The trend of not using cash is growing worldwide. Cashless transactions are not only convenient but also quicker. For merchants that run an e-commerce business, the importance of cashless transactions is very high. However, many merchants do not know to how to set up the right high risk e-commerce merchant account for their businesses. All merchants need to accept payments through debit cards and credit cards.
To get a high risk merchant account for your business, you must apply to an online payment processor or a major bank. The option of an online payment processor is the right one because your business could be a high risk business. The merchant payment processing is that the merchant account receives funds when a customer sends the payment with his credit card. The merchant or the account holder is responsible for the transactions associated with that account. The merchant account provider or the bank decides the terms of service that the merchant is bound to follow.
New merchants are always worried about the following things:
• Choosing the right credit card processing company
• Compatibility of the processor with the shopping cart software
• Linkage of shopping cart software with the payment gateway systems
Your e-commerce business needs the right credit card processing for the smooth transaction of payments. The processor must be compatible with the shopping cart software on your website. Payments cannot take place until the gateway systems for credit card transactions are linked to the shopping cart software of your business.
You must be familiar with the needs of your business. Find a merchant account provider which offers the type of processing you need. Your provider should be able to help you expand and diversify in the future. A provider that specializes in the accounts for e-commerce must be your priority. The service should be trustworthy, safe, affordable, and reliable.
You will need to provide a lot of information about your business to the processor before your merchant account is opened. Sometimes, the approval of the account can take up to one week, and you should be prepared to wait. The fees of merchant account providers also vary from one to the other; therefore, you must choose a structure that suits you more. Some providers also charge monthly or setup fees.
Nowadays, customers look for a consistent and secure shopping experience which should be fast and easy for both physical and retail goods. The first step towards this goal is an e-commerce merchant account. You can enjoy successful online sales through your e-commerce website if your website is:
• Responsive
• Provides a secure payment platform
There are a few things that you must pay attention to when applying for an e-commerce merchant account. They include:
• Fast application process
• Instant check processing
• Business funding
• Reliable payment gateway solutions
A question that often comes to the mind of a new merchant is about accepting payment cards. Merchants can accept payment cards in person just like they do it in retail stores. It is called CP transaction or Card-Present. The other way to accept payment is the online environment which involves using an e-commerce website. It is called CNP transaction or Card-Not-Present.
Nowadays, there are so many merchant account service providers on the market. New merchants feel overwhelmed when they search for one. Following are the things that merchants should do before contacting the processors:
• Internet search which should include asking questions and checking reviews
• All types of fees
• Ensuring the software works properly
• Inquiring about the payment gateway
When you will explore different merchant account services, you will notice that the best provider of merchant services will help you expand and grow your new business. The best providers are always the top ten high risk credit card processing companies. All of them have A+ rating with the BBB (Better Business Bureau). Good providers focus more on providing businesses with a better alternative to other processors. Both brick-and-mortar stores and e-commerce businesses open merchant accounts with such providers.
The merchant account providers with excellent reputation have A rating with Card Payment Options. They offer efficient and safe way of processing payments of their customers. They ensure that the customers get excellent service from the beginning to the end, and they always offer the most competitive rates.
Another great advantage of providers with a good reputation is that they offer several options for the payment gateway. In most cases, they have their own payment gateway option. It is not a bad idea to opt for the provider’s own payment gateway because good providers ensure that you enjoy safe and efficient payment processing. The application process for the merchant account is simple and fast. However, you will need to provide the required paperwork to apply for a merchant account.
The paperwork usually includes the following items:
• Personal or business bank statements for the last three months
• Processing statements for the last three months
• State ID or passport or valid driver’s license
• Bank letter or voided check
• Valid working website
• The terms & conditions of the website
• A secure checkout page for the website
• Business contract information which includes business address, phone number and email address
• Cancellation/exchange/refund or application warrant policies
• Screenshots that confirm the domain ownership
• A list of all products that your website offers
• MOTO questionnaire
• Fulfillment agreements with suppliers/ contracts with customers
• Tax EIN letter from the IRS
• Articles of incorporation
• Recent home utility bill
In this modern era, it is no longer possible for business owners to run an online business without using merchant account services. Although, setting up an online merchant account seems like a risky and complex task; however, it is not the case. You should take your time to study all the available options. Only then you will be able to choose the processor which best suits your e-commerce business requirements.

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