DirectPayNet

Category: MERCHANT ACCOUNTS

  • Choppy Waters Ahead? Recession Fears Mount For High-Risk Merchants Ahead Of Q4 Holiday Shopping Period

    Choppy Waters Ahead? Recession Fears Mount For High-Risk Merchants Ahead Of Q4 Holiday Shopping Period

    More buying happens in the Q4 holiday shopping season than at any other point during the year. This makes it an opportune time for high-risk merchants to cash in on the consumer shopping spree.

    From Black Friday deals all the way through to Christmas and Boxing Day, merchants across a range of industries are looking to grab a slice of this over-sized consumer-spending pie.

    But, despite records last year, the outlook is certainly a lot less rosy this time around. Fears of a recession in the first half of 2020 (which may creep forwards into the back end of 2019) have spooked merchants who depend on this time of year to flourish and prosper.

    Recession fears aside, the increased sales over the next three months will open the door to fraud, chargebacks, and refunds.

    No company wants the busiest time of year to negatively impact their merchant account or other payment methods. So here are several tips to reduce risk and recession-proof your Q4 sales this holiday season.

     

    Global recession fears heading into Q4 2019

    What happened in late August 2019 has spooked economists and financial analysts across the globe. The US bond market displayed an inverted yield curve on 2-year and 10-year bonds for the first time since 2007.

    What does that mean?

    It describes the situation whereby investors can receive higher yields on short-term debt (2-year bond) than on long term debt (10-year bond). This is usually taken as a sign that long-term prospects for the economy are bleak. Thus, a recession is likely on the horizon.

    Why do financial experts care so much about a yield curve inversion?

    Well, every yield curve inversion has been shortly followed by a recession over the course of the the last 70 years. So, it’s fair to say that it’s an accurate predictor of future market conditions.
    The negative headlines associated with a potential impending recession may keep wallets in pockets for longer when it comes to Q4 spending.

    However, it’s not all doom and gloom. A yield curve inversion for 2-year and 5-year bonds in late 2018 wasn’t enough to stop a 2.8% year-on-year rise in consumer spending for Q4 2018. Proving that the fourth quarter is a great time to capitalize on higher consumer spending.

     

    Prepare your business for the Q4 spending surge

    Merchants are often unprepared when it comes to the uptick of sales during the holiday shopping period. To succeed, the entire sales cycle must have support to cope with the increase in demand.

    One element out of sync can bring the whole operation crashing down. Also, merchant account termination can happen if fraud and risk go above acceptable card network levels.
    Visa has recently revised their risk profile for merchants. As a high-risk merchant, you may be vulnerable to recession fears, as items you sell are deemed luxury or impulse buys. So, be prepared!

    Over the next 30 days, here’s what you need to be paying attention to as a medium and high-risk merchant. These four points will ensure a profitable Q4 with great profits and minimal losses due to fraud.

     

    1. Website

    Your website’s functionality can make or break an entire transaction funnel. In today’s digital age, multiple languages and currency options are a must.

    And yes, it’s important to ensure that desktop versions of the website function properly. Test and review each browser to ensure your website looks good on each one.

    Special attention must be paid to mobile versions too (in various formats as screens can vary widely between devices). Mobile search has overtaken desktop search for the first time, and when it comes to online retail, mobile traffic accounts for 67% of sales in Europe and 59% of sales in the US. Not having seamless mobile functionality could see merchants lose out on critical sales volumes.

    Finally, both your desktop and mobile checkouts should be as simple as possible and secure with an authentic SSL certification. This is especially key when using new anti-fraud tools like PSD2 and 3DS2 authentication protocols.

    The less friction during the checkout process, the higher your conversion rates will be.

     

    2. Order Fulfilment

    Often merchants focus their efforts entirely on increasing sales without much thought given to fulfilment.

    A total of 80% of holiday shoppers want their orders shipped on the day of purchase. Yet, only half of retailers are in a position to do so.

    When purchased items don’t arrive on time customers rush to ask for refunds or chargebacks. High chargeback rates are the leading cause of US merchant account terminations. So, speed is everything when it comes to your fulfilment process.

    Some customers may even be willing to pay more for an item if shipping times are better than from other merchants.

     

    3. Anti-Fraud, Anti-Chargeback, and Anti-Theft Measures

    The increase in sales during this period will increase the likelihood of targeted fraud, scams, and theft of data via cyber-attacks. Merchants need to keep a much closer eye on transactions during this period, especially higher-priced items susceptible to friendly and chargeback fraud.

