Amazing Service. The process was very easy to sign-up. Daniel at Tailoredpay was on top of his game! He made sure we were taking care of no matter what!
Thank you so much! I highly recommended Tailoredpay!
High Risk – No Problem
I own and operate an online company that is considered “high risk.”This was not an obstacle with Tailored Pay. They went above and beyond to provide the best rates with the best acquirers for my business. I definitely recommend any merchant to work with Tailored Pay.
Our representative was great he’s very…
Our representative was great he’s very person centered which made our business experience terrific
Great so far
Great so far. Processing is working well and my representative is very helpful and surprisingly responsive.
Communication was great and they…
Communication was great and they offered the lowest rate for our industry. I was talking to many different providers but TailoredPay offered many incentives, I do not regret it. Highly recommending using TailoredPay!!
Great Company easy communication and…
Great Company easy communication and great rates
Using a payment processing solution is a game-changer for businesses. But not all payment processing offerings provide merchants with the same fees or services. So how do you decide which is best for your business? We’ve created this guide to help you learn the benefits of payment processing, why opening a merchant account is the solution you need, costs associated with them, which questions to ask when choosing your provider, and how to get started.
What Are Payment Processing Solutions?
Payment processing solutions make it possible for businesses to accept credit card and debit card payments (and even crypto payments) from customers. When customers pay for your goods or services with a card or digital currency, there are a lot of moving parts in the background, including the bank, card provider, your company, and the customer. A payment processor brings all these parts together to make it possible for each and every transaction to operate smoothly and efficiently.
How Merchant Accounts Can Help
A merchant account is a payment processing solution which is an important part of running an e-commerce business. Specifically, a merchant account is a bank account enabling your business to accept credit card and debit card transactions. When a client pays for your services using their credit/debit card, the payment is temporarily held in the merchant account and then transferred to your bank account. The merchant account makes it possible for your e-commerce business to efficiently process payments from consumers. Without a merchant account, your business would only be able to accept cash and check payments which is extremely limiting to the business overall. This is why most e-commerce businesses choose to use a merchant account from a third party.
Benefits of Merchant Accounts
Merchant accounts can transform the way you do business. The merchant accounts TailoredPay provides can enable you to:
Accept credit card and debit card payments
Accept crypto payments
Grow your client base
Increase your total sales
Reduce the risk of fraud
TailoredPay offers high-risk customers access to affordable payment solutions, giving you peace of mind that it’s possible to reach your revenue goals while keeping your payment processing fees low. High-risk typically refers to a higher probability of fraud and chargebacks, as well as transaction size, sales model, order fulfillment timeframes, and specific industry.
Some payment providers will not work with businesses that are considered high-risk. There are several reasons your business might be considered high-risk, they include:
Having bad credit: A business owner with no credit/limited credit or a poor credit score might qualify the business itself as high-risk.
Offering free trials: Payment providers sometimes consider the offering of free trials as high-risk.
Recurring billing: If your business offers recurring billing services, it might be considered high-risk.
High-ticket sales: Processing large ticket amounts might qualify your business as high-risk.
Your industry has a high rate of fraud or chargebacks: If the industry has a high rate of fraud or chargebacks (higher than what is considered average), it might be labeled as high-risk.
However, some high-risk industries fall under separate reasons for why they are categorized as high-risk. One particular example is cryptocurrency. Cryptocurrency exchanges are considered high-risk to most merchant account vendors primarily because of the following reasons:
Significant volatility:Cryptocurrency is known for being an extremely volatile market, often having unexpected increases and decreases in prices.
CNP transactions:Also known as card-not-present transactions, this means a credit or debit card was not physically present for the crypto purchase.
Potential for money laundering: Cryptocurrency is not backed by a central authority and it has no physical presence which means the currency is susceptible to money laundering.
Equipment Needed To Process Payments
Processing credit card and debit card payments for e-commerce transactions doesn’t require any type of equipment. Everything is done online, making it easier than ever to grow your client base and expand your business. However, businesses with brick-and-mortar locations will need a few things in order to accept payments. This usually means having a POS register and a card reader, which can be mobile or more traditional.
Costs for Using High-Risk Merchant Accounts For Payment Processing
Costs for payment processing solutions will depend on a few factors, including the provider you are using, whether the payments are made in-person or online, and whether your business is considered high-risk (as opposed to low-risk).
In-person transactions are considered to have less potential for fraud, which means the payment processing fees for these types of payments are often lower.
At TailoredPay, the rates are lower than the industry average and we don’t charge any setup fees for your high-risk business because we believe in making our services accessible to everyone. The exact rate will vary depending on the classification of your business.
It’s true that high-risk merchant accounts generally come with higher fees than low-risk accounts. However, you can get reasonable rates that enable you to retain more of your profits if you look for payment processing providers who structured their pricing around giving you the most value.
What To Look For When Choosing Your Payment Processing Provider
When choosing a payment processing provider, the below key features are important to consider. While some payment processing options might seem the same at first, many often include hidden setup costs, long wait times for approval, and increased fees for companies deemed high-risk (including start-ups and businesses conducting sales in digital currency).
Ask yourself these questions before selecting a provider:
What are the fees? Including setup fees and high-risk industry costs.
How quickly are approval decisions provided?
Which industries are accepted?
What types of industries does the provider cater to?
Is there a chargeback prevention system in place?
By asking the above questions and doing your research ahead of time, you’ll be more likely to both save money and work with a provider whose payment system is a better fit for your business needs. Ready To Start Growing Your Business? Here’s How To Apply for a Merchant Account
The application process at TailoredPay can be completed in three easy steps and takes less than 10 minutes:
Quickly complete the online application.
DocuSign the merchant processing agreement.
Wait to be approved by the underwriters (48-72 hours).
You’ll need to include the following documents with your application:
Passport, Driver’s License, or government-issued ID
Voided check or bank letter
If applicable, 3 months of most recent credit card processing statements from your previous or existing provider
3 months of most recent business bank statements. If the business is new, 3 months of most recent personal bank statements are required.
TailoredPay: Your Reliable Payment Processing Solution
At TailoredPay, we’re high-risk merchant account and payment processing experts that have our clients’ best interests in mind. Our carefully selected range of online and virtual payment gateways are ideal for high-risk businesses of all shapes and sizes.
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