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TYPES OF HIGH RISK PAYMENT MODES

Apart from credit cards, following are a few other kinds of payment modes which will be processes:

Debit Cards: All Point of Scale (POS) provide the alternative of accepting debit cards such as Honor, MAC, Interlinc, Star, etc. A few terminals have a PIN pad internally, while the others consist of a port which connects hand-held pin pads. The advantage of accepting a debit card is that only transaction fees will be charged and the discount rate will never be charged. Selecting a POS swipe terminal which has an external or internal PIN pad wil depend on a few factors like if the trader minds if a customer touches the terminal or not. However, the clutter is less with respect to a PIN pad present internally as it will be an all-in-one entity.

Electronic Check Conversion (ECC): An ECC allows the processing of paper checks automatically with the help of a check reader/imager. The ECC scans the line of MICR which is located at the underside of a check and then takes its image for the records. Usually, the retrieval of check images is allowed. However, a fee is charged for their storage.

Following are a few advantages of using ECC:

-      The money gets deposited faster into the account.

-      It reduces the handing of paper checks and eliminates the need to deposit the checks at the bank.

-      It also reduces the risk of either losing the checks as well as the risk of the checks getting stolen.

-      The returned checks get reported sooner.

Loyalty Cards (rewards and gift cards): The acceptance of a loyalty card is a good idea if merchants want to promote their goods. However, this solution proves useful only in cash environments such as movie rental, grocery, and hardware stares. The acceptance of loyalty cards results in increase of business.

Fleet Cards: These cards are only applicable to petroleum-type firms which provide customers with unique credit cards in order to make fuel purchase.

Smart Card: These types of cards are still a new concept. Apart from paying for goods, these smart cards contain a special chip which allows each card to store certain information. Many college campuses use these smart cards to store student’s information. The smart cards are predicted to take over credit cards in the near future.

Check / ATM Cards: The ATM cards are often called debit cards but are actually ATM / Check cards. The difference of an ATM / Check card to that of a debit card is that these ATM/ Check cards have a MasterCard of Visa logo. These cards can be processed as credit cards or can be accepted as debit cards when a customer enters the PIN.

Electronic Benefits Transfer (EBT): If a merchant desires to provide cash welfare and food stamp benefits to the customers, then accepting EBT cards is the way to go. For this, either a POS terminal will be needed or a PIN pad present internally should be provided. The EBT card holders should be allowed to enter their PIN while checkout.

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.