    Ways to counter this include blocking IP addresses from high-risk countries (even if it’s for a few months). If you can’t fulfill an item in a reasonable amount of time to a specific country, make sure to block it to avoid potential chargebacks from fraudsters or customers who get impatient waiting for their item. Merchants should also make address verification services (AVS) and CVV or CV2 mandatory on order pages.

    Another tactic is using anti-fraud tools at the CRM or payment gateway level to suspend or cancel sales that look suspicious right away to protect your payment-processing channel. A daily review of sales can be helpful in diagnosing fraud. Enlisting the anti-fraud tools in the gateways provided by acquiring banks is a good idea to up security during this busy period, as is investing in your cyber defenses.

    Many criminals wait for the chaos surrounding retail events (like Black Friday) to strike when merchants are too preoccupied to react effectively. They also wait for staff members to go on holiday so there is a weaker line of defense.

     

    4. Customer Service

    Buyer’s remorse often happens right after a sale. But, it is much more prevalent after the holiday period, particularly when credit card bills are received in January. Therefore, after-sales support takes on a new level of importance.

    By providing excellent customer service with extended hours to accommodate your customers globally, high-risk merchants can keep those worrying chargeback ratios down to acceptable levels.

    Have a generous refund policy to ensure your customers don’t feel pressured to chargeback. Consequently, now is the perfect time to revisit your terms and conditions. Make sure the number of days for a refund is unmistakably clear to buyers purchasing from you.

    Give customers multiple ways to contact customer support. Make email addresses, ticketing systems, phone numbers and live chat bots easily accessible.

     

    Is your business already recession-proof for the 2019 Q4 period?

    Do you need to integrate a new payment option immediately for this holiday shopping season?

    Email our sales team now to get a fast solution.

     

    Diversifying payment methods is key to Q4 Success

    Many businesses are happy to accept credit card orders. Yet, changing consumer attitudes are forcing merchants to provide alternatives. Recent research shows that debit cards and cash are still favored over credit cards by many consumers who want to avoid debt.

    PayPal succeeds in this area because they allow consumers to debit their checking accounts for a purchase. By offering a range of payment methods, online vendors can stop losing out on customers who would prefer not to pay by credit card.

    But the benefits of offering multifunctional checkouts don’t just extend to the consumer. Merchants wanting an alternative to PayPal for their high-risk offer should use direct debit options such as ACH processing and e-checks.

    These payment methods can be lower cost thus maximizing your revenue and potentially leaving you with more volume for your high-risk merchant account. Better still, chargebacks are harder to initiate for customers using these payment methods. The benefit to you is that ACH and e-check will improve your payment processing ratios.

    The holiday shopping season is about to begin. So, it makes sense to negotiate merchant account terms and alternative methods for payment now instead of in November. Leaving it too late will negatively impact both your sales and your existing merchant account status by opening yourself to potential threats.

     

    Timing is everything, especially for supplement and info product offers

    The holiday shopping season slowly inches ever closer to the end of summer each year. Therefore merchants should adapt accordingly.

    Consumers are looking to Black Friday to secure early discounts before the festive sales season really get underway. Thus, companies selling either high-ticket luxury items or consumer electronics should make suitable preparations to avoid the aforementioned pitfalls of poorly planned fulfilment demand spikes.

    But timing has an effect on all type of high-risk merchants, not just online retailers. Those who sell digital info products should push products during October and November, and then scale back in December.

    Purchases made during the last month of the year often fall foul of January’s elevated chargeback rates, which can run at more than double the proceeding December’s. For the same reason, subscriptions should be avoided during the last few months of the year, or should be limited to three months or less from August onwards.

    Try offering bundles of products for 3 or 6 months which will increase your sales value but lower the risk of chargebacks due to unwanted subscriptions and surprise charges on your customers’ credit card statement. Waiting for the New Year to launch (or re-launch) subscription services is a good idea since many customers are keen to try new supplement products and services during January as part of their New Year’s resolutions.

     

    We will help you recession-proof your Q4

    Financial analysts predict a global recession is potentially closer to fruition than first thought. It’s crucial for merchants to squeeze the most out of the upcoming Q4 holiday shopping season. Specifically for October and November depending on your product type.

    With well-timed preparations, businesses will protect their revenue. They can also offer more than one payment option. Improving payment-processing capabilities reduces associated risks (such as chargeback fraud). High-risk merchants can begin to build enough trust with their providers to upgrade the terms of their merchant accounts.

