QuadraPay offers Low Cost Magazine Sales Merchant Accounts.
A magazine sales merchant account allows businesses that sell magazines to accept payments by credit and debit cards. With a magazine sales merchant account, businesses can accept payments for one-time sales of magazines and can also accept subscription payments. With this kind of payment solution, merchants can accept regular credit and debit cards, as well as alternative payment methods.
With a credit card processing solution, a magazine sales business can accept electronic payments and schedule recurring collections. The subscriptions can be monthly, quarterly, or yearly. This kind of account offers extreme convenience to customers and gives a competitive advantage to the business owners.
QuadraPay works with multiple credit card acquiring companies that are absolutely comfortable working with magazine sales businesses. With our solutions, businesses can sell magazines, newspapers, magazine back issues, magazine bundles, subscription boxes, and magazine-inspired merchandise.
Magazine Sales Merchant Account Is High Risk As Per Acquiring Companies
Traditional banks generally say no to merchants who are in the business of selling magazines, either online or at retail stores. There are multiple reasons behind this attitude of acquiring institutions. In many cases, if you get your account approved through a regular low-risk payment provider, then there may be a high possibility that your account may be frozen due to the classification of your industry as high risk. The processing company may also withhold your funds and eventually close your account.
There are many reasons why magazine sales are considered high risk by acquiring banks. One of the most common reasons is the requirement of recurring and subscription billing. This industry depends a lot on repeat customers; however, with a lot of recurring and subscription orders, it also adds to the credit risk as customers may forget that they are subscribed to the subscriptions. This may result in excessive chargebacks.
Another reason why this industry is considered difficult to place with a low-risk merchant account provider is that many of these merchants are actually selling products of third-party companies, and they hardly have any control over the fulfillment process. As they don’t have a lot of control over how the shipping and logistics work, there is a huge possibility that customers may either experience delayed delivery or may not receive the delivery of the magazines at all. Whatever the case may be, this will trigger chargebacks.
QuadraPay Is Your Best Bet For Magazine Sales Merchant Account
QuadraPay has extensive connections with credit card processors and acquiring banks that are comfortable in reviewing merchant accounts for magazine businesses. These partners may also approve your account even if your application has been rejected by other banks and payment processors.
Our processing partners ensure stable credit card processing solutions for magazine companies by implementing various fraud protection tools and properly utilizing chargeback mitigation systems. Our acquiring partners have connectivity with various banks to provide high uptime and proper load balancing.
If the underwriting team considers your application good enough for approval, then in most cases, you can get a magazine sales merchant account activated within a week’s time.
Various Merchant Services For Magazine Companies
QuadraPay provides various merchant services for businesses in the online and retail magazine sales industry. We can offer a 360-degree credit card processing solution to qualifying magazine merchants in the US, Canada, UK, and EU. Let’s look at some of the products that we can offer to magazine businesses right now.
Virtual Terminal Payments for Magazine Sales: If your company wants to accept payments over the telephone or via mail order, then this can be a wonderful solution for you. With the virtual terminal, you can easily process transactions without physically having access to the credit or debit card.
eCommerce and Mobile App Payments for Magazine Sales: If you sell your magazines online through your e-commerce website or you use a mobile application where customers pay for the magazine subscription, we can offer solutions for both scenarios. Our e-commerce payment solution comes with ready-to-use plugins for various content management systems, including WordPress, Magento, and WooCommerce. For your mobile payments requirements, we can offer you a mobile SDK that will help you easily integrate the gateway onto your mobile application.
Mobile and Countertop Retail Terminals for Magazine Stores and Stands: These solutions are essential if you want to accept face-to-face transactions at your magazine sales retail store. Our brand-new terminals will allow you to accept almost every credit and debit card type, as well as GPay, ApplePay, and various other alternative payment methods. Mobile terminals are handy, and you can carry them to customers’ homes to collect payments on delivery.
Features of Magazine Sales Merchant Accounts
The various features that make our solution an amazingly attractive option for merchants in the magazine sales industry include the much-needed tools required to ensure that magazine merchants keep their accounts in a stable position for a longer time.
