QuadraPay Offers Aggregated Merchant Account With Features That Will Blow Your Mind.
In the good old days, people had limited aspirations, and they were pretty much comfortable doing the business by using cash as a reliable mode of payment processing. Business owners used to collect money after each sale, and later they used to deposit the funds to the business bank account.
In today’s world, many card associations and payment service providers help merchants accept payments. Merchants can accept in-store and website payments. We all know that creating an online store is very easy these days.
With the help of credit card processing accounts, merchants can generate high volume sales. Merchant service plays a crucial role in the growth of any organization, and in a nutshell, “without a reliable payment processing option, it’s hard for any organization to be competitive”.
Merchants across the globe are switching towards digital payments, and this trend is not going to stop. Governments in emerging economies are also insisting business owners start using credit card processing options. With this, governments can swiftly get more insight into financial transactions at the micro and macro levels.
The natural need for a reliable merchant account provider and the push from governments and financial institutions has created an urge among the merchants to connect to payment processing companies. When a merchant starts utilizing a payment processing account, achieving high sales figures becomes much more accessible. It also helps in maintaining regular cash flow.
Power And Benefits Of An Aggregate Merchant Account
An aggregated merchant account is a payment processing solution that multiple companies or merchants utilize. This type of account is beneficial, especially for merchants who are new to business startups or face difficulty getting a merchant account.
Application Procedure For Aggregate Merchant Account
To apply and get an aggregate merchant account, a business merchant must fill an online application form with all the details like business registration and more about the business owner. Once all details are verified and approved by a payment processor, they can ask for KYC documents to activate your account to get onboard with an aggregated merchant account with a pool of other merchants on that same MID.
Underwriting Process For An Aggregate Merchant Account
With an aggregated merchant account, the underwriting is usually done in a smaller period than a dedicated merchant account.
As you are applying for a pooled account, the processor will perform background checks for business, and it must be good enough to impress the processor to allow processing with that account.
Setup Time Frame For Account
With Aggregated payment processing solutions, merchants can go live within 24 hours in most cases.
This merchant account offers easy and smooth onboarding procedures to apply, set up and process payments.
Settlement Period In Aggregated Processing Solution
With an aggregated merchant account, the settlement period maybe a little longer. It is because the funds are settled in the account of the third-party processor, and the Processing company later forwards funds to the account of the merchant.
Processing Charges And Other Fees For Aggregate Merchant Account
Most of the aggregate merchant account solutions have fixed rates for all merchants, and this rate usually displays on the website of the merchant account provider. It means all merchants pay almost the same transaction fee irrespective of the industry.
Power Of Control With Aggregated Processing Account
With Aggregated solutions, merchants have less control over how the main MID is being used. It is because merchants from various industries use the same solution. It means that if a merchant attracts massive chargebacks, this can create challenges for all other merchants.
Integration Process For Merchant Account With Website
It always requires technical assistance to integrate a payment gateway on your website with the help of API documentation provided by your processor.
Approval Time Frame
For every business, getting started in the shortest time frame is one of the priorities. It is straightforward to get an aggregated account, and sometimes approval may come within 24 hours.
Risk Factors Associated With Aggregate Merchant Processing Account
An aggregated merchant account can be considered slightly risk-oriented. Since multiple merchants use the same solution, it attracts more risk. The fraudulent activity of other merchants can impact genuine merchants.
Underwriting and Onboarding Process
When it comes to onboarding with an approved aggregated merchant account, it is easy, fast and straightforward compared to any other type of merchant accounts. It is advised to use the US Ecehck/ACH solution and an aggregated merchant account never to miss customer payments.