    Within the last ten years DirectPayNet has helped hundreds of medium and high-risk merchants transform their payment-processing funnel. Whether it’s credit card orders for consumer electronics, supplements, luxury goods or even info products, we are committed to your expansion and success.

    We help entrepreneurs like you navigate fraud. We also help you manage your merchant account through sudden fraud events common during Q4.

     

    Contact us today to prepare your business the right way for the Q4 holiday shopping season!

  • Asian Payment Processing: Hong Kong and Singapore Merchants Struggle to Gain Footholds in International Markets

    Asian Payment Processing: Hong Kong and Singapore Merchants Struggle to Gain Footholds in International Markets

    Global payment solution providers like Stripe have only just entered the market in these jurisdictions. But, because they are unfamiliar or don’t like high risk, merchants have been charged extortionate fees. Costs that erode profit margins for online retailers based in this continent.

    Many Asian merchants struggle with declined transactions taken through their online stores for customers in Europe or the US. As a result, they are unable to scale globally. In addition, this limits their website’s scope to small Asian markets for in-demand products such as consumer electronics.

    However, there are bone fide ways to target new markets with the ability to process international payments. This post will explain how you can achieve higher approvals for US, UK and European credit card transactions. We will also show how to expand your business into foreign regions.

     

    It is difficult to get merchant accounts without a presence in the region

    Asian merchants in particular struggle to get approved for merchant accounts for several reasons. They often have no physical presence in the jurisdiction they are applying for and no bank account within that same region. So, they rejected out for US and European merchant account providers. Also, many companies can’t produce verifiable know-your-customer (KYC) documentation required for acquiring banks’ anti-money laundering checks.

    What do you get when you couple high-risk business models (e.g. subscription) in industries known for payment risks (high ticket or luxury items)? The answer is excessive risk. And, it becomes clear why many Asian merchants struggle to gain acceptance.

    Without merchant accounts, online vendors from Hong Kong and Singapore struggle to accept credit card orders in foreign currencies such as USD, GBP or Euro. As a result, they delay or cancel any notions for international expansion.

    Racking up declined transactions thanks to foreign consumers’ banks’ anti-fraud measures is commonplace. For example, a cross-border purchase made in Hong Kong or Singapore dollars look very suspicious to an American bank.

    Therefore, Asian merchants with online businesses must invest heavily in their websites, offering multiple languages and currencies for customers. If you want to make a good impression ensure you have telephone numbers easily accessible for each region such as an 800 number in the US, a comprehensive refund policy, and clear terms and pricing on your website. These elements meet compliance standards of international card networks such as Visa. It will also improve your chances of securing an offshore merchant account.

    Once you’ve taken care of your website, it’s time to turn your attention to your overall business structure.

    Hong Kong payment processing

     

    Re-structure your business

    What many Asian merchants fail to realize when they initially apply for international payment processing capabilities is that it’s physically impossible to gain a merchant account without a business presence or bank account in the region you are applying for. We’re not just talking a virtual office shared with thousands of other businesses. A real office with a real physical location is a huge advantage. Not only do you need a business presence in the region of application, in most instances you also need salaried staff. You also need at least one director who is a permanent resident or native to that country.

    It seems like a large expense for a small to medium-sized business, but it does come with its advantages.

    For instance, if an online store based in Hong Kong sets up a subsidiary office (and a bank account) with an EU native in Cyprus, they would then have to ability to process payments for the remaining 30 countries that make up the Europe Economic Area (EEA) with just one merchant account. Also, transaction costs will be lower and sales conversions will skyrocket. There are several companies that offer done-for-you packages to help you incorporate and become compliant with European regulations. Also, there are several tax friendly jurisdictions which can benefit your business.

    Some payment service providers promise big benefits. But, they neglect to adhere to strict requirements in these regions. Well, be aware that you may have committed to an illegal provider who may start to siphon funds from your payments after a few months of processing. Experimenting with these types of service providers is not worth the risk.

     

    It pays to get an offshore merchant account

    Getting a merchant account in the right manner can prove very beneficial. Both credit and debit cards transaction approval rates will soar, because the issuing bank’s anti-fraud software will recognize the merchant account provider. These trusted banking relationships allow you to build up reserves in foreign dollars. You can also offer products to customers in multiple currencies within just one jurisdiction (such as Europe).

