Third Party Merchant Account Providers

In searching for credit card processing options, some merchants are left out of luck. More than ever, certain banks are hesitant to provide banking services for high risk merchants, for a myriad of reasons — high chargeback rates (coupled with banks’ decreasing tolerance for such), high fraud rates, high volume or lack of supporting capital. Many may not know where to turn for the solutions they need. 

Regardless of what a merchant’s individual situation might look like, using a third party merchant account provider can be extremely beneficial. At Instabill, our merchant account managers personally discuss your needs, then take your case to our acquiring banking partners. 

We’ve compiled seven reasons why you should look to a third party for your payment processing needs.

1. A Third Party Merchant Account Provider Offers The Best Rates

Though the saying goes ‘you have to spend money to make money,’ merchants shouldn’t have to forfeit a large portion of sales each month to pay for credit card processing options. 

Third party merchant account providers often come with the best rates in a competitive industry, because we work on behalf of the merchant to find solutions custom to the business. Third party providers often have many partnerships with acquirers that enable them to deliver the most affordable solutions possible.

2. Customizable Merchant Services

Every business is different. It is vital that you find a merchant account provider that offers solutions to meet your specific needs. Not many third party merchant account providers can offer this specific product, but those who do are worth your time.

Instabill partners with dozens of domestic, international and offshore acquiring banks, each specializing in merchant services for a particular e-commerce industry or business category. For example, we know which acquirers are the best for an e-cigarette business or an online pharmacist. 

This enables our merchant account managers to find unique solutions for merchants every time.

3. Payment Gateway

Another reason to consider a third party high risk credit card processor is access to a secure, PCI DSS-compliant payment gateway. Instabill aligns merchants with the payment gateway of its acquiring bank, thus assuring safe and secure transactions.

Customers enter their payment information on your website, but their money needs a portal to travel through in order to get to your merchant account. The best third party merchant account provider will offer access to the payment gateway of the merchant’s acquiring bank.

4. Multi-Currency Processing

In today’s world, it is vital for merchants to have all the proper tools at their disposal to make their business thrive. Merchants should have the ability and access to open their doors to the world. 

Third party providers that offer international merchant accounts are perfect for these types of e-commerce businesses, because of their capacity for multi-currency processing. Having a merchant account that enables you to accept money in the world’s most popular currencies, while receiving it in your own preferred currency is invaluable.

5. Timely Turnarounds

A merchant shouldn’t have to wait weeks, or sometimes even months to secure a credit card processing solution. Another great quality of the best third party merchant account providers is that most of them offer quick turnarounds on applications. Ideally, merchants can be approved for a merchant account and be all set up to start accepting payments in as little as five business days (on average it may take as many as 10-12) – any merchant account provider who claims it can offer approvals faster may be suspect. We’ve seen our counterparts advertise same day processing or 24-hour approvals. In the current climate, it’s just not feasible. 

Getting an approval isn’t only contingent on the acquiring banking partner and a merchant’s risk level, but several key factors including:

• Merchant’s processing history
• Industry type
• What country/region in which you would like to register
• Monthly volume
• E-commerce, POS or virtual terminal 

Merchants should have all of the necessary KYC documents to their payment processor in a timely manner.

6. Live Support

There are a lot of complexities when it comes to payment processing. A typical e-commerce merchant can grapple with anything from chargebacks to PCI compliance, and these things sometimes require help. When shopping around for a credit card processing solution, get a feel for how accessible a payment processor is. Find a third party merchant account provider that is going to be there after the contract is signed to offer continual and live client support.

7. Solutions And Partners

Every merchant is unique as far as their payment processing needs. Most merchants are straight e-commerce, but some perhaps a combination of e-commerce and storefront, mail order/telephone order, virtual terminal and even prepaid gift card solutions. The best third party merchant account provider offers diverse solutions.

A Bonus Suggestion

Any high risk merchant knows the landscape is sometimes rough and tumble, that acquiring banks can be unpredictable; and fraud can run rampant. For this very reason, we often pitch prospective high risk merchants to open an e-check solution, a parachute of sorts, which can keep a business’ doors open in times of flux. 

We want to learn more about your business. Our merchant account staff is on hand Monday-Friday, 8 a.m. until 6 p.m., to discuss the possibilities we can offer.