Chargeback Tools: It is quite common for magazine sales businesses to experience chargebacks; however, the right tools can help merchants easily represent the documents to win the chargeback case. Our solutions can be easily used with well-known chargeback mitigation platforms that help you ensure that you do not miss the opportunity to fight and win fraudulent chargeback cases.
Global Coverage: With our solutions, you can accept payments from customers in over 100 countries. This will take your company global and make your magazine an international brand.
Subscription Payments: You can accept one-time payments from customers and can also activate subscriptions for customers. This can be monthly, weekly, quarterly, or yearly depending on your requirements.
Multiple Currencies: With the built-in dynamic currency conversion facility, you can charge your customers in their local currency. The tool automatically changes the price to the home currency of your customer. This way, when your customers purchase magazines on your website, they will feel more comfortable.
Fraud Detection Tools: Built-in advanced fraud detection tools help you identify and stop transactions in near real-time.
Offshore Payment Processing Options: We have rock-solid relationships with domestic as well as offshore magazine sales merchant account providers. If a domestic bank in the US does not approve your application, you do not have to worry as we can take your application to offshore acquiring banks. Keep in mind that offshore credit card processing for magazine sales can be a little more expensive than domestic merchant accounts.
ACH/e-Check Processing Capabilities: Accept direct bank payments from customers.
Low Fee Structures: Along with credit and debit card processing, you can accept payments by various other transaction modes, including ACH electronic check processing, QR code payments, and various other popular APMs in the US, Canada, EU, and UK.
Integration of Magazine Sales Payment Gateway
Our credit card processing solutions integrate well with most popular content management systems and CRM systems used by magazine companies. With access to a detailed API document, your technical team can easily write custom codes and connect the gateway with your e-commerce website, mobile app, and even your magazine sales CRM. Additionally our solutions can be seamlessly integrated with well-known payment gateways like NMI, Authorize.net, and many more.
KYC For Magazine Sales Merchant Processing
To open a magazine sales merchant account, you will need to send some documents which the underwriting team will evaluate. Based on that, they will give you a judgment whether they can say yes or no to your magazine sales business for credit card processing. Let’s look at some of the most important documents:
You have to share the personal identification proof of company directors. This can be a national ID which includes the name, picture, and date of birth of the director. In most cases, banks accept driver’s licenses or tax IDs.
The processing company will be interested in identifying your company, and for this, you need to share your company registration documents as well as tax information and any other licenses that may be required.
It is important for the underwriting team to know where the director lives and where the company is physically located. For this, they require utility bills.
For merchants selling magazines over e-commerce websites, they will need to submit a copy of domain ownership. This can be a domain purchase receipt or a screenshot of the WHOIS certificate that clearly displays the business owner information.
You will also need to share your e-commerce website URL. The underwriting team will deeply evaluate your e-commerce website.
The money collected for magazine sales must be deposited to your business bank account, and for this, the acquiring bank would require a bank letter or a voided check that confirms account information.
Depending on the jurisdiction of business registration, merchants may be required to submit tax registration information. This may include EIN – IRS (US), Business Number (Canada), Unique Taxpayer Reference (UTR) UK, and TIN (EU).
Application Process For Magazine Sales Merchant Account
The application process for a magazine merchant account with QuadraPay is very easy. All you have to do is contact us and send basic information. At first, we just need your name, email address, the website that you wish to get approved for, and a phone number. Along with that, you can also send us additional information that you want to share. Once we receive the basic information from you, we will contact you and let you know about any extra documents that may be required for the approval of a magazine sales merchant account.
FAQ Magazine Credit Card Processing
Do magazine sales credit card processing accounts allow for monthly recurring billing?
Yes, our partners offer magazine sales credit card processing accounts with the ability to accept monthly recurring balances, as most magazine sales companies sell monthly subscription packages.
Suggested readings
https://www.technavio.com/report/magazine-publishing-market-share-industry-analysis
