Recurring Billing eCheck Processing Accounts
Rebilling credit card processing accounts were not difficult to be approved for a decade ago, but lately with new banking standards along with new regulations from Visa and MasterCard, it has become a very daunting task. With all the new regulations, most banks and payment processors no longer want to assume the risk that is involved with rebilling credit card processing accounts. Recurring billing merchants must find processors that specialize in their industry. eCheck processing for recurring billing merchants has grown immensely over the past few years due to lower costs and minimal underwriting. These high risk payment processors recognize the increased risk of chargebacks and are able to safely accept these accounts.
Continuity eCheck processing is a very niche industry within high risk payment processing. The majority of the risk stems from the fact that the merchant is billing the customer over and over again from an order they placed in the past. Over time, the customer changes their mind, becomes unaware they signed up for this recurring billing or cancelled the membership earlier but the charges never stopped. Either way, chargebacks occur which become strikes against the bank and the payment processor. Most mainstream banks want to process for only low risk businesses to keep their risk tolerance as low as possible.
Recurring Billing eCheck Accounts
Merchants operating businesses that rebill their customers, often find it difficult to obtain a merchant account designed for their company’s sales model. Most banks and payment processors avoid businesses that rebill their customers on a continual basis. These companies are considered high risk, mainly for the increased chance of chargebacks from customers that; have canceled their service, forget they ordered initially or do not want the product or service anymore.
Recurring billing is an industry that is highly frowned upon by the majority of payment processors and banks. Today, most banks are trying to minimize their risk and this is done by only accepting and working with low risk retail businesses. Merchants that are currently operating a business whose sales model is done with recurring billing can attest to the issues they have faced with being approved, processing payments and keeping their accounts active. Some banks will process recurring billing payments as their specialty; these are the banks Global Pay LTD works with. They understand the risk level and have the tolerance to allow their merchants to rebill their customers.
Global Pay LTD focuses on processing payments for companies involved in recurring billing. We understand the recurring billing industry and only partner with banks that do the same. Your company will be able to accept eCheck payments from US and Canadian bank accounts. We approve continuity businesses based both domestically and offshore.
There are a number of advantages for processing payments with our team. You will maximize your company’s profits by working with a stable and reliable processing solution. The payment gateway will not only connect to your website for processing ecommerce orders but will also have a virtual terminal, for manually processing phone orders. Multiple currencies are available for processing and for settlement.
Easily accept recurring payments from your customers. Partner with our team of professionals and start simplifying your company’s billing procedure with approval and setup in 3-5 days. We handle all aspects of your account, from underwriting and approval to setup, payouts and support.
All types of industries are accepted including; online dating, nutraceuticals, adult businesses/websites, subscriptions, trial offers and negative option type sales models. Merchants will submit an application along with a few supporting documents before being entered into underwriting. After underwriting is completed, an agreement will be drafted and upon its execution and return you will be setup and receive your gateway credentials.
It doesn’t matter what rates or terms you received from your current merchant provider, if you are unable to receive support or use the gateway because it is down regularly, it is worthless. Global Pay LTD has a support team that is available to your business to handle all types of issues. Our company processes continuity payments for nearly every type of industry. Automatic rebilling is able to be customized in order to fit your company’s individual needs. Billing terms, billing cycles, initial and recurring amounts are all completely configurable.
Our company has been setting up recurring billing merchant accounts for years and works with a vast banking network that includes domestic and offshore banking centers, while also providing processing services at competitive rates and fees. Recurring billing merchants will easily be able to integrate the payment gateway with their shopping cart and website to make for seamless transaction processing.
Continuity merchants are considered high risk which discourages most payment processors and banks because of the increased exposure. Continuity merchant accounts carry higher risk mainly because of the risk of chargebacks and unhappy customers. Customers that order a product or membership may experience buyer’s remorse as the months and charges pass. Some customers will not call the merchant directly but will contact their card issuing bank to cancel the charge(s) and request a refund/chargeback. If the continuity merchant is unable to cover the chargebacks then the bank will have to accept financial responsibility.
Continuity merchants should seek a merchant account provider that is able to provide true continuity payment processing solutions. Most agents will hide the continuity aspect of a merchant’s business from the bank in order to get the account approved however the bank eventually finds out, normally a couple months later and the account is closed. The merchant’s business is put on hold and all merchant funds that the bank is holding are now held for six months; not with Global Pay LTD.
The recurring billing gateway is easily integrated with your website via the API. Online payments are able to be accepted through your website and shopping cart or manually entered into the virtual terminal. Merchants will have the flexibility to setup their billing schedule anyway their offer is sold. The gateway features a full suite of fraud prevention tools. The SSL gateway encrypts all data that is passed from the website to the gateway as well as from the gateway to the bank. Your customers will rest assured that their information is secure. The fraud protection tools are simply modified to fit the merchant’s business. Some merchants will want to block certain IPs or parts of the world while others will want to block certain cardholders. Either way, the choice is left in the hands of the merchant.
Continuity eCheck processing requires a payment processor and a bank that understands the continuity business and realizes the risks involved. Our banking network has been processing payments for continuity businesses for years. We work with both domestic and offshore banks, depending on your company’s requirements. Normally, continuity merchants are setup within a few days. Most industries are accepted including; nutraceutical, adult, memberships etc. Merchants that choose to work with our firm will have the capability of accepting continuity payments without the fear of having their merchant account closed down.
We acknowledge what steps need to be taken to protect both our company and yours from being shut down by the bank. We manage the risk on an ongoing basis to keep our portfolio of merchants within the boundaries of the Federal Reserve requirements.
Global Pay’s team of payment processionals are veterans in the merchant account industry. Our merchants are approved and setup in the matter of only a few days and can start accepting payments in less than a week. Contact our office today and speak with one of our account executives to see how we can help your business become successful.