We received a call from a high risk merchant recently who, after he was informed that his industry was considered high risk, posed a common question: ‘How do I get out of being classified as high risk?’ The short answer is, you don’t. Of course, we were more eloquent with our high risk merchant. We…
Category: Business Tips
Include These 5 Details in Your Startup Business Plan
Every single day, Instabill merchant account managers are approached by e-commerce startup merchants anxious to begin credit card processing so they can launch their businesses. It’s what we do and we love it. The application process for acquiring the best merchant services and payment solutions for your startup business is more stringent than it was…
The Best Credit Card Processors Do These 6 Things
The e-commerce boom is ongoing: Online sales are expected to reach well over $500 billion by 2020, says e-commerce think-tank Internet Retailer. Online businesses and startups sprout like weeds in midsummer, and all of them need payment processing solutions. But what should an e-commerce entrepreneur look for when searching for the best credit card processors?…
High Risk Merchant: What’s Behind the Label?
Merchants so often are consumed with the many details of their business, that they don’t realize they are considered high risk when applying for payment processing solutions. In fact, among the hundreds of calls and inquiries we receive each week about our merchant services, the majority of merchants are surprised to learn they are classified…
Need a Merchant Account? Heed These 7 Signs of Caution
High risk merchants who need a merchant account often fall for empty promises like ludicrously low rates and fees, approvals on the spot or free use of a payment gateway. Sometimes shopping for a merchant account can eerily resemble the seven deadly sins: Pride (The merchant thinks he can get lower rates and fees) Greed…
A Near Billing Descriptor Nightmare That Can Prevent Chargebacks
To prevent chargebacks, half the battle lies in a clear billing descriptor. I’m going to guess that the payment processor that handles transactions for our local school food service program has a bit of trouble with chargebacks. They’re a big name in the payment processing industry, which left me puzzled after checking my bank statement.…
E-Commerce Complaints: The 5 We Most Hear About
Recently we came across a news item revealing that the level of e-commerce complaints has risen 300 percent in the last three years. Whether that figure is accurate or inaccurate, 300 percent in three years is a massive jump. It’s not that bad online shopping experiences have suddenly become an epidemic. Simply, more and more…
Stories From High Risk Merchant Services: 5 Lessons for Merchants
Providing high risk merchant services is never boring, never without its characters and certainly never without its challenges. Sometimes the boarding process goes smoothly and other times we face hurdles and roadblocks. We’ll often receive inquiries from merchants who could use a bit of educating in the process — which we do not mind a…
What Merchants Need to Know About Pharming
Roughly one year ago, I had read an excellent article about transaction laundering, the use of legitimate-looking websites to peddle illegal or illicit goods. I searched for more material on the subject, and before I knew it, I was writing my own for The Green Sheet, a payments industry magazine to which I contribute. Sometimes…
My Faith in Quality Customer Service is Running Low
There has been a movement in my town over the last decade encouraging consumers to support local businesses. My family and I are on board completely. We do our best to buy local, year-round. Sometimes we pay a little more for something, but we don’t mind a bit. Recently, however, we were forced to side…