Why do I need a payment processor?

Why do I need a payment processor?

By Teri Sicard

As an Account Manager at Instabill, a global payment processor, I get asked this question often.  The fact is, many merchants google ‘payment processor for high risk merchant accounts’ or ‘start-up’ merchant accounts and find Instabill. They assume we are the bank that will provide a direct gateway.

When this happens, we get a phone call and the conversation usually goes like this:

Thank you for calling Instabill. This is Teri. How may I help you?

I have a high risk business, I want to know your fees and how I can get integrated with your gateway.

OK, great! I can help you with that. Instabill has many solutions; I just need a little more information on your business, so I can find the best one for you and your company.

What do you mean? You are not providing me with the processing?

Not directly. Instabill is not the bank. Instabill is a payment processor which works with many banks from all over the world.  The bank we find to work with you will provide you with the payment gateway.

What is the process for me to get a payment gateway?

I will collect some information and send you an application. Once you return the application with the supporting documents, I will submit the application packet to one of our banking partners for the possible approval. If the bank decides they want to work with you, they will send a contract for you to review and sign. Once the approving bank has the signed contract back, then they will provide you with the integration details.

What does Instabill get? Are there fees from Instabill to do this?

Instabill does have a onetime fee ($199 USD for a domestic solution and $499 USD for an international solution). This is only due if I get you the approval and you accept it.

What do I need you for? I can go direct to a bank myself.

This is a great question and one I enjoy answering over and over.

A merchant certainly can go to a bank themselves. The problem is, many merchants have no idea which banks take their industry while a payment processor does. They spend a countless amount of time calling banks, asking the same questions, only to be told, “Sorry, you are considered high risk,” or “Sorry, we do not work with your industry.”

Instabill has banking partners all over the world. We work with these banks and high risk/startup businesses daily.  We normally know within the first few minutes of a conversation whether we have a solution and which of our banking partners may take that industry. You increase your chances of an approval the minute you give us a call.

With Instabill, you hit the ground running, so you can spend what time you have focusing on what is important to you: Your business.


About the Author

Teri Sicard is a merchant account manager at Instabill. This is her first blog post.

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