How To Obtain A High-Risk Merchant Account With Bad Credit?

 The creditworthiness of a merchant plays a vital role in the successful operations of their business and helps them gain significantly from their merchant account providers. However, merchants fall prey to higher chargebacks, fraudulent practices, negative balances, or even bankruptcy in the worst case. Most financial institutions and merchant services companies deny working with business owners having poor credit.

We believe the deserved merchants are worthy of a second chance to re-establish themselves, certainly after proper investigation and documentation. If you are a high-risk business with lingering bad credit from previous ventures, but looking to obtain high-risk merchant account solutions, here is how you can return to good standing.

While a service provider might take a risk on you, there are specific terms and conditions you might have to adjust to. So, for example, if you are looking to obtain an online poker merchant account, the typical restrictions may include:

• Higher processing fees (for short or long term).
• Having a funding reserve for an extended period.
• Limiting your sales volume.

Besides, you must prove to the processor and underwriter that you are running a legitimate business and comply with the rules to get your merchant account.

To increase your chances of account approval, you must also prove that the processor is not taking a massive risk by granting you a merchant account. It would be best if you could satisfy outstanding debts, have a stakeholder with good credit, and maintain substantial funds in your account. Besides, you would benefit from opening a merchant account overseas since offshore processors do not ideally pull credit reports.

It is not impossible to get your merchant account even with bad credit – you need to put in maximum effort and partner with the right high-risk processor services. They make it easy for you to work for the future and seamlessly move from the past. 

It may be a hard road to recovery, but you can apply for your merchant account and eliminate the complications without perfect credit. Partner with an experienced and trustworthy merchant account processor today and understand your options.

5 Challenges of Getting An Online Casino Merchant Account

 

The online casino business is highly competitive as well as fast-paced. Besides, there are no signs of the industry coming to a halt even in the coming times. Despite the opportunities, revenue generation, and the sparkle you see on the outside, merchants face challenges, especially with payment processing, that brings their business operations to a standstill. In this blog, we will brief you on the different risks you can encounter, so you know what to expect and how to navigate through the obstacles.

1. VARYING LAWS

The legal ambiguity of casino businesses depends on where you operate from. It can deter your chances of setting up a reliable online casino merchant account and prevent you from accepting funds legally. Since there are no specific laws for gambling businesses to operate and flourish, several situations can get tough and risky. 

2. CHARGEBACK

The higher chargebacks a business has to pay, the more significantly its bottom line is affected, and the greater may be the reputation risk. For this reason, several home financial institutions do not partner with online gambling businesses, and getting a merchant account gets challenging.

3. FRAUD

Increased cybercrime is another significant concern, with stolen and spoofed data threats being the biggest of all. So, choosing a dependable and expert payment service provider is the key to fraud protection. Besides, when partnering with the selected PSP, making sure they specialize in the gambling specifics would meet your needs. Otherwise, account creation and registration itself might become the trickiest part.

4. CRYPTOCURRENCY

Online casinos are known to be facilitating some innovative payment methods all through the world. However, trading cryptocurrency is still a big no-no in some places. Transparency becomes an issue for account funding and thus is a significant challenge in the industry.

5. HIGHER RISK

Your gambling business is qualified to obtain a high-risk merchant account. Age restrictions, global rules and regulations, business legitimacy, reputational risk, increased liability, higher chargebacks, fraud, money laundering, high volume turnover, etc., consider it as high risk. Therefore, many offshore service providers handle gambling account solutions seamlessly.

 

Merchants face a fair share of risks before and during their business tenure. There may not be much we can do to nip the evil in the bud; however, gaining as much knowledge as possible can help you resort to suitable solutions.

Panama Friendly Nations Visa: Things You Need To Know

 

The Friendly Nations Visa is the speediest way to permanent residency in Panama. If you’re a citizen of the counties specified by them, you are friends of Panama. Want to know more? Here’s a quick explanation of the different aspects of this visa.

What Is Friendly Nations Visa Of Panama?

