Eropean High Risk Credit Card Processing
Are you searching for a European high risk merchant account? If yes then you are at the right website. Quadrapay is a fast growing merchant services broker company. We work with well known European high risk merchant account providers. Our company can play a pivotal role in helping you accept well-known credit and debit cards online. Getting a European high risk merchant account may be tough for some businesses. Some industries are considered prohibited, and unfortunately, we cannot help merchants from those industries. In case if your industry is not viewed as a banned industry by the credit card brands, then there is a huge possibility that you may get approved for European high risk merchant account.
European merchant service companies provide credit card processing solutions to businesses of different types. If your credit score is terrible, still many offshore payment service providers may onboard you. If you want to improve the chances of your approval, then your website must be complete. We have seen many applications getting declined just because the sites were not active. Europe based credit card processing companies prefer to work with genuine and motivated merchants. If the credit card company identifies that the merchant has got the potential to grow and is selling products that are not prohibited, then there is a massive possibility of approval.
High risk business owners will have to send a detailed merchant account application to the payment service provider. This merchant account application will help the European high risk merchant account provider to evaluate your risk profile. It will also help the payment service provider to analyse you maximum ticket seize, minimum ticket size and monthly sales volume. They will also be able to identify your country of registration and the traffic of your customers. European payment processing companies that we work with offer multi-currency payment processing options. With the multi-currency merchant account, you will be able to accept payments from customers in different countries. You can receive payments from customers in over 75 different countries.
By using a European high risk merchant account, you can accept credit card payments online and also through the virtual terminal. Please keep in mind not every merchant qualifies for a virtual terminal. In case if the processing company considers you as a reputed organisation, then they may offer you a virtual terminal. With the virtual terminal, you will be able to accept mail orders and telephone orders.
Dedicated Account Manager For High Volume European Merchants.
Most of the processing companies connect you with a dedicated merchant account manager if you process high volume sales. Substantial volume merchants require consistent support from the technical as well as the billing department. Most of the European payment service providers that we work with offer 24/7 support over phone email and chat. This extensive support model can be highly beneficial for merchants that expect a massive amount of sales every month. To get a high volume merchant account in the European Union, you must share your previous processing statement. Your previous processing statement must reflect a similar sales volume that you’re expecting through the new merchant account provider.
Some of the most common Industries that can quickly get approval for high risk merchant accounts in the European Union are
- Online dating
- Web design, SEO, SMO
- Registered Forex companies
- Well-known charities
- Highly reputed pharmacies
- Immigration and Visa Support service companies
- Travel Agencies
- Highly reputed tech support companies
Every business model may have specific requirements. These requirements are shared to you by the payment service provider. Merchants from Industries like travel and hospitality may be asked to submit additional licences. Forex and gaming merchants must also have relevant permits for the approval of the European high risk merchant account. If the merchant sells tangible products, then the merchant must have suppliers agreement. In case if the merchant sells nutraceuticals, then the merchant must be ready to declare the composition and source of each product.
European Merchant Services With Virtual Terminal
Large organisations operate inbound call centres. These inbound call centres are responsible for accepting credit and debit card transactions over the phone. Taking phone orders is not possible without using a virtual terminal or Moto panel. You will be happy to know that many processing companies that Quadrapay works with can offer virtual terminals to reputed organisations. If you require a virtual terminal, then you will have to mention this on the merchant account application form. Along with the virtual terminal, you will also be getting the API documentation. With the help of API, you can quickly code buy now button, and you can also integrate the same on your shopping cart.
Why High Risk European Businesses Find It Tough To Get A Payment Gateway
There can be multiple reasons for a European high risk merchant not getting a payment gateway. It may depend upon the personal credit score of the merchant. The industry in which the merchant operates in also plays a critical factor in the approval or decline of the merchant account application. Monthly sales volume and highest ticket size can also create challenges. Our advice to the management of these high risk businesses would be to be as realistic as possible. There is no benefit in claiming a monthly sales volume that you cannot achieve. If you are finding it hard to get a European merchant account, then we strongly suggest you that you keep your monthly sales volume to the minimum. Once approved and you establish a relationship with the processor then you can further request for a higher monthly sales capping. Credit card brands maintain strict guidelines for high risk band merchants. Processing companies have to follow these guidelines. At Quadrapay we encourage merchants to use 3D secure processing solution. With the help of 3D secure processing, merchants can reduce fraudulent transactions to a considerable percentage. It is vital for European merchants to minimise the chargeback to sales ratio. The chargeback ratio should never cross the prescribed limit of the processor. There are multiple ways through which high risk merchants can reduce the chargeback ratio. A good customer service team can play a critical role in developing a long-term relationship with customers. It can undoubtedly result in low return and chargeback ratio. Standard operation process must be inculcated in any organisation to maintain better customer satisfaction. Customers prefer to contact the merchant before calling the card issuers. You should have multiple channels of communication with your customers. Phone, Email, Chat and Web-based support are a few of the most common ways that can help you in establishing a proper communication channel with your buyers. European high risk merchants should also evaluate services like chargeback alerts and notifications. There are different chargeback alerts and notification companies across the globe. Some of these companies offer 24 to 72 hours time frame in which the merchant can resolve the issue with the cardholder. Quadrapay will be happy to assist high risk merchants from the European Union in getting connected with these chargeback alert and notification companies.