    You can also use more liberal countries such as Canada or Panama as a stepping-stone to build up enough processing history with a recognized merchant account provider. This option will allow you to win over similar providers in tougher jurisdictions to crack, like the US.

    However, Asian merchants need to remember an acquiring bank’s vetting process has many requirements. Prepare copies of invoices, licenses and agreements from suppliers and fulfillment warehouses in order to pass the KYC checks.

    Additionally, compliance needs special attention for Asian merchants.

     

    Be compliant to gain better Asian payment processing

    As an Asian merchant, you need to satisfy credit card networks as well as banks when it comes to compliance.

    Your website’s checkout must adhere to the highest possible levels of security (including SSL encryption). By adhering to the internationally accepted PCI DSS compliance requirements, you ease the pressure on your company to meet both card and payment solutions provider’s standards.

    Once you’ve secured the checkout, it’s time to review where and how you are storing your customers’ intimate credit card data, if at all. It’s crucial to use a well-known PCI-compliant third party provider to store those sensitive details for a couple of reasons.

    First and foremost, without doing so you will likely fail to meet the requirements of a merchant account provider. But secondly – and perhaps more importantly – you will protect your business from liability in the event of your online store is subjected to a cyber-attack carried out by hackers looking to gain the credit card information of your customers.

     

    Offshore credit card processing can transform your Asian business

    Online stores based in Hong Kong or Singapore have long-suffered the consequences for being unable to secure better payment processing for their US and European customers.

    This doesn’t have to be the case. By investing in well translated English websites that meet all of the necessary compliance requirements, Asian merchants are less likely to suffer the same fate as some other high-risk operators within the continent.

    Furthermore, merchants need to expand their physical presence before they can do the same for their virtual entities. Real businesses with local directors and bank accounts get approved for offshore merchant accounts a lot faster! In some cases, it only takes one subsidiary to secure the payment processing for dozens of other countries.

    Thus, it always pays to make the investment in more physical locations. Simple corporate structures facilitated with the help of online incorporation agents is one place to start. They are experts, and can help you find a suitable director and staff members for your company. Local employees can assist with supporting your customers in the region.

    We are experts at helping merchants secure international payment processing. By having an online store (be it consumer electronics, luxury goods, etc.) and business set up you are off to a great start.

    If you need help improving your Asian payment processing capacity, contact us today. We can find you a solution that will grow your company internationally.

  • Hair Restoration Merchant? Don’t Lose Your Hair Over Payment Processing Difficulties!

    Hair Restoration Merchant? Don’t Lose Your Hair Over Payment Processing Difficulties!

    Hair restoration merchants have experienced awesome revenue growth over the past decade. In fact, last year the global size of the hair removal and restoration market had an $8.4 billion value. That figure is projected to rise to $12.1 billion by 2026.

    The popularity of products for balding consumers is why demand for credit card processing capabilities has soared.

    You may have already thought about getting secondary merchant account for your hair restoration offer. If not, you will be the end of this blog post.

    If you’re a merchant, you already know why hair restoration is so big. It’s in part due to the increasing number of males (and a small percentage of women) looking to slow down or prevent the process of going bald.

    In the US alone, over 50 million males experiencing some form of hair loss. Also, 30 million American women suffer from similar hair-related conditions (such as alopecia and genetically pre-disposed hair loss).

    Both males and females look to a range of solutions to beat hair loss. Thus hair restoration merchants should be aware of which verticals their products fall under when trying to get approved for a merchant account.

    More importantly, some merchants think their current payment provider is supporting their business, but have no clue they could be doing far better.

     

    Hair restoration products can fall under different business categories

    Underwriters at acquiring banks and other payment providers make decisions based on several factors. Those considerations can include business models and product types.

    For instance, if you sell hair growth supplements with Biotin or topical hair rejuvenation creams, you are classified as a nutraceuticals vendor. Merchants in this niche are often considered high risk due to high chargeback rates. In your business you know the pills don’t work for everyone the same way. Therefore, it’s a good idea to get expert help to secure a hair supplements merchant account if this market sub-sector is your focus.

    Other merchants opt for selling physical retail items (such as laser caps). Yet despite being a retail product, hair restoration payment processing providers still perceive their associated high price points as high risk.

    Thus, really understanding how the rest payment providers perceive your product will help assess what payment processing options are available to you.

    If you want an advocate to help you get payment processing for your hair restoration offer online, email us now.

