High Volume Merchant Account And High Volume Credit Card Processing
Arranging a credit card merchant account with very high monthly sales volume capping can be extremely challenging. It may not be incorrect to say that it may be an impossible task for any startup merchant to get a high volume merchant account. Whether you apply for a credit card or a merchant account, the determination of the credit limit or volume capping is directly proportional to your credit score, reputation, the line of business, and financial standing. Acquiring Institutions may be comfortable in offering high monthly volume capping to merchants that have high status and excellent credit score. Large organizations require high volume merchant processing because they attract a considerable amount of sales traffic to their websites. Credit Card processing companies are intelligent enough to identify the merchants who should be approved for high monthly sales limit. Processing companies use different tools and analysis techniques to determine the right merchant. It’s quite easy for merchant account acquirers and PSPs to identify fraud merchants who are only looking forward to getting high monthly sales capping for fraud activities. How in the world can a startup company with low or nill traffic on its website can claim to attract a sales volume of over $100,000 every month? Processing companies are smart enough to identify these applications. Based on our understanding these applications hardly make any progress. Now that we have discussed fraudulent applications let’s talk about good applications that require high volume credit card processing.
Perfect High Volume Merchant Account Application
Large corporations with excellent processing statements may qualify for high volume merchant accounts. Acquiring Institutions may prefer to take limited risk after an in-depth analysis of the application, KYC documents, and multiple other factors. A merchant with an excellent reputation and phenomenal website traffic may have better chances to get approved for higher monthly sales capping. Companies that are sound concerning their financial standing can apply for this kind of account. There are tons of websites on the Internet that process millions of dollars every month. These websites require the assistance of credible processing institutions. Quadrapay will be happy to get you connected to reliable payment service providers that may closely evaluate your application and if possible offer a Pre-approval. If approved you will be able to accept high volume transactions. It is essential to understand why financial Institutions are not comfortable in providing this kind of solutions to all merchants. Why they are selective in providing high monthly volume capping to specific merchants. How do they determine how much monthly sales capping should be offered to each Merchant. To understand this, we will have to look at an important factor that appears in the financial industry, and it is called credit risk. When you apply for a credit card then the credit card issuing bank evaluates your credit score. Depending upon your credit score the limit of your card is determined. The limit of your card is also increases based on your timely payments and usage of the card. A similar concept is utilized by financial Institutions when they offer a merchant account. Payment service providers evaluate the personal credit score of the business owners as well as they also check multiple other factors. They check if the company is experienced or brand new. They also try to find negative reviews and comments about the business. Your maximum ticket size and number of transactions each month also plays a critical role in identifying the risk exposure. The type of product or service which you plan to sell can also create challenges. Processing companies follow guidelines of different card brands. These card brands prohibit various industries and products. You should carefully evaluate your entire website before applying for a high volume merchant account.
Profile Of A High Volume Merchant
Let ‘s look at the profile of a perfect high volume credit card processing merchant. The merchant should have a natural traffic flow coming from low-risk countries. The traffic flow on the website should be natural or inorganic(supported by well-known platforms like bing ads and Google AdWords). Processing companies may ask for the business and personal banking statement of the directors. The financial statement should sync well the requested monthly sales volume. A slight variation maybe ok but a considerable variation may force the processing company to reject your application immediately. Most of the time financial Institutions would prefer to onboard highly reputed companies for this kind of monthly sales volume account. Global organizations with a fabulous reputation can qualify for such an account. You should be as realistic as possible when you claim the monthly projected sales volume. As mentioned earlier in this article that the processing companies may increase your monthly sales capping progressively depending upon your processing statement. We suggest that you mention a realistic figure that syncs with your previous business statement and this may help you a lot regarding approval of the account.
Some companies may also offer batch processing facility for high volume accounts. This way the merchant may submit multiple transactions at one time in the day for processing. This kind of facility is usually not available with all the processing companies.
