For a high risk business to accept credit cards online, it takes dedicated research to find the best payment processors. There is no merchant account provider in the payments market today that can offer an all-encompassing solution or approve every high risk merchant or industry. Acquiring banks only work with certain industries and not others. Offerings are different.
In our opinion, it’s all about the merchant’s needs. To make the process less stressful on merchants, we offer five non-negotiable qualities: resources, alternative solutions, history, reviews and support.
The best bank for your industry
Acquiring banks are like fingerprints and snowflakes – they’re all different. Particularly those that are willing to take on high risk industries, varying with which business types they will accept and those they will not.
Let’s take it a step further…
Though we’re proud of the number of high risk payment solutions we have, no merchant account provider has all-encompassing solutions for every merchant who wishes to accept credit cards online. Thus, we’ve built our partner network program in which we’ve established reciprocal relationships with competing payment service providers. When a partner cannot find a solution for a prospective merchant, they turn it over to Instabill. Once we find and establish a payment solution and the merchant begins processing transactions, we split the revenue 60 and 70 percent in favor of the partner.
- We offer 60 percent residual splits to partners for businesses which generate up to $1 million per month in payment processing, and…
- We offer 70 percent splits to partners for sending us merchants who generate more than $1 million per month in payment processing.
More solutions than simply accepting credit cards online
Every business needs the ability to accept credit cards online. When searching for the best payment service providers, however, it is important to see what other value added solutions they can provide, such as a virtual terminal to accept payments by mail and phone; ACH and check solutions, which every business needs – online and brick and mortar.
Merchants seeking payment solutions are urged to consider those that enable merchants to accept transactions via mobile phones, as the frequency by which is soaring.
How long have they been around?
More changes have happened in the payments industry in the last six years than the last 60. We’ve seen some PSPs go by the wayside and others bought out by larger ones. For a payment service provider to stay relevant, they must embrace change and adjust their models. Some PSPs choose to cater to a niche – such as Instabill with the high risk space – and thrive at it. Instabill has been around long enough to have built a vast partner network, enhancing merchants chances to find high risk merchant account solutions across many industries.
What are the others saying?
Over the past four years, Instabill reviews have been stellar (see for yourself). Over the summer, we earned 4 out of 5 stars from Merchant Maverick, earning kudos for our resourcefulness, transparency, support and instructional/educational information. A year ago, CardPaymentOptions.com cited us with a grade of ‘A,’ for the fourth successive year.
We’ve also earned a grade of ‘A+’ with the Better Business Bureau, of which we’re particularly proud.
Real merchant account support
When we see an e-commerce merchant account provider advertise 24-hour merchant support, it makes us wonder: After business hours, what are the chances that a merchant seeking help can get a resolution with said provider, rather than speaking with a call center doubling as a glorified message taker? More than ever, to accept credit cards online means more and more emphasis on customer support. Very few, if any, providers can offer practical 24-hour support, rather than a call center.
Instabill offers live, direct support between the hours of 8 a.m. and 6 p.m., while all other inquiries will be addressed the very next business day.
One more (important) thing we’d like you to know
If you’re a merchant who needs a solution to accept credit cards online, we recommend you shy away from those who require application fees. We don’t feel it’s right to charge a prospective merchant, especially one who is trying to launch a business, application fees without a guarantee of a solution.
Instabill charges a setup fee (usually $199 for a domestic merchant account) only when the merchant is approved for a banking solution.
To chat about the best options to accept credit cards online, Instabill merchant account experts are available Monday-Friday, 8 a.m. until 6 p.m. U.S. eastern time, at 1-800-530-2444.