Astrology Merchant Account Services by QuadraPay
An astrology merchant account is a specialised bank account that enables astrologers to accept credit card payments for their consultations. With an astrology merchant account, fortune tellers can provide various astrological reading services to customers globally and receive online payments. These services may include natal chart readings, relationship compatibility readings, one-on-one consultations, astrology-based rituals, career and finance readings, and yearly forecasts. In addition to astrological readings, some companies also sell astrology software, birthstone jewellery, talismans, and amulets.
An astrology merchant account can significantly contribute to your business growth as it helps you reach a larger audience interested in astrological services. QuadraPay offers low-cost astrology merchant accounts, enabling businesses to start accepting online and in-store payments without worrying about high fees.
Astrology Merchants Need High-Risk Credit Card Processing
Regular merchant accounts are generally not a good fit for astrology and numerology merchants, and there are multiple reasons behind this. These reasons force many banks and credit card processing companies to stay away from the industry. Let’s look at a few reasons that make astrology a high-risk industry.
Online astrology services may experience high chargebacks and returns. No astrologer can ever give a 100% guarantee of what will happen in the future. This unpredicatability is a key reason for high chargebacks and disputes. Some astrology companies claim that their predictions will be accurate. However, when it comes to rendering services online for astrology, one should never make these claims. False claims or commitments about the future can invite chargebacks.
Regulatory challenges are another obstacle for astrology merchants. In some countries, this may not be legal at all, so credit card companies are supposed to evaluate applications and conditions even more deeply when it comes to astrology merchant accounts.
Some astrology companies offer subscriptions on their websites. If you offer subscriptions on your website, there is a high possibility of chargebacks. Recurring billing and trial offers also contribute to high chargebacks. If possible, avoid these in your business model.
The conversation between the customer and the astrologer is usually very private, and people discuss many intimate things they are scared to discuss with others. To hide their identity, a few customers may use stolen credit cards or personal identifications. This practice can create significant problems for merchants as well as acquiring partners.
It is essential to know that classifying an industry as high-risk can vary among credit card processors. Some specialise in serving high-risk industries and are willing to work with businesses operating in sectors like astrology and numerology.
At QuadraPay, we guarantee that we will take your application to a high-risk processing company interested in evaluating your application for merchant services. So, what are you waiting for? Fill out that form today so we can start working on your astrology merchant account immediately.
Application Process for an Astrology Merchant Account
You must approach a high-risk payment solution provider like QuadraPay to obtain an astrology merchant account. We offer various banking services for astrology merchants, including card processing and bank accounts.
Obtaining an astrology merchant account starts by contacting a provider, which you’ve already done. Step two involves sending us basic information about your business, and one of our representatives will contact you to request additional information.
To apply for an astrology account, you must have a registered business, a business bank account, and a physical office. Sharing your previous processing statements for at least six months would be highly beneficial if you are already processing payments. Once you send us all this information, your complete application package will be sent to our acquiring partner. We must receive the full KYC documents and application set to proceed.
Our partner processor will check your application. If they determine that your profile fits their risk appetite, they will send you an offer. You will need to accept the offer and sign the merchant account agreement. After that, you will receive a username and password for the gateway. Along with this, you will also get API information that is required for integrating the payment gateway with your astrology website. After the integration, you can accept live credit card transactions.
Rates for a Bitcoin Merchant Account
The fees for a bitcoin merchant account depend on multiple factors. The completeness and strength of the application package, which includes a good credit history and well-documented business information, can be a key factor that can help you get low rates for a Bitcoin merchant account.
Another factor that can impact the pricing structure is how much volume you’re expecting and what your expected chargeback ratio is. It is quite common for banks and payment service providers to offer low processing rates to those merchants who bring in more sales volume and are also able to keep the chargebacks to a minimum.
The rates that merchants are paying to the current provider can have an impact on the pricing for those who already accept card payments on their cryptocurrency exchange. To motivate the merchant to move to a new solution, the acquiring partner may offer better rates. Let’s look at some fee items that you can see on your merchant account agreement.
You are expected to pay a fixed percentage on each transaction. This is the main transaction fee that you should look at. Calculate if the MDR offered by the merchant helps you maintain profits in your business. Do not say yes to offers that are so expensive, which hardly leaves any margin of profit for the exchange business.