If it is becoming tough for you to cover the monthly volume on one merchant account, then you can try to approach additional providers for separate accounts. You can easily integrate various processing solutions on your Shopping Cart. This way you will be able to split your monthly sales volume and achieve your goal. You can also add alternative modes of payment processing. Echeck Payment Gateway can also help you in this regard. Please keep in mind when you sign up with various providers then you must ensure that all accounts are working in good shape. You should carefully monitor your return and chargeback ratio. We strongly recommend you to evaluate services from companies like Ethoca for chargeback reduction. Documented communication and email based order approvals from your customers regarding proof of delivery and proof of service can also help you in reducing the possibility of returns and chargebacks.
Chargebacks And High volume Merchant Accounts
The closure of a regular merchant account can be painful, but the closing of a high volume merchant account can create a catastrophic situation for the stability of your company. As mentioned earlier in this article you must carefully monitor your chargeback to sales ratio. A good customer service team at your company that knows how to resolve issues with the customers can also assist you in reducing the charge back to sales ratio. Regular communication with customers and positive testimonials from the registered email account of the customers can also help you in defending against disputes and chargebacks. If you are a high-volume merchant, then you must look at various websites on the Internet that will guide you in reducing your return ratio.
Features Of A Reliable High Volume Credit Card Processing Company
When you are searching for a high volume merchant account, then you must look at various factors. These factors can help you in identifying the right kind of processor that has the capability of handling such a high risk.
The reputation and the branding of the processing company. For any merchant account no matter if your processing volume is low or high you must ensure that the processor has an excellent reputation. You can verify the status of the processor by looking at various review websites. You should also look at what people say about the processing company on the internet. When you look at the reviews on the Internet, you will have to use your analysis as some reviews may be anonymous and fake.
Rates and Fees. Since you will be processing an unusually high amount of monthly sales on these solutions that is why you must negotiate with the processing company on the rates and the fees associated. The best option would be to work with the processor that offers the lowest processing charges. It will be easy for you to identify the most economical processor if you compare the pricing of multiple solution providers. We encourage merchants to get pricing from at least four processing companies. A small calculation can help you to evaluate how much you will be spending on transaction charges in each financial year. The transactions charges can create a significant impact on your profit and loss statement. Follow the guidelines and implement the best practices. This may make credit card processors more comfortable.
Scalability. Large organizations may require massive scalability. You should work with the processing company that has a dedicated technical assistance team. The technical team should be capable enough to handle queries regarding your account. Large accounts cannot afford even a small transaction risk. The technical infrastructure of the processing company must be top notch and should be proactive in resolving any technical error. The team should also be active enough in upgrading the payment infrastructure as per the latest industry and security standards.
Transparency. The processing company should be transparent about the terms and condition and should not impose hidden fees on the merchant. Apart from costs, the processing company should also be open about the success ratio. When it comes to cross-border transactions, success ratio plays a critical role. You should work with the processing institution that offers one of the highest success ratios. Large volume Merchants cannot handle decline as this may create financial challenges. Reputed processing companies use high-quality payment processing networks that allow you to accept transactions made by cardholders of various brands.
Customer service. The processing company must offer 24/7 support to the merchant. For large volume accounts, many processing companies may provide dedicated account managers. These account managers are responsible for handling queries related to a specific merchant. The customer service team can also help businesses in managing the day to day issues that may include integration challenges, withdrawal, and various technical glitches.
Data and Transaction Security
Transaction information security is exceptionally vital. The processing company that offers high volume merchant account to you must comply with latest Credit Card processing guidelines. You can verify the genuineness of the processing company by visiting the website of different card brands. Most of the card brands list the names of the registered service providers on their site. Most card brands declare the name of the acquiring firms and the service providers they work with on their website. Together these things can create a sense of security in your mind, and you can start channelizing your energy in fulfilling your monthly sales target.
Multi-currency processing. The processing company should allow you to accept transactions in different currencies. Prominent merchants usually get orders from customers located in different countries. Customers prefer to make payments in the local currencies. If your processing company offers multi-currency merchant account, then your customers will have a better experience. Most well-known providers provide multi-currency processing these days. Based on our experience this should not be a challenge.
Quadrapay And High Volume Merchant Accounts
Quadrapay is a reseller of various processing companies. We will be happy to evaluate your website and connect you with a reliable high volume processor. We can also suggest you about alternative ways of payment processing that includes echeck, ACH, and Check22.