The Friendly Nations Visa is a fast-track residency opportunity for investors and entrepreneurs from 45+ eligible countries. People applying for the visa must satisfy all requirements, the primary being the need to establish close economic or corporate associations with Panama. You must either be an employee in a corporate in Panama, acquire an existing business, or incorporate a new one. The country provides access to all financial tools to conduct business with welcoming tax rules. Consult a specialist to secure your business, its operations, and finances.

Requirements

It is suggested to work alongside a specialist who can help you with the legalities of the procedure. However, the documents you may require include, birth certificate, marriage certificate, passport, work history, criminal background, IDs, proof of earnings, personal references, etc. You’d also need to open a low or high-risk merchant account with the required deposit submitting supporting documents. You must also clearly demonstrate the proofs of economic solvency.

How to Apply

There are a few ways to do so: Start a business in Panama, purchase real estate, buy stock market securities, or invest in Panama’s green initiative. The visa is designed for those who own offshore companies or have economic ties to the country. Once you apply and the immigration authorities accept your application, you’d be issued a temporary residency card. Upon successful approval, you will get a permanent residency card.

Benefits

The number one benefit of having a Panama Friendly Nations Visa is it gives investors and entrepreneurs a permanent resident status. Once approved, you can obtain a work permit, Panamanian certificate, plus it opens your doors to one of the world’s most preferred tax havens. You get plenty of investment opportunities, asset protection, and confidentiality. Besides, if you take multiple trips to Panama, you require residency.

There’s more to the details of the visa than we can sufficiently provide in this blog. Friendly Nations Visa of Panama is a vast topic of discussion with several rules that apply to different merchants. Speak to an expert and navigate through your legal options.

The Basics of Crypto OTC Trading

 OTC trading holds a dubious reputation since a buyer and seller secretly negotiate for a price and for how the entire process works. However, there are upsides as well. In this blog, we quickly take you through the basics of OTC crypto trading so you know what you may be getting yourself into.

INTRODUCTION

OTC or over-the-counter crypto trading occurs electronically between two parties via a licensed intermediary or broker (usually a high-net-worth trader). The parties (a firm and an OTC desk) usually trade crypto-to-crypto or crypto-to-fiat. The most liquid trading pairs include BTC, Bitcoin Cash, EOS, Litecoin, Stellar, and more. Companies that deal in OTC trade are generally public but unlisted, and no governing institution watches over them. However, there are federal regulatory hoops to subject the trade to some oversight. Also, depending on your broker, you have access to multiple OTC networks.

PROCESS

Customers reach OTC desks via chat apps to place a quote. The desk checks the available liquidity before offering the buy/sell price for the asset. When the customer approves the trade, the desk fulfills the order. However, the customer must complete a KYC and pre-deposit some funds. Besides, you need to set up an offshore company account to invest in such securities.

WHY MERCHANTS TRADE ON OTC PLATFORMS

Since OTC platforms make it possible and easy to exchange cryptocurrency via different payment methods, it is a popular industry worldwide. Besides, regulated service providers allow fast, secure, and convenient over-the-counter trading. It may be highly risky but also profitable. There are low transactional costs, and you may be dealing in a more intimate (anonymous) space making the services highly personalized. 

THE BEST OTC PLATFORM

Convenience, reliability, payment methods, escrow fee, and liquidity are a few significant factors that help decide the best crypto OTC tradingplatform for your needs. Check with multiple providers before finalizing your decision. OTC trading is an absolute necessity for high-volume crypto players, and the trade will continue to grow as more institutional players enter the markets.

TAKEAWAY

OTC crypto trading isn’t for everyone. Experts suggest staying away or confining the trade if you have ultra-conservative tactics or are a beginner. If you’re patient, dedicated, disciplined, and have the money to invest, you might want to get yourself into the trade. 

