A study discovered that more than 55 percent of communication is a gestural, signal such as facial grimace, gestures, facial signs, postures, and pauses in speech. For us, the wide majority of our business – donating high chance of credit card processing – is ended above the telephone. But all together, we know when we have captured a potential merchant off guard when we’re making it conversant to ourselves with their business representation.
We definitely didn’t mean to astonish merchant; completely the opposite: We want to create the application and acceptance process as expertly as possible. We need merchant’s assistance, nevertheless, in the form of accurate answers and transparency, sanctioning us to present your business to our obtaining bank partner (which does its own particular KYC task and underwriting).
Certainly, if a merchant is less than unambiguous with us – for instance, repudiate that he/ she is on the MATCH list when actually then are – our acquiring bank partner will discover if we do not. Consequently, we demand all potential merchants to be transparent with us, we will do our best to discover a clarification for them.
So that we don’t capture merchants taken aback during our pre-application process, these are three questions you should presume from us:
- Why do you need high-risk MCC code or high-risk credit card processing?
There is various contrasting reply we get when we question a merchant why they’re discovering for a recently developed or included merchant account. Imagine us serving as a ‘gatekeeper ‘of varieties for the acquiring bank.
- New/ start-up businesses, searching for a high-risk credit card processing solution.
- Merchant is searching for a high-quality rate/ lower fees from a payment service provider.
- Obtaining bank isn’t longer granting merchant devices for their production (this is very recurrent in the high-risk space).
- Merchants have ceased activity _ probably due to the high chargebacks or fraud cases – and put down on the MATCH list.
- The merchant had been shut down — perhaps due to high chargebacks or instances of fraud — and placed on the MATCH list.
- The location where the owner resides and where the business is registered.
This has begun to make-or-break factor when viewing to achieve high risk MCC codes or high-risk credit card processing above the last two years. In Europe, for instance, businesses must have a physical presence with a colleague and a business bank account with a bank with the European Union. Back in the days when Merchants could just register their businesses in an EU nation with no physical presence with them.
Furthermore, if merchants are looking for solutions – ACH payments processing, echecks and stuff like that they must be residents of and have their businesses setting and registered in Canada or the United States.
- What Does Your Business Do Exactly?
A number of years ago, the solution to high risk credit card processing was discovered for an international merchant that rented and remarket industrial-sized waste dumpsters to establish and demolish businesses. It was quite an easy process – the merchant had an excellent processing history, replenished to them the necessary KYC documents and had capital behind his businesses.
What the merchant didn’t realize was that we carried on with the monitoring of transaction and checking in with our merchants after the merchant account acceptance. In less than a week of our dumpster’s merchant getting his acceptance, we called his business with casual questions.
After discovering it wasn’t a case of dialling the wrong number, we got an explanation on the tech support side of the business, to which we got an answer that business performs a number of services.
By granting credit card processing for high-risk MCC codes and business, an acquiring bank is earning on a degree of risk- the risk of misplacing money due to that risk involved.
Kidal Delonix is a contributor to Mr. Hoffman's blog. The views and opinions are entirely his/her own and may not reflect Mr Hoffman's views.
