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HIGH RISK THIRD PARTY CREDIT CARD PROCESSING

It is difficult for a new business owner, sometimes even established business owners, to get an internet or online merchant account. An online merchant account is needed to process payments of customers made through credit card. A holder of the “internet merchant account” has to bear the expenses for several things including monthly gateway fees, minimum transaction fees, customer services fees, credit card processing software and fees for the secure server, among several other fees’.

Well, for a start up business all these costs are not affordable and therefore the alternative is using “Third Party Credit Card Processing”. There are firms called “Third Party Credit Card Processing Firms” which accept payments through credit cards on your behalf. However, the cost or commission charged for each transaction ranges from three percent to fifteen percent of the price of the product. There may be a minor one – time fee that is charged by the third party credit card processors for the setting up of the service. Some third party credit card processors provide this service for free. Using this option is only recommended in the starting or the first phase of your business when your have very limited capital and limited products put up for sale. When your business is doing well and you have enough money to fund an “Internet Merchant Account”, it is advisable to go for it. You should know that, it is better for your business to move to an internet merchant account as soon as possible because this account offers several more benefits at a much lesser price. But, if your turnover is under the $650 a month mark then it is not recommended for you to set up a gateway and an internet merchant account.

To get a “Third Party Credit Card Processor” you have to sign up by paying a prescribed fee and get the approval. Once the approval comes in, you are allowed to create links for ordering for the products. These links will connect the customer with the third party processor’s servers and then, they will process the orders for your business. Some of the ordering options offered by third party processors include telephone ordering option, credit cards and online checks, among others. When a sale is completed, the product price minus the processing fees will be transferred to your business account in a secure manner. For non – US businesses, 3rd Party Processing, is a good option. But if your turnover goes over $650 a month, then the merchant account will be a much better option.

It is a wise step to seek the opinion of e – commerce business specialist prior to taking a decision on the use of e – commerce for your company. However, once you have decided to use e – commerce for your business, then having a way to accept credit card payments is a must. If you do not provide to credit card payments on your website then your customers will quickly move to a competitor’s site which provides better payment options.

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.