Penny auctions—also called bidding fee auctions—is an industry that saw its rise with the internet. It’s easy for penny auction merchants to make money between the sale of items and the small fees placed on each bid, but there are several bases that need to be covered before you start earning money. Operating in the world of e-commerce means having a merchant account, and a high risk business like a penny auctions website may have trouble finding the proper services.
That’s where Instabill comes in. We’ve been providing top quality credit card processing services to high risk businesses for more than a decade, and can offer completely customizable penny auction merchant accounts to qualifying merchants. If you’re ready to find a solution that will work for you, just click the button below to start the application process.
Click to expand each section and learn more about the Instabill’s penny auction merchant accounts.
Not only has Instabill helped thousands of online businesses succeed and broaden their presence, we’ve helped many incorporate in the country of their choosing. Upon approval by our underwriting team, the possibilities are almost endless. Through our large network of trusted acquiring banks, we can help penny auction merchants accept major credit cards, including:
The payment gateway that you will use when processing payments on your penny auction website will allow you to manage credit card transactions simply and securely. Our payment gateway is PCI compliant and fully equipped with SSL encryption technology to keep your business and your customers’ sensitive payment information safe. You can choose from one of our two APIs that will allow you to host your own payment page or let Instabill host it for you, which reduces your risk and allows us to help you prevent credit card fraud. Finally, upon approval, we’ll integrate our payment gateway with your website free of charge.
In the United States, penny auction websites are an essentially blacklisted merchant category code, or MCC. However, Instabill does not disqualify penny auction businesses because of a label. Through our trusted network of acquiring banks, we can offer you an offshore merchant account that will allow you to process credit cards for your penny auction website, will offer you very generous processing limits, and can even save you money on taxes. Processing offshore also means you can accept multiple currencies and reach more customers worldwide.
A primary reason why penny auction merchants have such a difficult time finding merchant account solutions is their high chargeback levels. The Instabill Risk Management team helps merchants prevent chargebacks for penny auction credit card payments. Not only do we alert you of known fraudulent customers, but we also let you know when we suspect a fraudulent order that will turn into a chargeback. Additionally, we provide education and advice to help you prevent chargebacks, including how to optimize your billing descriptor.