5 CRYPTOCURRENCY TRADING MISCONCEPTIONS YOU MUST KNOW

 As the crypto market continues to grow and mature, some persistent misconceptions keep feeding off people’s unfamiliarity. Cryptocurrencies are favored by many and scrutinized by others. Everyone has an opinion, most of which aren’t based on facts. In this blog, we’ll debunk a few common myths and show you the real side of Crypto OTC trading:

1.      CRIMINALS TRADE CRYPTOCURRENCIES.

Fact: Cryptocurrencies frighten people, as they are relatively new and involve money. Many people are sure they are for the criminals, but criminals can use any payment mode, and thus, this claim holds no truth. Bear in mind the US dollar has been used for more crime than any other currency in history. Plus, crypto wallets are connected to a regulated exchange, so all identities and transactions remain under a check. Certainly, not every country is accepting crypto, but it’ll soon be as popular as cash or credit/ debit cards.

2.      CRYPTOCURRENCIES ARE NOT TAXED.

Fact: Trading may be anonymous; however, it’s all tracked and may be taxed. Some countries don’t have any taxation protocols, while a few others may have new laws coming into effect, you will always have to give up on some profits which shows you aren’t dealing in an illegal genre.

Bear in mind if you re locate to a offshore Tax Haven tax may not be an issue depending on the local laws.

3.      CRYPTOCURRENCY WILL BE BANNED.

Fact: The claims have been around since we saw crypto emerging. But we see no such signs anytime soon. The financial watchdogs have only uttered more regulations than prohibiting the space altogether.

The Crypto industry is becoming firmly entrenched with many large players such as hedge funds, Visa MC and Pay Pal. We feel Cryptocurrency is here to stay.

4.      CRYPTOCURRENCIES CANNOT BE USED A MODE OF PAYMENT.

Fact: Cryptos can be used for trading, speculation, and as a mode of electric payment. Thousands of merchants have been dealing with Bitcoin, Litecoin, Ethereum, and other cryptos for years. It’s becoming a widely adopted mode of payment today and this will only increase in the future.

5.      BLOCKCHAIN IS USEFUL FOR FINANCIAL SERVICES.

Fact: Cryptocurrencies are the most popular use case of blockchain technology. However, the blockchain has a vast potential in other fields than financial services. Other areas of use include digital smart contracts, NFTS, rights management, energy trading, and much more.

CONCLUSION

Despite being a volatile market, the crypto-craze indicates no signs of slowing down. But there’s a lot of confusion surrounding crypto and blockchain. If you’re jumping into trading cryptocurrencies, understand what you’re getting yourself into. If you’re a high-risk business, setting up an offshore bank account before deciding to sign up for a crypto trading platform will help. 

Benefits Of A High-Risk Echeck Processing Solution For E-Commerce Merchants

 Every e-commerce merchant should be equipped to process credit and debit card transactions since this is what the majority of online shoppers prefer nowadays. However, for a variety of reasons, not every e-commerce merchant is qualified for credit card processing. Perhaps they are deemed too risky by an acquiring bank due to their industry, excessive chargeback ratio, high sales volume, or instances of fraudulent activity. Or perhaps they have a poor credit background and may have been put on Visa and MasterCard’s MATCH (formerly known as Terminated Merchant File or TMF) list. Such a predicament has opened up the market for alternative payment solutions such as digital wallets, ACH payments, and, of course, high-risk echeck processing.

Let’s quickly go over the benefits of a high-risk echeck processing solution.

The high-risk world is a volatile ecosystem. Banks are unwilling to provide credit card processing to e-commerce merchants in certain “high risk” industries, forcing them to seek another acquirer to provide a processing solution. At the very least, getting some type of echeck processing solution in place—even if the merchant can process credit card payments—provides a sort of safety net for a high-risk merchant before they can find another credit/debit card solution.

High-risk echeck processing, which has made great strides in the last three years, is a convenient and practical solution for e-commerce merchants who find it difficult to get a high-risk credit card processing approval. For example, the three-day window for a check to clear is no longer in effect. Checks submitted by 11:00 a.m. on a weekday will clear by 1 p.m., and checks submitted by 3:00 p.m. will clear by 5:30 p.m. High-risk echeck processing is also less expensive than high-risk credit card processing because there are no transfer fees, and the payments are secure and direct from the customer to the merchant.

To summarize, high-risk echeck solutions are an underutilized and underappreciated method of payment for high-risk e-commerce merchants. When are you going to get yours up and running?