Other fees include the chargeback fee, refund fee, monthly fee, and reserves. You pay a fixed amount when you get chargebacks or initiate a refund. You may also have to accept a monthly maintenance fee. The payment processor may ask you to accept a rolling reserve. Crypto exchanges may be subject to mandatory high-risk registration for all card brands that they wish to accept.
Please keep in mind that you should negotiate with the payment service provider. If your company’s profile is good enough, you can try to motivate the payment processor to reduce the fees. If they are not ready to negotiate the pricing at the start of the contract, it may be okay to review and rearrange the pricing structure after a specific time frame.
FAQ Astrology Merchant Services
What factors you should consider when choosing an Astrology merchant account provider?
Choose a payment service provider that is well known in the astrology industry. Check testimonials and reviews to get a better understanding of the actual service quality of the payment processor.
Choose a high-risk payment provider specialising in supporting merchants from industries like palmistry, horoscopes, tarrot card reading and astrology.
Work with a payment provider that is transparent and honestly declares all the rates and fees.
Check with the acquirer to see if they can provide integration with your astrology website. Keep in mind that there are many website platforms that are not very flexible when it comes to allowing site owners to use API codes.
You want to make your astrology business huge by helping people across the globe. Ask the provider about the list of countries supported. Are there any traffic restrictions?
Carefully review the contract and see if there are any hidden fees or charges, like early termination fees.
Work with a provider that understands the importance of fast settlements. Ask clearly what settlement cycle they wish to offer you.
What Is The Role Of A Merchant Service Provider In Astrology Transactions?
The role of a merchant service provider in astrology transactions is crucial, serving as a vital intermediary on astrology sites. The merchant service provider helps the astrology merchant sign the contract with the acquirer.
How Secure Is Making A Transaction On An Astrologer’s Website?
In general, transactions from a banking perspective are secure if the credit card processing company complies with the latest industry requirements. However, for customers, it is essential to check whether the site they will transact on is secure.
For a merchant like you who requires credit card processing for their astrology business, it is also essential to know that you should only work with a credit card processing company that adheres fully to the latest industry standards. This will not only secure your business but also generate trust in the minds of your customers.
What is the transaction flow of an Astrology Merchant Account?
Credit card transactions take a few seconds to complete. When customers visit your astrology website, they select the package they want, and then they fill out the checkout form and enter their credit card information. The moment they submit the details, this information goes to the payment gateway, where the scrutiny of the transaction information takes place.
If the information is found to be incorrect, the transaction is declined right away. However, if the information is correct, it is fast-tracked to the credit card issuer. The credit card issuer performs its checks to determine if the astrology transaction can be approved. If approved, the same path is used to send information about the successful transaction. The payment gateway receives this information from the card issuer and transfers it to the merchant through an API. Your customer receives the order confirmation on your astrology website within a few seconds.
How Fast Is Astrology Credit Card Processing?
No matter which industry you are operating in, online credit card processing just takes a few seconds. However, the critical factor is how long it will take to receive the funds from your credit card processor. The merchant acquirer determines the settlement cycle, and it depends on a number of factors.
In most cases, if it is a domestic astrology merchant account and your profile is considered good enough by the payment processor, you can expect settlements every week or sooner. However, in the case of offshore payment processors, the settlement period can be a bit longer.
What Is The Significance Of A Generous Refund Policy For Astrology Businesses?
A refund policy that is transparent helps create trust with your customers. When you draft the refund policy, keep a balanced approach. You should think about protecting your interests and also ensure that the rights of your customers are also protected.
Why do bitcoin merchant processors ask for KYC due diligence documents?
It is important for cryptocurrency payment processes to know about the steps the merchant takes to verify the identity of the customers; this is also referred to as the KYC process. The KYC due diligence document outlines all the steps the merchant takes to identify the customer.
Does QuadraPay offer merchant accounts for Bitcoin mining hardware sales?
Bitcoin mining is a popular activity that people do professionally as well as as a hobby. Quadrapay is okay to evaluate the applications of merchants selling Bitcoin mining hardware.
Choose QuadraPay for Bitcoin merchant processing
QuadraPay is well known for assisting merchants in high-risk industries. Our connections with various high-risk processing companies help us achieve this goal. Our solutions come with merchant-friendly terms and are powered by a few of the best high risk processors. QuadraPay can work hand in hand with you to get your account approved. Our team effort will help you save time.
Suggested Reading
https://www.researchandmarkets.com/reports/5751107/astrology-market-type-mode-end-user
