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WHY USE A 3RD PARTY POKER MERCHANT ACCOUNT PAYMENT PROCESSOR

 Credit Card payments may form the largest chunk of your sales because most customers prefer to pay by credit cards. If your website does not accept credit card payments then most of your customers will simply quit your site and enter another one where credit cards are accepted. Fortunately for you, there are numerous methods available to process payments electronically. The merchants can either choose to have a merchant account of their own or a 3rd party processor. One solution is good for one situation and another solution for another situation. This article will discuss the situations in which the 3rd Party Processing of payments is favourable.

Cannot get a merchant account

Although merchant accounts can be obtained more easily than ever before, many merchants are not eligible for it. For example, the MasterCard and Visa companies only allow registered businesses to obtain merchant accounts from them. Therefore, if your company is not registered legally, then you will not be able to get a merchant account. Other major issues why merchants become ineligible of merchant accounts are being blacklisted or running a business that is considered high risk by the credit card companies. However, you can still process credit cards by obtaining a 3rd Party Processor.

Number of Products is less

If your business sells only a few products then obtaining a merchant account may not be worth the trouble. The several fees’ that are applicable for every transaction may make the 3rd Party Processor a better option for your business. Also, finding a provider for the payment gateway, then implementing a shopping cart application that can be integrated with the gateway and finally, resolving the programming issues will need more effort than is worth for you.

Sales Volume is Low

If you run a business that does not have high volumes every month then the costs associated with the merchant account will eat a significant chunk of your profits. The primary reason of this is: the merchant account providers need a minimum volume of sales from your business or else you are liable to pay a monthly charge. Therefore, in case of low sales volume, you will find your merchant account disadvantageous. In such a case, obtaining a 3rd Party Processor will be more beneficial.

Less Maintenance

The requirements for processing of credit cards by having your own merchant account are: an API, a shopping cart application and payment gateway, among others. These components require personnel to operate and maintain them. This is an expensive thing. Therefore, for the small and start-up businesses who cannot afford such costs the 3rd Party Processor is a better option. Moreover, if you cannot hire such people and you still have your own merchant account then the maintenance should be taken care of by you. If you are not skilled enough, then it will become a difficult job for you. However, with the 3rd Party Processor you outsource such chores and concentrate on improving your business. 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.