Why high-risk merchants prefer eChecks?

 Is your business deemed high risk by banks and other traditional processors? If yes, you are going to have a hard time finding a reliable and secure payment processing mechanism for your business.

Not all hope is lost.

There are still payment processors out there that specialize in high risk credit card processing and will be willing to work with high-risk businesses such as yours. The only downside? Higher processing fees! While there may be no way around this, you can look into accepting eChecks to lower your merchant fees.

An eCheck—or electronic check—is a digital equivalent of a traditional paper check. There are many reasons you would want to begin accepting eChecks from your customers.

To begin with, the Federal Deposit Insurance Corporation (FDIC) reports that only 7% of U.S. adults do not have a bank account. Since the vast majority of the population has access to banking facilities, accepting eCheck as a form of payment translates into increased profitability for your high-risk business.

With eCheck, your business will also gain a competitive edge in the market. Keep in mind that not all of your customers have a credit card, but they do have a bank account. Since you accept their preferred mode of payment, you can take business away from your competitors who do not.

The final incentive to consider eChecks is that they are less expensive and faster to process—in most cases, processing costs less than a dollar and the funds are typically available the same day or the next business day.

Are you sold on eChecks? Now, you need to find the best high risk echeck processing specialist. Find an eCheck processor that fits your specific needs. For example, if you run an online casino, make sure that the processor works with businesses that are involved with online casino and gaming businesses before signing a contract with them.

3 Challenges Every Online Casino Merchant Faces

 The global online casino industry is on a roll. Its market was worth USD 53.7 billion in 2019 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 11.5% between 2020 and 2027. This market growth is driven by increasing internet penetration and the growing use of smartphones. Furthermore, factors such as quick and easy access to online gambling and gaming, legalization and cultural acceptance, corporate sponsorships, and celebrity endorsements are all helping to drive market growth.

Entering the online casino industry seems promising, doesn’t it?

Yes—but there are numerous challenges that you will face as an online casino merchant. Here are three of those:

1. Fraud

The rapid growth of online casinos comes at a cost—increased cybercrime. The most serious threat is either identity theft or spoofing. Many new account registrations are frauds. Meanwhile, during peak attack periods, automated bot attacks can account for about half of daily casino traffic.

2. High Risk

Traditional payment processors consider online casino merchant accounts as high risk for various reasons, including age limits, vague regulations, high-volume turnover, higher-than-average chargebacks, money laundering, and fraud. Save time when looking for a merchant account for your online casino business by seeking out high-risk merchant providers who explicitly support online gaming and gambling businesses. The right high-risk merchant provider will help you minimize your risk and improve your data security by utilizing cutting-edge data protection technology and fraud prevention mechanisms.

3. Chargebacks

A chargeback is a credit card transaction that a cardholder disputes because of non-receipt of services, dissatisfaction, or outright fraud. Say a player at an online casino table loses big time and then calls his credit card company to dispute the charge. It’s a “he-said, she-said” debate that online casino merchants often run the risk of losing. When a player does this and gets away with it—whether it is a genuine mistake or not—they are 50% more likely to do it again within 90 days. Chargebacks are exacerbated by buyer’s remorse, the convenience of calling the credit card issues and disputing a charge, and merchant policies. Of course, the greater the number of chargebacks your online casino has to pay, the greater the effect on your business’s bottom line and credibility. You could also lose your merchant account if you have too many chargebacks!

What’s the takeaway?

In tandem with high-risk merchant account providers, online casino operators must devise new methods for identifying and authenticating good customers while providing a seamless online experience to overcome these three challenges.

The Biggest Advantage of Setting Up an Offshore Bank Account

 With the global spread of the coronavirus disease 2019 (COVID-19), the way we think about money has changed a lot. Leading global economies have faltered, millions have lost their jobs, and almost a fifth of ALL US dollars was printed in 2020! Up until recently, we were all obsessed with what we could get in terms of 'consumer durables' and how much we could borrow to advance our spending power, but everything has been turned on its head today.

