Fortune Tellers Merchant Account: Industry Guide.
What Is a Fortune Teller’s Merchant Account?
A fortune teller merchant account is a specialized payment solution that enables fortune tellers and spiritual advisors to accept credit card payments online or in person. These specialized merchant accounts meet the unique business needs of the metaphysical and spiritual service sector. Whether you operate from a physical location or you offer reading over video calls, or you sell metaphysical products online, with the right fortune teller merchant account, you will be able to accept almost all types of credit and debit cards.
Why Is Credit Card Processing for Fortune Tellers Considered High Risk?
Many fortune tellers, astrologers, and psychic service providers find it strange when regular payment service providers simply decline their application. The reason behind this behavior of most of the regular payment service providers is the labeling of this industry as high risk. There are many reasons why credit card processors consider fortune tellers as potentially risky. Let us explore some of the key reasons.
Subjectivity of Services
We all know that Fortune telling is subjective by nature, and it becomes difficult for credit card processors and sponsors to measure a tangible value for the service provided by the fortune teller. This increases the credit risk for the payment processor, as the customers of the fortune teller can raise disputes when they are dissatisfied with the outcome of the reading.
Lack of Industry Understanding
Another reason is that many payment service providers are not familiar with the industry’s nitty-gritty, and for many, fortune-telling is not a stable business. This is why most of the underwriters working with regular payment service providers do not have the expertise in evaluating the application of metaphysical and spiritual services companies. This leads to a large number of applications getting rejected outright and sometimes accounts getting shut down right after getting approved.
Regulatory Complexity
In jurisdictions like the US, UK, and EU they have strict consumer protection laws around spiritual services. And this creates the need for more scrutiny by banks before issuing such merchant accounts.
Recurring Billing Risks
Most of the fortune tellers offer subscription-based readings or ongoing consultation services. This increases the credit risk of the bank. Clients may sometimes forget that they ever subscribed to the fortune-telling services, and they may raise disputes. This can increase the chargeback percentage.
Because of the above-listed challenges, getting a fortune-telling credit card processing account has become difficult. However, there are still payment service providers that understand this business model and can provide long-term solutions.
Why Choose QuadraPay for Fortune Tellers Merchant Accounts?
At QuadraPay, we specialize in providing high-risk merchant accounts to fortune-telling companies. Our team works with a network of multiple acquiring banks and payment service providers that are comfortable in onboarding merchants from various industries, including fortune telling.
Our fortune tellers credit card processors have dedicated high-risk underwriting staff that ensures faster onboarding. For merchants with good profiles, we can potentially offer low rolling reserves. By using our solutions, you can accept multi-currency payments from different markets, such as Canada, Australia, the US, the UK, and New Zealand. Our solutions come with built-in recurring billing support and advanced chargeback management tools.
Whether you are a solo tarot card reader or you have a website that has a large network of psychic readers, we will be able to provide you a payment processing solution.
Types of Fortune Teller Merchant Accounts
Online/Ecommerce Fortune Tellers Merchant Account
This type of account is suitable for those fortune-telling companies that operate over the internet through an e-commerce website. Such accounts are also available for fortune-telling marketplaces where multiple fortune tellers offer their services under the same umbrella. The online payment solution can be integrated into popular content management systems such as WordPress (WooCommerce), Shopify, Wix, ZenCart, OpenCart, and Magento. It also comes with custom API integration. By using the online payment solution, you can sell one-time services or can also set up recurring payment plans for your loyal customers.
Retail Terminal for Brick-and-Mortar Locations
If you run your fortune-telling business from a retail store or maybe from your home office, then you will need an EMV-compatible credit card terminal. With our retail credit card terminals, you will be able to accept face-to-face payments through various methods such as tap-to-pay (NFC), chip & PIN, contactless cards, and digital wallets (Apple Pay, Google Pay).
Application Process: How to Get a Fortune Teller’s Merchant Account
It is important for you to understand the application process, as it will help you to better prepare for the same.
The process starts with the initial consultation. You will discuss your requirements with us. Our team will carefully understand your needs and then suggest to you the most appropriate solutions.
You will be sending the KYC documents and the application form to the underwriters, and they will perform a detailed evaluation of your website, business model and documentation.
After the thorough check by the underwriters, they will either approve your account or decline it. Once the account is approved then you will be guided to the next step, which is integration. You will receive ready to use plugins for popular content management systems.
Credit Card Processing for Fortune Tellers KYC & Compliance
It is mandatory for the payment service providers to evaluate the business and personal documents related to the merchant account application. For this, you will be submitting your company’s business registration certificate along with a confirmation from the bank regarding the settlement account. In some cases, payment service providers are also okay with a voided check. To confirm where you run your business from, you will have to provide the utility bill.
For personal documents, you will submit either the driver’s license or the passport of the director. For the validation of the director’s residential address, you will have to submit the utility bill.
If you offer your fortune-telling services over the internet on your website, then you have to provide the domain ownership certificate as well. This can be the purchase receipt or the printout of the WHOIS information.
Once you share all these documents with the underwriters, they generally take 5 to 7 days to evaluate and approve the account.
Your fortune-telling website should have clear policy pages such as privacy policy, return policy, shipping policy, and terms and conditions. Make sure to put your company’s contact information on the footer section of all the pages on your website.
Frequently Asked Questions (FAQ)
Q1: What if I’ve been previously terminated by another processor?
If your merchant account has been previously terminated, then you can still apply with us. Our processing partners will evaluate the reason why your account was terminated, and based on that, they will reach the decision. In case if they do not offer you credit card processing then we will potentially suggest alternative payment options.
The Future of Fortune Tellers Merchant Accounts
We are confident that the demand for spiritual and metaphysical services will continue to grow. There will be more business in this space, and a lot of new e-commerce players will come and set up marketplaces for fortune tellers. The good news is that payment service providers are also opening up and are changing their stands on complex industries like fortune-telling. By introducing advanced AI-driven fraud detection and chargeback management, these accounts can stay active for a long time. At QuadraPay, we will continue to work with fortune tellers like you and do our best to get the finest financial services to help your business grow.
Get Started with QuadraPay Today
You should not let the high-risk label limit the growth of your spiritual business. Get in touch with QuadraPay today and ask us for a zero-obligation quote and savings analysis. QuadraPay is your trusted partner for fortune tellers credit card processing.