card Processing Frequently Asked Questions Merchant Services Online Payment

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When applying for a standard merchant account with Total-Apps or another provider, you will be on your way to take credit card payments from your customers. But what cards will you be able to take?

 

 

 

The answer: Visa. MasterCard. Discover.

 

What about American Express? The truth is, American Express is its own entity and you must have a merchant account direct with American Express to be able to take it from your customers. Your provider is capable of applying for American…

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