Saving is the new spending, and there are plenty of easy ways you can develop a positive savings habit. For example, you can pay yourself before you pay anyone else when your salary cheque arrives. i.e., moving a portion of your income into a less accessible savings account each month so that you do not waste that money, but instead, you save it for a rainy day. Similarly, if you are a business owner, it could make good sense for you to set up an offshore bank account because such an account structure could benefit your finances.

Perhaps the most significant advantage of opening an offshore bank account is that it allows you to defer the payment of taxation on the interest that you earn. Generally speaking, interest is paid gross, i.e., without the deduction of tax. This means that your savings have a booster for the tax year as interest is paid each month on a larger sum. At the end of the tax year or the end of the term of your savings account, you may well have a taxation liability. Still, because your money has grown in the interim without tax being taken away, this can have a booster effect on your money's growth.

For some, offshore banking services can help legitimately avoid tax. However, never assume you have no tax liability; such an assumption could land you in serious trouble! Always determine your liability because when it comes to tax, ignorance can never be an excuse. 

What To Look For In A Credit Card Processor For Your Online Poker Business?

If you run an online poker business, good luck trying to find a reliable and affordable credit card processor. Given that yours has been deemed a high-risk business, banks and other traditional processors are just not that excited about working with you.

So what should you do?

Well, you should find a credit card processor that specializes in working with high-risk merchants and can help you get your application approved quickly and easily. You want to get right from the first try, so you don’t have to go through the process over and over again.

Processing credit card payments is a serious business, and you don’t want just anybody to handle your online poker merchant account.

When you are looking for high-risk merchant account services, don’t just settle for the cheapest provider. Sure, lower fees and favorable payment terms are important but ensure that you give more attention to professionals with years of experience under their belts.

Having survived in an industry as competitive and dynamic as payment processing for years indicates that the provider offers reliable account setup services and customer support. You can trust an experienced provider to handle the entire application process with ease and get your account live in as little time as possible.

As a merchant in the online gaming industry, you may also need multiple solutions for your high-risk merchant processing. Therefore, work with a credit card processor who can arrange for you to have more than one merchant account with different international processors and offshore banks worldwide.

If you are an online poker merchant, get in touch with Liberty Enterprises today and let their professionals find the credit card processing solutions best suited for your high-risk business. With over ten years of experience in the payment processing industry, they have an extensive network of banks, processors, and direct relationships to meet any merchant’s needs. 

The Shift in Sports Betting and What It Means for Online Sports Betting Merchants

 The online gaming market, including the online gambling and sports betting industries, has exploded in recent years and is expected to rise to $2.2 trillion by 2021! That being said, integrating credit card processing on your sports betting website can be complicated.

As an online sports betting merchant, you will have a hard time finding a bank or payment processor who will support your business. Due to the industry's background and reputation, high chargeback ratio, and the complexities of the federal and state laws and regulations regarding the industry, sports betting businesses are labeled as high risk. As such, you need to have a specialized online sportsbook merchant account to process and accept payments.

There is good news: Despite the challenges that drive banks and other payment processors away from dealing with online sports betting merchants, the outlook is looking better. With significant help from the recent Supreme Court ruling on the "Murphy v. National Collegiate Athletic Association, No. 16-476, 584 U.S. ___ (2018)" case, the entry barriers for sports betting are being lowered.

Online sport betting merchants should bear in mind that, even with this ruling, they are still in a unique position compared to other low-risk merchants. Banks and other payment processors will likely continue to consider sports betting businesses "high-risk." This means that setting up a high-risk merchant account would cost much more than their low-risk counterparts.

The online gambling and sports betting industry has a huge growth potential, which may broaden offerings among payment processors in the future. But that is still too early to assume, which is why sports betting merchants should opt for a payment processor specializing in high-risk merchant processing.

So, if you want to get the most out of your online sports betting business, take the extra time to find a reliable payment processor who will work with you to identify and address your business needs.

What an Offshore Company Is Really All About?

 The offshore services industry is heavily tainted by negative press portraying it as a mechanism for millionaires and billionaires to cheat on their taxes. The truth, however, is that an offshore company can be established for legitimate business reasons.

