Why Businesses Get Denied a Credit Card Processing Application

When you apply for credit card Processing, you have no idea whether your application will be accepted or denied. The details about the decision of not issuing a credit card processing you have applied for reaches you through the mail, in which the details about the decision is given more precisely.

Let’s now discuss various possible reasons for declination of application for credit card processing :

Age: Your age is another factor for the denial of your request. If you are under 18, the issuer will not accept your request, as it is not the legal age.Your age is another factor for the denial of your request. If you are under 18, the issuer will not accept your request, as it is not the legal age.

Incomplete application form: If you have not filled the application form completely or correctly, your application will be declined. So it is better to apply for credit card processing online as it will not submit your request until and unless all the fields are properly filled.

Loan balance: If you want to apply for credit card processing, make sure that you pay your loan balance regularly if any. When you apply for credit card processing, your credit history is checked and if it is negative, the bank or the processor will hesitate to accept your request to avoid risk.

Healthy credit balance: It is good practice to keep your credit balance healthy. In other words, you should only use a portion of the credit available instead of using it to the fullest. Healthier the credit card score more are the chances of approval.

Inquiries on credit report: It is advisable not to apply for many credit cards or credit cards processing, especially in short span of time; this may lead to declining of application. Lesser is your credit inquiries; better are the chances of getting your next approval when you would apply.

Low income: Very common factor of declination of application is income of the applicant. Minimum income required for application varies by Banks and Processor, and if the applicant fails to match the minimum income requirement (although this requirement is not published), his/her application can get denied. So before applying for credit card processing, get an idea about minimum income required.

Negative Processing History: Another reason for credit card application denial can be the number of credit cards processing account used by the applicant that have negative Statement. If there are accounts closed due to high Chargeback it can cause a problem in getting approval for a credit card processing.

TMF or Matchlist: If you are placed on Match list or identified as a TMF merchant it would be a big reason for not getting approval for your Credit Card Processing Account.

Don’t fulfill minimum requirement: your request will be declined if you do not fulfill minimum requirement like you don’t have an SSL secure and PCI compliant website. Or you have been suspended by any card brand processor, or any Data compromise investigations was there for you and your business.

As a conclusion, you need to make Sure before applying for a credit card processing and get prepared, you choose a payment service or merchant service provider who can proactively help you with this.

For More Information Please Visit www.merchantstronghold.com, or mail us at info@merchantstronghold.com

International Offshore Merchant Accounts empower online businesses

Offshore Merchant Account Services. It helps the merchant to process payments through their website and allows them in making a transaction and process their sale. It offers and contains all the features just like the regular and domestic offshore high-risk merchant Account even there can also be both the categories which can be supported like High Risk Business and Low Risk Business.

Payments offer offshore merchant accounts for some of the hardest to place international and US high risk businesses, offering reliable and affordable comprehensive offshore credit card processing, ACH, and chargeback management services.

That Offshore merchant account is dedicated to High Risk Businesses or for Such businesses which cannot be approved by their Domestic Banks. But this is not the case it’s only the location making difference because the bank approving the business is not a domestic Bank or a bank from the Resident Country.

Global payment solutions yielded by these accounts enable merchants to accept multiple currencies of different denominations from their global clients over the internet. International merchant accounts assist in conducting overseas transactions but they aren’t always provided to client businesses operating beyond France, Germany, Italy, UK, and US.

Offshore merchant Services: We are a credit-card processing company serving high-profile clients in more than 10 nations worldwide. Merchant acquiring banks in each of these countries have made it easier for us develop such a strong payment processing platform. A majority of online offshore businesses can now avail international merchant accounts due to this merchant acquiring collaboration. Currently, Merchant Stronghold accounts for innumerable international merchant accounts indulging in the processing of payments involving multiple currencies. Payments involving such currencies are beneficial for both moto and online business across 50 nations.

                                              

Debt Collection Business For Merchant Account In USA

In case you run or are starting a debt collection business you need a reliable credit card processor at low-cost rates. unfortunately, that’s turning into increasingly more difficult to do.

in case you’ve been within the enterprise for anytime, the everyday cycle for a debt collection employer to undergo with respect to their credit card processing needs is to first go through an aggregator like Stripe or PayPal. The advantage to these agencies is that they carry out very little underwriting, so even though they do now not quite simply receive debt consolidation businesses, you can usually get regular and accepted quickly. The disadvantage, but, to the use of that aggregator kind money owed is that after you unavoidably have a chargeback, or develop your business beyond say, $20,000 according to month, those aggregators will start to investigate your commercial enterprise. when they do, their most common response is to freeze all of your funds, for a hundred and twenty days, and that they offer little customer service during the interim.

That is when debt collection businesses start seeking out a real direct MID Merchant Account service provider. After calling a number of low risk providers and being turned down or rejected, they’ll understand they need a High Risk merchant account, otherwise, they’ll fall into the same cycle of getting to inform half of-truths to the credit card processor, getting found, and having funds frozen. if you’ve commenced the quest for a high-threat processor that accepts debt consolidation corporations, you’ve found out that there simply aren’t many, or even fewer that offer dependable credit card processing at less costly charges.

