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OFFSHORE MERCHANT ACCOUNTS FOR NON-PROFIT BUSINESS

Due to their lawful structure, businesses which are not for profit usually obtain discounted rates for a number of business services. However, many service providers of merchant accounts give no special consideration to a non-profit merchant account. If a merchant owning a non-profit business and is on a look-out for processing of credit cards, then the merchant can obtain low fees and rates by utilizing the company’s lawful structure as a bargaining tool.

There are a number of service providers who write the merchant accounts through a few large acquiring banks and 3rd party processors. The providers apply mark-ups to the fees and rates indicted by processors. Every provider has some control over these mark-ups and the fees and rates that are offered to merchants. To lower the competition prevailing in the processing industry, a number of providers target specific positions. Though most merchants do not offer lesser rates for merchant accounts, there are a few providers who provide comparatively lower rates for the non-profit businesses. Their only requirement is that the non-profit companies need to produce documents which prove their not-for-profit status.

One factor which enables obtaining lesser rates is the competition prevalent in the industry for merchant processing. Regardless of a firm’s legal structure, a merchant can obtain processing services at lower fees and rates. The important factor is to evaluate accounts and work with providers to bring down the fees and rates.

A great solution in finding the most suitable merchant accounts is to utilize online quoting services to obtain the quotes for merchant accounts from several providers. Also, this service helps in indicating that a merchant firm is a non-profit one and providers take this into consideration while offering the service quotes.

Apart from the method used in obtaining the quotes for merchant account, it is also advisable to be forward with merchant account providers who contact the merchants all be themselves. The right approach is to let the providers know that the firm is not for profit. Also, it is necessary to mention to the providers what are the requisites of the merchant account.

While opting for merchant accounts, a merchant will realise that most of the merchant account service providers have no special rates offered for non-profit businesses. However, when they come across merchants who have non-profit firms, they readily work with the merchants to create an account which is suitable for one’s needs.

Whether or not a business if non-profit, it is vital to have knowledge that the most suitable merchant accounts are not found online or by dialling some of the phone book numbers. A merchant account which ideally suits a business will not be obtained unless the merchant makes an effort to get what he/she wants. The merchant needs to spend some time to look for a suitable provider to create the best suited merchant account. It is also necessary not to disqualify merchant account providers who do not initially offer discounted fees and rates for businesses that are non-profit.

Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.