What is an offshore company?

Setting up an offshore company means incorporating a business in a country other than the one you currently reside. It does not have to be a tax haven. For example, if you lived in Germany, you could form a company in the United States, which would be an offshore company to you.

The mainstream media seems to have a field day with the offshore services industry (in particular, with tax havens) and only reports on them when a major tax crime is uncovered. Because these tax havens uphold anonymity, they have no recourse to going on the offensive in the media because calling attention to themselves and their clients is pretty much the exact opposite of their objective.

Why form an offshore company?

Several advantages can be realized when you set up an offshore company. The greater percentage of people drawn to offshore company formation are seeking greater privacy in their financial dealings, increased layering for asset protection purposes, and reduced tax burdens on capital gains.

Forming an offshore company DOES NOT preclude you from paying your fair share of income taxes in your home jurisdiction. The advantage of creating an offshore business is that once you have paid taxes in your home country and moved this money to an offshore bank account, your money can grow tax-free. In general, tax havens will not charge a tax on capital gains or tax foreign-derived income.

If you want to take your business offshore to enjoy complete confidentiality in your corporate affairs, get in touch with Liberty Enterprises today.

5 Misconceptions About International Business Corporations

If you’re thinking about forming an offshore IBC, you must know about the common myths that prevent you from going the right way. Once you get the facts straight, you’d be able to move to a jurisdiction that better serves your business goals.

Myth #1. IBCs are entirely unregulated.

Fact: Talking about offshore IBC formations, these aren’t a free-for-all structure allowing anyone to do anything without supervision. Companies don’t have unnecessary restrictions, but there are specific guidelines for successfully conducting your business activities.

Myth #2. IBCs are illegal.

Fact: This one is amongst the most pernicious misconceptions of owning an IBC because it stops the otherwise savvy entrepreneurs from gaining the advantages offered by offshore jurisdictions. IBCs aren’t illegal; it’s just a misunderstanding of the law. As far as you’re meeting the home and host jurisdiction's legal requirements, this will help you stay within the law without any troubles.

Myth #3. The reporting requirements are too burdensome.

Fact: There certainly is some amount of paperwork involved in the intense yet delicate process. But you don’t have to do it all by yourself. You can take professional advice to make sure everything is in order. Besides, all of the documentation is only to ensure you’re a legitimate corporation and gain similar benefits.

Myth #4. IBCs never pay taxes.

Fact: Every jurisdiction has its tax laws regarding high-risk merchant processing. While some jurisdictions mandate little to no taxes, others don’t get the benefit at all. It does make sense to find a location that offers sizeable tax incentives, but IBCs aren’t only for tax reductions. The idea is to help you save money while protecting your assets and having more privacy.

Myth #5. IBCs are used for prohibited activities.

Fact: International Business Corporations have a lot of flexibility and can participate in virtually any venture. But service providers don’t let the company commit criminal acts around the world. Yes, the IBC gets to take the decision making into their own hands without much governmental interruption, but illegal activities are taken seriously if the evidence is produced.

Having an offshore International Business Corporation is less expensive to operate and maintain and also less stressful. Just make sure you have an expert by your side to keep your corporation going.

What Makes Online Casino Merchant Accounts Preferable?

Gambling has ever since been one of the most favored pastimes or hobbies for the active and adventurous audience. However, today the activity has gained a new meaning. People are making a profit out of this challenging pursuit. Casino gambling is getting increasingly popular on the internet, and more and more websites are emerging every day.

One of the significant aspects that differentiate online casinos from the traditional ones is how they process payments. For this reason, if you own or plan to hold an online casino platform, give a good thought on how you will accept payments. Only when you have a secure and trouble-free online casino merchant account is when you’d be able to target a diverse audience from different corners of the world, contributing to your business revenue significantly.

But for this to happen, you must find a reliable merchant account provider. The one who can make you feel safe about the stability of your business is of vital importance. Besides, why an online casino account is more preferable today is for the following reasons:

Convenient credit card processing – Reliable online merchant accounts offer you a suitable payment gateway and a service provider you are confident in dealing with.