WHY IS DEBT COLLECTION CONSIDERED HIGH-RISK?

this is due to the fact the debt collection enterprise is appeared as 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 as 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.

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:

REQUIREMENTS FOR US DEBT COLLECTION MERCHANT ACCOUNT:

• US based company representative.
• US based company entity
• US bank account
• Business operations can be based globally

DEBT COLLECTION BUSINESS BENEFITS:

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

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

Lets Understand The High Risk Merchant And Merchant Processing

When Business is established and applies for a payment gateway at the Bank, they get approved or disapproved from the risk departments considering the business to be high risk business or Low risk business. There are few reasons why any business can be considered as a high risk business. Some of the risk factors that make a business HIGH RISK are as follow :

• You have lost your previous merchant account due to high chargeback ratio.
• Questionable sales and marketing tactics
• Potential legal and financial liability
• Your credit is really bad.
• An industry is known for excessive chargebacks or fraud incidents
• Trial continuity business
• Previous credit card processing is not good enough
• You’ve been branded as a terminated merchant (TMF).

It is important to note, that this high risk merchant account categorization is based on your business’ industry, regardless of your individual businesses’ track record. Additionally, the high risk category includes businesses who have been dropped by a previous credit card processor, businesses that are on the MATCH or TMF list, companies whose owners have bad personal credit or low credit scores, or businesses who are based outside the US.

Common High Risk Industries

While any business with bad personal or business credit scores, a high chargeback history, a startup, or high frequency or high average tickets can be considered high risk on an individual basis, the majority of high risk businesses are labeled as such by the industry they operate in.

Some examples of high risk industries include:

• Document Preparation
• Downloadable Software
• Educational Software
• Electronics Business
• Extended Warranties
• Financial Aid Consulting
• Financial Services
• Fine & Cosmetic Jewelry
• Insurance Providers
• Magazine Subscriptions
• Air & Water Filtration
• Antiques & Collectables
• Apparel Sales
• Auto Parts & Accessories
• Auto Transport
• Businesses with Bad Credit
• Beer, Wine & Liquor Sales
• Computer Hardware
• Debt Consolidation
• Discount Buying Service

High Risk Merchant Accounts For Healthcare Business Specialist

The specialist needs to be able to treat a wide range of disorder and health concerns. They also need to contain a large range of payment types from their clients, which incorporate health insurance billing, credit card payments, and cash payments.

An ideal way out is to have a payment gateway that can allow key in cards, process entered-in transactions, accept online payments, and create payment plans. Set aside the opportunity to inquire about well and locate a genuine expert in the field that will offer virtual terminals, online billing, MOTO processing, and other helpful tools, and in addition low-duty contracts with straightforward valuing and quality client benefit for working your general practice. Consider turning to a reputable merchant account provider like Merchantstronghold.com

Stronghold can get you a dependable and low rates merchant account for an online doctor that will best suit your business needs. Merchant Stronghold (MSH) is voted the #1 high risk payment gateway & Merchant Account provider in the USA/UK.

Being the business’ driving high risk specialist, MSH helps high risk merchants to secure payment processing solutions to maintain their high risk business without challenges. Elective payments processors like Merchant Stronghold are an incredible answer for these Merchants as conventional suppliers generally to avoid high Risk Business or industries.

MSH offers a wide choice of Payment Gateways, POS Solutions, Business Funding, eCheck Processing arrangements, and a full help stage to guarantee you’re never distant from getting the assistance you require, right when you require it.

Large and small merchants are building winning businesses on Merchant Stronghold’s platform. MSH can set up your merchant account quickly with fast approval, get you started with a Payment Gateway, and help you identify other services, like Chargeback Protection so you can enjoy a merchant account customized to your business needs.

• Merchant Stronghold offers:
• Fast approvals in 24 – 48 hours
• No setup fees for most merchants
• High Risk merchants approved
• High volume solutions: load balancing gateways and multiple MIDS
• Chargeback protection and chargeback prevention Services available
• eCheck Processing service, alternative payments

Stronghold’s professional merchant specialists have years of experience in the electronic and ecommerce gateway payments industry and have helped thousands of high risk merchants get domestic as well as offshore merchant accounts.

Build the Perfect Online Business with these 6 Tips In USA

Virtual market is growing bigger and bigger every day. Most of the population relies on the Internet to shop or get things done. From sending an e-mail to banking, shopping, purchasing services and packages, everything can be done in few clicks. This brings a lot of opportunities for new entrepreneurs, but to make the best use of this opportunity you have to follow the right track. There are few points that one should consider before starting an online business. These are:

Focus on Local market: You should not avoid small steps to achieve big goals. Instead of trying to reach the global market and providing everything, study local market, gather knowledge about demand and customer’s taste, and offer them something unique or different from your competitors. If you want to capture the market you should have something unique to offer, but before going further do check out copyright infringements.

