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A Credit card merchant account is actually a contract between a business and a bank or even a loan provider. This contract ensures that the financial institution accepts payments for your goods and services on behalf of the organization. These Merchant acquiring banks ensures that a merchant or company can accept payment from international customers for your goods and services they deliver. Thus merchant credit credit card accounts form an essential part of any E-commerce business.
There are 2 varieties of merchant credit credit card accounts. First is the normal account, in which the merchant can directly access the credit card and make certain that it is a legitimate customer, thereby the chance involved is minimal. The 2nd form of merchant credit card involves the accounts where it is really not easy to visually testify the customer. These sorts of accounts include adult entertainment merchants, online tobacco merchants, replica merchants, gambling online merchants, pre-paid calling merchants, VOIP merchants, multilevel marketing merchants, or any transaction which takes place with all the customer physically not present. Thereby, the possibility of fraud activity is significantly greater using this type of business which results in classifying these sorts of accounts as “high risk” ones. Naturally, extremely high risk merchant credit credit card accounts present the potential risk of the dreaded charge backs for your banks involved. This has been proved by various researches that these particular high risk processing transactions are definitely more vunerable to fraudulent transactions.
These factors considerably reduce the amount of banks prepared to occupy extremely high risk processing accounts. These adversely affect the applying company in setting up payment processing accounts. They often times come across a situation in which the banks generally decline their application, or impose high restrictions in the account transactions which virtually causes it to be impossible to conduct normal business. Even if a merchant has generated a payment processing account using a bank, he is able to never make sure that the relationship with all the bank is secure. The lender might revise their underwriting criteria anytime, and suddenly merchants are facing a situation in which the payment processes adversely affect their business.
Today, many top-notch banks will be ready to establish high risk merchant credit credit card accounts. These accounts are highly personalized accounts. Financial institutions study the program intensively and then draw conclusions in the rates of transaction that needs to be imposed. Dangerous merchant acquiring banks consider the technique the company uses to draw in customers, the expected turn over and the sorts of customers that might get involved with them. These banks also encourages merchants to start up multiple accounts thereby ensuring a diversified payment process, as well as if one account encounters an issue, business can proceed from the other active ones.
As the saying goes, you are unable to achieve anything in life without taking risks; companies are on the appearance-out for novel grounds that ensures a proper business. These ventures can be quite a little unconventional, but what counts in the long run is the turnover the company produces. So, banks or finance institutions should study them carefully and then try to enable them to perform the payment process, as opposed to classifying them as high risk and denying applications. Our prime risk merchant credit card acquiring banks are actually eye-openers in this regard.
An organization could be classified as a higher risk account in the event it falls under categories like: unregistered business entity, unstable credit rating, blacklisted by other processing companies, generates large amount of transactions and so forth. Businesses like gambling online and adult websites are the best examples for any high risk account.
A good account provider helps and assists high risk businesses in setting up a free account. It will help company owners in setting up a free account internationally or anywhere in the world. The account providers are normally because of the full authority to facilitate, manage and process transactions. They will likely act in your behalf. In addition to that, they will likely protect you from any fraudulent transactions.
Your data will likely be kept confidential. Address verification service also referred to as AVS is a kind of verification scheme the account provider uses to specifically screen out clients who uses fictitious names or those that simply steal money by making use of other people’s account information. Using multiple charge cards is strictly prohibited by the business merchant provider since this is a sign and a strong indication of the stolen credit credit card.
With the aid of advance technology, high risk merchant credit card providers may help you create and process transactions safely and securely. Normally, high risk merchant credit card pays higher rates or fees because the account is much more complicated when compared to the normal accounts.