Worldwide popularity – The ability to accept different audiences and currencies is one of the major benefits that contribute to your business's profitability. You may be able to target a local as well as a mass international audience.

Additional security – Service providers aim to offer a variety of anti-theft and anti-fraud tools so you can feel safe about your transactional operations.

Quick accessibility – Last but not least, service providers offer round the clock support so you can contact them in case of emergency and get problems solved ASAP.

You may get quite a few advantages with your high-risk merchant processing needs. Still, the most beneficial is the ability to have the needed control over your casino business and its profits. However, if you really wish to keep your transactions protected, choose a gaming merchant account provider that handles your business needs with the utmost care, intelligence, affordability, and honesty.

Questions to ask before hiring a payment processor for your online poker business

 

As a webmaster of a poker site, you will find the process of choosing the right payment processor for your business a little daunting. Sure, you can go online at any time and type in “online poker merchant services,” but how do you ensure you pick the best possible candidate out of the dozens that pop up on the search results page?

One thing you need to understand before you start looking for a payment processor for your business is that your online poker business is “high risk” in the eyes of acquiring banks and other traditional financial institutions. Frequent chargebacks, high volume turnover, and fraud are some of the main reasons why the online casino and poker industry is considered risky.

Most acquiring banks will not always be willing to approve your online poker merchant account application (not without exorbitantly high fees, at least). So, you need to find an experienced high risk merchant account provider to set up a safe and secure payment processing solution.

When searching for a merchant account provider, it may not be a good idea to base your decision solely on their pricing. Sure, saving a few dollars here and there is always a smart business move, but take a gander at what else your potential payment processor puts on the table.

Here are a few questions that will come in handy when you are screening your shortlisted payment processing candidates:

●      Can you provide me with the uptime my poker site needs?

●      What kind of security do you offer?

●      Can you help me curb chargebacks?

●      Will I get my money on time?

●      Do you get dedicated customer support?

●      Do you offer multiple MIDs (Merchant IDs)?

The search for high risk merchant services for your online poker business can get frustrating. But when you fully understand the concept of being a high risk merchant and ask the right questions, you can find a payment processor who can provide you with a secure and long-term solution that makes payment processing easy.

 

 

5 Important Criteria To Choosing The Best Payment Service Provider

 It’s crucial to choose an expert and trustworthy payment service provider that partners with reliable gateways. Brand recognition is necessary – but that’s not everything you’d want. It’s essential to conduct a thorough analysis to make sure your prospective partner meets your needs.

The one you choose must be an industry leader for high-risk merchant accounts, payment gateways, and high-risk credit card processing, etc., if that’s what your business necessitates. Keeping the following five considerations in mind will help you choose the plan that works best for your specific needs.

1. Payment Methods

Start by listing which methods you require before actually moving on to the gateway. The payment service provider must be available to all clients who wish to access those. Partner with the one who can offer what you need, especially multilingual payment pages if you deal internationally.

• Technical Requirements

It can be challenging to integrate your current systems and in-house developments, particularly with high-risk e-check processing. So it’d be most sensible to choose a PSP that offers a service module for your existing processes.

• Payment Development Security

PSPs independent of banks must agree with the worldwide data security standards. This allows you to stay protected from theft or fraud and secure the rapidly evolving payment processes. Thus, choose the one that can assure payment security.

• Services Provided

PSPs offer services that differ from one provider to the other. Thus you need to understand your business needs and invest in services that make the most sense. Some of these may include risk protection from missing payments, recurring customer functions, currency conversion management, support services, and many more offers.

• PSP Fee Structure

Another critical factor that helps you decide on which PSP you should choose is, of course, the contract and pricing structure. The costing model may depend on various factors such as the nature of the business, expected sales revenue, amount of transaction, etc. Some providers offer a flat fee, whereas others may charge up to a certain percentage. Besides, there may also apply set up fees, cancellation fees, and currency conversion rates.

To Conclude

It primary is about your research and understanding the customer’s demands. Besides, a provider that offers financial transparency, global reach, and a thorough understanding of your industry is the key to your business success.