     

    Similar verticals carry over negative connotations to hair loss industry

    Hair loss products have common audiences to those of industries and products that have bad reputations with payment services providers. This is particularly the case for males in the hair loss and hair removal market segments.

    Cures for baldness often attract a similar clientele to those interested in male enhancement products. These products are often sold as upsells to an initial offer. Unfortunately, they carry over negative reputations for fraud and chargebacks. In turn, it tars these verticals with the same brush.

    Likewise, many merchants in this area look to stack volumes of supplement bottles or sell subscriptions. Providing better value to customers while increasing profit margins.

    Selling in multiples is great. But subscriptions are much trickier, especially since discounted or free trials are frowned upon. After using a hair restoration product short-term (e.g. six months), customers often want refunds if they don’t like the results. If your offer has a subscription element, that’s likely the reason for a declined merchant account. Free trials to those subscription plans only serve to worsen the problem.

    As a merchant within this industry, it’s crucial to take extensive anti-fraud measures. Lower chargeback ratios help you stand out from industry rivals. You’ll increase your chances of a successful application for a merchant account.

    But what else can hair restoration merchants do to appeal to payment processors?

     

    A Step-by-Step Checklist to Better Hair Restoration Payment Processing

    There are a few measures hair removal and hair restoration merchants should take to boost their chances of getting a merchant account. They are as follows:

    • 3-6 months of processing history – Sometimes merchant account providers reject applications without processing history. Establishing proof of sales offers enough evidence to assess your previous performance. Starting with a small volume merchant account may be the best way to go. (Like only processing 25K per month.) This will help establish trust and allow you to apply for another account that can accommodate higher volume after a few months.
    • Relevant licenses and certificates – Hair restoration merchants are able to distinguish themselves to payment processors. This can be achieved by supplying documentation such as GMP (Good Manufacturing Practice) certificates and authenticity documentation from suppliers. Acquiring banks use these documents to decide whether or not you are a genuine outfit.
    • Company paper trail – Invoices, purchase orders, bank statements, and agreements with suppliers and fulfilment companies will all help to prove you’re a genuine merchant with honest intentions. Without such documentation, merchant account providers will find it difficult to assess the longevity of a business.
    • Identification Documents – Merchants will not be able to gain access to a merchant account without first proving they are who they say they are. Therefore, make sure to have multiple forms of government ID ready to present upon request.

    Don’t lose hair restoration payment processing capabilities

    Despite the fact that hair restoration merchants are succeeding, approval for payment processing isn’t keeping pace for several reasons.

    High-risk product classifications (supplement offers) affects how banks see your business. Merchants sell products from similar categories that carry a bad reputation such as erectile disfunction pills or creams. Many vendors also have difficulty in providing correct documentation can all prove tough stumbling blocks to overcome.

    However, it is very possible to get a merchant account for credit card orders of hair supplements and similar products with the right steps.

     

    DirectPayNet is not your average payment service provider

    DirectPayNet’s goal isn’t to just get you credit card processing and abandon you once online orders come in.

    Our team invests in your business long-term so it won’t collapse if fraud, chargebacks or industry compliance comes knocking.

    We have devoted over 10 years of experience in payments to high-risk businesses.

    If you want a lasting payment solution for your hair restoration or similar offer, contact us today.

  • How Easy Is It To Get A Precious Metals Merchant Account?

    How Easy Is It To Get A Precious Metals Merchant Account?

    Are you trying to find a merchant account for precious metals? You’re not alone in your pursuit. Recently, we’ve had a lot of  merchant account inquiries from precious metals, bullion, commodities and forex trading merchants. We can understand why.

    There’s been recent talk about an impending recession in North America. Consequently, we face the prospect of the US dollar losing value. As a result, more investors are looking to precious metals for security reasons. Thus, the demand for high-risk merchant accounts so vendors can answer the needs of customers. Investors large and small are looking to gold, silver, bullion and precious stones as more viable investments in the event of a downturn in the economy.

    If you sell bullion or any other form of precious metals and are trying to diversify your payment capabilities, this post is for you. We’ll be touching on the various options and trends for merchants in this industry. More importantly, we will teach you what it takes to get approved for payment processing.

     

    If you have a precious metals merchant account, keep it

    Operating in a high-risk industry has many challenges, especially the ability to accept credit card payments. Therefore, a merchant account is a useful tool to automate this process. This is especially true for receiving, verifying, and transferring credit card payments.