Logistics: The product you choose at the initial stage of your online business, matters the most. You should be very cautious about it. The product should be:

• Non-fragile (it will end up in pile of damaged returns)
• Easy to make (so that it takes minimum time)
• Low making charges (so that you do not end up in investing huge amount)
• Should be easy to ship (should not be heavy or too big, as it will cost more).

It is not easy to manage supply chain and fulfillment of orders at the initial stage of business, but as you gain more and more experience you can try your hands on the variety of products. So it is advisable to start small and get adventurous later.Don’t opt for any popular product because someone is definitely providing the best of it and has probably already captured the market. It is rather a better idea to specialize in just one specific product and make a place in the market.

Understand your customer: Choice of the product as per the customer’s requirement is very important. Always focus on impulse buys and make sure you give satisfactory service to your customer because a happy customer always returns. Better the experience, more the chances of the customer coming back again and again. Once you have a good number of repeat customers, it is the right time to introduce a new product into the market.

Adding value to your product: Customers always like if they get something extra. If you provide extra service along with your product, it will not only help you retain your customer for a lifetime but also help you earn more customers. For example, if you are selling camera only, give offers like photography classes; which will be an add-on to your product and will also help in increasing sales. Similarly, if you are selling books on learning the particular language, start language classes as an add-on. These kinds of offers attract the attention of customers and might create customers for a lifetime.

Comfortable buying experience: If your experience is good, it is quite possible that you will visit again. It is very important that your process of making payment is simple and easy. It is advisable to provide a variety of payment options to the customer so that he/she can choose the method with which he/she is comfortable. If you do not provide payment options according to the customer’s choice, you might end up in losing the customer. It is very important to make the customer comfortable with the purchasing and payment method. For creating a smooth online shopping, it is important to work with a payment partner who provides you with features and services you want and in terms and conditions that are comfortable for both the parties.

Internet security: For an e-commerce website, it is important to take extra measures on Internet security as there are thousands of prying eyes looking for an opportunity to hack and misuse data or information. Customers are well aware of security threats and are quite cautious about making purchases online. Purchasing products or services online means that you are sharing your sensitive information like credit card processing number, address, phone number etc.; and if this information falls in the wrong hands, it will not only affect the customer but also hamper the reputation of your business. So it is important to take special measures to provide Internet security and make the website, and the payment process safe.

3 Questions to Ask Your New Credit Card Processor And Payment Gateway

If you are running a business that deals with sales and purchases, there might arise situations where you need to choose a new credit card processor, but it is not as easy as it seems. It is a big decision and before making a final call you should be aware of certain things, like Fee charged and contract, customer service department and cost-effective tool. Do the comparison, study the market and then make the final decision. Let us now discuss the 3 questions you should ask your new credit card processor before finalizing it:

Structure of Fee Charged

When you opt for such tools, you are charged with a certain amount of fee, but it is important to know what exactly those fees are, more commonly called breakage of the fee. The fact is that most of the high-risk merchants have no idea about the process and end up paying a high amount of fee without actually knowing the hidden high markups in their pricing structure. To process the transaction, an interchange part of pricing structure is paid to the card issuer. Apart from this,there is an extra fee that they put on the top of it to gain more profit. So, when you are applying for new credit card processor/merchant payment processor, request them to separate out the interchange fee so that you can have a clear idea about how much money they are making or charging you in total.

Contract and Time Duration

Whenever a merchant wants to opt for a new credit card processor, he/she needs to sign a contract, which will lock you with them for certain period of time. It is important for high-risk merchants to check for options when shopping around for new processor and also to finalize the processor with shorter time duration instead of multi-year contracts. The advantage of choosing a short-term contract is:

• They will work hard for your business to impress you so that you renew the contract instead of shopping for new credit card processor or merchant payment processor once the contract expires. If you end up signing a multi-year contract, you will soon be forgotten and ignored and service quality provided may deteriorate.
  
• If any serious problem arises and you have a short-term contract or non-existing contract, immediate help will be provided to resolve the issue so as to retain you as a customer, whereas, if you have a long-term contract, it might take some time to resolve the issue you are facing.
  
• If you are not happy with the services provided to you by your current credit card processor, you can try out the new processor, which can meet your needs, but if you have a long-term contract, you have no option than sticking with the same provider until and unless your contract expires.

Customer Service Department

Efficient and knowledgeable customer service department is like icing on the cake. Get the opinion of the current customers of the credit card processor and find out about their experiences with the customer service department.Look for the processor whose,

• Support representatives are knowledgeable and can tackle any kind of issue if arises.
  
• Call waiting time is minimum.
  
• Support representative should be able to resolve issues in the first call and in shortest time duration.

If you are lucky enough and end up buying a credit card processor or merchant payment processor for your high-risk business that fulfills all your needs and the fee charged is worth every single penny you pay, hold on tight to it and never let it go. If you are happy with the services provided and the fee charged, it would be a good decision to renew the contract with the same provider than starting the process all over again.