As companies put more effort into refining their online presence, owning a great-looking and fully-functional website becomes increasingly important. It has been seen that a majority of people name website design as the biggest factor in deciding a brand’s credibility. Not only does the design affect user behavior, but cart abandonment rises if the user experience is low. Now that companies are beginning to see the value of a great website development company, there is a large niche that needs to be filled in the industry. We need more companies with a range of styles and price points to help other websites get up to snuff.
SIC and NAICS codes are ways of classifying businesses by what they do or sell. For example, if your company does custom computer programming, so will fall into the SIC code 7371 and NAICS code 541511.
These codes are used by the US government to classify businesses based on their primary business activity, and are required on many business registration forms. This information helps organize and analyze statistical data for the federal government, state agencies, and even private organizations. By using this system, your bank and payment processor are able to quickly identify your industry and business type.
These codes are also important because it helps banks measure your risk factors and get you set up with the software integrations that you need. Web design SIC code 7371 and 7373 will most likely be the arenas that your company falls into. Whereas with the NAICS classifying system, there are many more codes that your business can fall into.
Below are some of the most common codes in the web development industry and what they are used for:
Because brand image affects every aspect of a business, people are willing to spend thousands of dollars for a website that looks just as good as it performs. This fact alone means that a skilled professional in the industry can turn a huge profit with the right clients. And in order to fulfill these services, you will need web merchant services to be able to get paid for your work.
This means that you will need to be approved through a payment processor with a supporting bank that will support your client transactions through an integrated payment gateway or virtual terminal online. Now the application process may seem straightforward- tell them your business, give them your banking information, and voila, you’re all set- but this is not the case with web design and development merchants.
When considering high risk businesses, website development doesn’t usually come to mind. But banks and credit card processors measure a company's financial and reputational risk through a whole host of categories. The most common reasons in which this industry is risky is due to:
Because of these reasons, and many more, banks have adjusted their process for supporting website design payments. You will need to find a credit card processor that is equipped to mitigate these risks so that you can stay up and running long term. This requires a high risk payment processor.
When searching for the best high risk merchant account for website development companies, the most important thing to keep in mind is your company’s specific needs. Web design companies, and high risk companies in general, require features such as fraud and chargeback mitigation as well as auto-invoicing and a virtual terminal.
With these things integrated into your website credit card processing account, you can be sure that your transactions are secure for both you and your customers.
Our company provides customized payment processing solutions for high risk businesses like yours.
In addition to an in-depth knowledge of the web development niche, we have established relationships with over 10 banks to ensure that your merchant account application goes through smoothly. The underwriting practices utilized at our company effectively identify the risks and our integration options help to reduce them. Using your fully PCI compliant shopping cart or virtual terminal online will ensure that you can process all types of transactions securely.
Once your merchant account for website services is up and running, your dedicated account representative will help you set up your payment gateway and begin accepting card payments. From that point on, your account representative is your link to the bank. All questions, concerns, and changes should be brought to your representative who will work on your behalf to answer or resolve.
Setting up your high risk merchant account may sound like a daunting task, but it doesn’t have to be. As the expert in all payment processing matters, we’ll help you find the merchant services support that your business needs to succeed.
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From day one, Miles has been an overwhelming help to me in making sure I am making the best choices for building my business. His patience with me as he helped me step by step in submitting my application was so appreciated! …The team has been amazing across the board, and I truly cannot thank them enough!
I've been working with the folks at PaymentCloud for about two weeks now. They have made it super easy and they guide you through everything! Their customer service and support is awesome! I'm so glad that we connected with Michael S. and all the other folks at PaymentCloud. Highly recommend!
The agent who helped me to onboard was attentive and consistent throughout the process... They made sure I knew how to manage my accounts and had them properly set up and in compliance. They turned what could’ve been an intimidating process riddled with errors into a smooth transition for my business.