    If you already have a merchant account do everything you can to keep it! Unfortunately, accepting credit card payments come with issues of high chargebacks and fraud. Risk like this can lead to merchant account suspension or fees for high fraud-to-sale ratios. (You can learn about these issues with Visa in this post as an example.)

    Chargebacks and fraudulent activity are the biggest reasons for account shut down. Often signs of high risk occur one month and go ignored, because merchants don’t understand the steps to remedy the problems. When risk get worse for consecutive months, merchants end up in bigger trouble.

    When you operate as a commodities dealer, it’s classified as a high-risk business mainly due to high ticket sizes. In addition to fraud from customers, some dealers attempt to defraud the public. So, the requirements for merchant account approval often seem insurmountable. But, they aren’t and we can show you why.

     

    It’s not just about domestic merchant accounts

    Precious metals dealers operate in other jurisdictions outside of the American market. If you aren’t branching out to other countries, then you seriously should be to expand your business. An offshore merchant account makes sense if you want more revenue beyond your domestic market. Not only will cross-border sales have a higher approval rating, but multiple currencies for trading will also be available. This is common in the EU to accommodate more investors.

    Moreover, it’s often easier to get approved for offshore merchant accounts when you operate a high-risk business model. There are a few different regulations to adhere to; however, other countries are much more liberal when it comes to accepting certain business categories. In knowing this (for example, at DirectPayNet), we help our high-risk business clients expand to Latin America and Europe to access other payment solutions.

     

    Underrated payment options for high-risk businesses

    Domestic and offshore merchant accounts aren’t the only way to boost your business capabilities for taking credit cards. Here are three overlooked payment options you should use (depending on your location). They are great paths for building processing history, which is key for the merchant account application process.
    1. ACH Payments

    ACH processing is one of two direct debit transfer options from a customer’s account. Offering this method to prospective buyers has great benefits. There is a significantly lower risk of payment and chargeback reversals. Additionally, friendly fraud isn’t a common problem when customers can pay direct to an ACH account.

    1. E-Checks

    The second direct debit payment option is accepting electronic checks (e-checks). An e-check works similarly to regular checks, except that it is digital. A scan or photo of the check must be sent to facilitate the direct debit, but this is required only once. And don’t worry about time: these can be processed more quickly than paper checks.

    1. MOTO Payment Processing

    Mail Order/Telephone Order (MOTO) relates to telephone orders via a payment gateway. Customers may call your agents over the phone to make their orders, which provides more control of the buying process. If you choose this method ensure you have a reliable system in place to prevent theft customer’s credit card details.

     

    How to improve your chances of getting a precious metals merchant account

    In addition to overcoming your label as a high-risk business, you also need to prove the legitimacy of your company. This means operating within the confines of your country’s regulations. For example, in the US, dealers must ensure they meet precious metal and bullion integrity requirements from regulatory bodies. Don’t forget to check your local state regulations as well.

    The same standards apply in Canada. According to their regulations, dealers in precious metals “must fulfill specific obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and associated Regulations …”

    There are a few others obligations that payment providers must look for when you apply for a merchant account. These may also be tied into the regulations governing your industry.

    • You must show a license or proof of registration with relevant government bodies if you deal in precious metals.
    • If you’re storing these metals, adequate evidence of secure facilities must be provided. These can include signed agreements with facilities, clear images of the inventory, up-close photos of specific merchandise, etc.

    Actioning the above items will distinguish your business from merchants who indulge in fraudulent practices.

     

    The benefits of low risk in a high-risk industry

    Low chargeback ratios and a good business reputation mean your business might show up on real review sites like Better Business Bureau (BBB.com). A nicer reputation means a higher chance of approval for a precious metals merchant account or other type of processing.
     
    It’s always good to add other choices to existing automated credit card payments. This improves your chargeback ratio and limits your risk exposure. These options also help you form good processing history to support your application. 
     
    Additionally, if you’re a new business applying for a merchant account, begin by selling low ticket products (e.g.$300 tickets instead of $1000) . Build up your processing history with a trusted provider before pushing for higher volumes (e.g.$30,000 vs. $75,000/month).
     
    So, you’ve seen how to improve your chances of merchant account approval. And we’ve given you three awesome tactics to grow processing history through a few low-risk payment methods.

     

    Now it’s up to you to take your business to a higher level!

    DirectPayNet works exclusively with medium and high-risk companies, including precious metal dealers. Therefore, if you are established and ready to increase your sales, contact us today.