In today's marketplace, running an e-commerce business is all about what you can do online including taking client and customer payments. When it comes to taking credit card payments online, which you need to do for e-commerce, you face an uphill battle from a credit card payment processor perspective because that type of transaction is considered high risk. In fact, anything that deviates from what the major card schemes like Visa and MasterCard consider the gold standard - a face-to-face, card-present and swiped transaction - is a calculated, higher risk. Obviously, e-commerce is, overall, a thriving concern, but it is important for you to understand that this segment of the marketplace struggles more to get a card processing account going than brick-and-mortar business owners or merchants.
If you are accepting payments online you add another element of risk to the picture, getting a credit card processing company to accept you as a customer of theirs to accept card transactions online, can get a little dicey. Of course, what constitutes the added risk dictates how far they are willing to go in order to underwrite you as their customer. For payment processors, the business of debt consolidation is one of the highest of risk categories. Debt consolidation, as an industry, comes with a large load of risk just based on the fact that you are working with individuals who are already having trouble making payments to clear their debt. From an underwriting standpoint, this indicates that your business might have a harder time collecting payments from these individuals as well and, therefore, your financial prospects can look unstable.
Most of the big payment processors like First Data, Chase Paymentech, Wells Fargo Merchant Services or even Stripe have strict rules in place that disallow high-risk merchants like debt consolidation companies from being accepted for a merchant account. The calculated chargeback percentage is too high - chargebacks being disputed transactions by your customers who have used their credit cards to pay you. Additionally, if you set up agreements with your customers for recurring payments that process automatically each month, your chargeback risk percentage rises exponentially - further increasing risk for you in processing card payments.
Don't despair, though, because there are solutions for your debt consolidation business, and you can certainly process credit card payments for your customers. You just have to land with the right payment processor that can handle the higher risk category your business is in and has the bank backing that will handle those higher risk merchants, as well. PaymentCloud is exactly that payment processor - willing and able to assist you in getting a new merchant account set up for processing credit card payments without the hassles and rejections you'll have experienced elsewhere. The knowledgeable and responsive team at PaymentCloud understands that your business is about helping people and are dedicated to getting you the level of merchant account you need to be successful.
Getting a new business up and running is hard enough without jumping through unnecessary card processor underwriting hoops. Likewise, if you've been in business for a while and are catching flak from your current processor regarding risk, you really just need a different solution. At PaymentCloud, you will find the assistance, support, state-of-the-art equipment and scalability you need to accept card payments online and grow your business. Skip the aggravation of payment processors with too-strict rules - let PaymentCloud get you started today with our simple, easy application - you can find us at PaymentCloud.com or give us a call at 1-800-988-2215.