High Risk Merchants in European Union attract traffic from different countries. One of the most common target location from which European Merchants draw traffic is the United States of America. A massive number of buyers in the US do not have access to well-known credit cards. These buyers can still make payments to European merchants by using echeck and ACH services. Quadrapay works with the well-known ACH and echeck payment service providers in the United States. These third-party processing companies are comfortable in evaluating applications of the startup as well as experience businesses in the European Union.
Integration of European merchant account
After the approval, the payment processor will send you a detailed guideline about the integration process of the merchant account. Most of the times these guidelines are easy enough for any programmer. The API information will help you to create your custom code so that you can embed it on your website. The API will also help you to redirect the customer to success and failure pages. Most of the API guidelines will also help you to accept reoccurring and subscription based payments. If your website uses well-known content management systems, then there is a huge possibility that these processing companies can offer readymade plugins. Few of the most common contact management system and e-commerce platform used across the European Union or Shopify, WordPress, Joomla, Magento. Opencart and Prestashop. for most of these platforms payment processes may offer readymade plugins. Integrating these plugins on your website is secure. Most of the times you’ll have to upload these plugins on your content management system. After uploading the plugin on the web server, you can type in the credentials that a mandatory for the plugin to function. After the integration, you can perform a test transaction. Processing companies will generally give you test credit card numbers. These test credit card numbers can help you to verify if the integration is done correctly or not. After performing a successful test transaction, you can switch the plugin to the live mode and start accepting real deals.
KYC documents for High Risk European merchant account
KYC stands for know your customer. European high risk merchant account providers will ask for essential documents that are requested by any processing companies. Most of the materials that they ask for are listed below.
- Business registration certificate.
- Proof of the physical address of the company.
- Proof of the physical address of the business owners.
- Identification and address proof of all the major stakeholders in the company.
- Utility bill for the business.
- Utility bill for the directors.
- Letter of good standing from the business bank account or void check.
- Suppliers agreement in case if the merchant sells tangible products.
- A business plan that clearly defines the sales projection, funding source Individual KRA and organisational structure.
- Last six months processing statement if available.
- Previous year profit and loss statement if available.
- Any additional licences that may be mandatory for your line of business
European Merchant Services Website Compliance Review.
This section of the article will mainly talk about the website compliance requirements for any European merchant account. You must review your website for these parameters to improve the chances of the approval of your merchant account.
- Make sure your website is complete and running correctly.
- Your website must have an SSL certificate to ensure data security.
- All the products that you sell should be displayed on your website. You should ensure that the product shows the correct specification and dimensions.
- Proper shipping policy is mandatory. The shipping policy should be clearly defined. The policy must mention when the product will be delivered to the customer.
- Correct pricing for each product should be mentioned on your website.
- Your website must comply with GDPR guidelines.
- Your website should not use copied content or copied images.
- The contact us page on your website must have the details of your company, phone number, email and registered address.
- The descriptor provided by your payment service provider must be visible on essential pages of your website.
- Your website should display the correct business model. You should show what you sell and sell what you show. Payment processing companies are intelligent enough to understand whether the business model of the merchant is genuine or not.
Advice from Quadrapay about High Risk Merchant Accounts in the European Union. As mentioned earlier in this article we are the registered partners for various payment service providers in the European Union. Based on our experience we would like to encourage you and especially the management of your company that you must be entirely transparent with the payment service provider. In case if the payment service provider asks for a rolling reserve, then we suggest you accept the same. High risk processing companies in the European Union may charge higher transaction fees and can also ask for a rolling reserve. These parameters help the processing companies to provide you with a merchant account for a longer time. To get more details about how we can assist you in getting approved by a European high risk merchant services provider send us an email on [email protected].