Looking for a merchant account for your digital product or e-book? PaymentCloud has the solutions in place to get you approved and processing the right way. If you have been searching for a merchant account provider for a while now, then chances are you have found out just how difficult it can be to find a processor that is comfortable with card not present (CNP) digital downloadable content. The good news is your search ends here.
You may be wondering what falls under the digital download or product classification. The most common would be e-books. Anything from teaching you the latest in online marketing tactics to a 50-page course on day trading. Many banks don’t allow this type of product/industry within the confines of their credit policy due to the ambiguity of the product or service rendered and the method by which it is delivered. For instance, it’s not a transparent item that is changing hands like a comb or kitchenware, it is a product that isn’t so black and white. Therefore, the chances of incurring a chargeback is much higher. Furthermore, the product is being sold online where the card holder isn’t present at the time of the sale opening it up to the possibility of fraudulent transactions.
Downloadable instructional courses that charge either a one-time fee or on a subscription-based model are also considered high risk. Examples include Forex trading, internet marketing, programming and design courses just to name a few. All of these fall under the same classification as the banks are concerned. Luckily, we have aligned ourselves with banks that allow for these industry types within their credit policy.
So how does the process work? The first step is to submit an application to PaymentCloud along with supporting documentation so that the bank can adequately underwrite the account and complete their risk assessment. The documents need (found to the right) are: photo ID, voided check, 3 month’s bank statements, and 3 months processing statements (if available). Your website also needs to be compliant, a PaymentCloud executive will help go over the short checklist prior to submission. We are here to answer any and all questions that you may have along the way. We will hold your hand through underwriting and advocate on your behalf until you are approved. We will also put in motion the steps required in order to expedite the process and produce the results you expect.
Ready to start accepting credit card payments right on your site? Fill out the short form request to get started and gather all the docs listed on the right. We look forward to working with you.