As we all know that the entire industry is going through a transformation from web-based payment to wallet based payments as more and more people start using mobile apps and mobile devices there will be a massive need of e-wallet merchant account solution providers. At this point in time, they are very few options available for a ewallet merchant account. To be honest with you approvals are case to case. This is primarily for few reasons. An e-wallet merchant account is something which is only searched by Enterprises. That means they are very few customers of this product and since the demand is less so is the interest of the merchant account acquirers is also less.
Looking at today’s global scenario, many e-wallet companies are doing more in terms of the business volume if we compare it with the small size payment processing companies. Having said that would such a big volume comes a big risk. This risk is of chargebacks and disputes. Bank or merchant account requires also known as payment service providers prefer to stay away from High Ticket Merchant. Still depending upon the reputation of the business and the business model some service providers may offer a card processing solution. Approvals are always subject to the analysis of the application by the merchant account acquirer or payment service provider.
We consider ourselves to be fortunate to have a strong relationship with International payment processing companies. With the help of our relationship, we can certainly get you connected to few payment processing companies. Some of them may be interested in offering a solution to your ewallet company.
Once approved then with the help of your ewallet merchant account, your users would be able to upload funds from the regular credit or debit card into the ewallet. E-wallets are becoming extremely popular across the world and soon we will see a very strong market competition in every country in the ewallet space. We are a payment processing consultants welcome this.
If you are looking forward to getting an Ewallet merchant account for your visionary business, you should not be wasting your time but you should be doing the right thing. The right thing at this point in time will be to send us your application with the KYC documents. Our process is simple we will make a document set that includes your application and the KYC docs and after auditing your website for the compliance requirement this document set will be sent to one of the international payment processing companies. We will be working as a bridge and let you know about all the development on your application. If there any deficiencies we will come back to you and request to fulfill the same.
A merchant account is internally approved by the processor. The processor will ask you to sign a merchant account agreement. We strongly recommend you to read the merchant account agreement carefully term by term. It is not a good habit to sign the agreement without reading. Take your time and go back to the processor if you think that one of the terms may create problems for the association. Carefully analyze the rates offered for your ewallet merchant account. In the ewallet business rate of transaction can play a significant role in terms of your growth. The lower the rates are the better the profits for you.