The USA is a country of tremendous possibilities. That is why merchants in the US are ahead of all countries in the world. Billions of transactions are carried out daily to meet the demand of businesses all over the globe but the majority that contributes is the USA itself.
Credit card processing is the most preferred way of payments among individuals whether it may be trading or online gambling every platform knows the ways they can instigate clients to make familiar payments.
For running any business worldwide, payments are very important and for payments to occur reliable technology is important. And this reliable technology is the responsibility of equipped payment service providers. Payment service providers contribute a lot to your success and progress. Providing a payment technology that lets you focus on your business is very significant. Having the best possible solutions that not only provide clients a better experience of making payments but also encourage them to repeat again and again is also very necessary.
How does Credit Card Processing function?
Credit card processing means accepting payments with credit cards and processing them to settle in merchant accounts.
Whenever the customer makes payments to merchants with the help of credit cards the payment information comprising of the credit card number, date of expiry, CVV, etc are carried out through card channels via payment gateway which is then sent to payment processors.
The payment processors forward these details to card partners like VISA, MASTER CARD, etc to check whether the details are correct and the transaction is possible with the available balance limit. The response is quick and if everything is legitimate the information is forwarded back to the processors.
The processors then debit’s the amount and transfers it to the merchant’s account. The transaction confirmation receipt is sent to both merchants as well as customers.
In case payment fails due to insufficient balance, wrong details of cards, network failure the same information is again sent to both prompting customers to repeat payment with correct details or use another card in case of insufficient limit balance.
Why Credit Card Processing is the most favored payment solution among High-Risk Merchants?
Payments with credit cards are preferred by High-Risk Merchants, there are several reasons supporting this statement.
- Credit cards are the most used and offered universal payment system.
- Processing payments are quicker and safer.
- Making international payments with credit cards is possible for customers.
- Getting refunds for customers and offering refunds for merchants is easier with credit cards
- Credit limit encourages customers to make repeated payments
- Offering Recurring billing is simple with credit cards
- Possibilities of frauds are less as compared to other means due to security protocols from cards providers.
- Payments failures occurs only in the case of no limit balance else failures are lesser than payments with any other means.
Other than these there are several other reasons why merchants always enclose credit card processes. Good and best solution always increases sales and profits.
What are the charges for Credit card processing in the US
For High-risk merchants incorporation of credit cards is necessary if you want to attract customers from all around the world.
Credit card processing charges may differ from one company to another. Good companies may charge more.
The charges or fees for credit cards processing is decided with the volume sum of monthly and annual transactions.
A small business that is capable of processing amounts less than or equal to $5000 per month is charged a flat rate for each transaction. There is no monthly or annual fees.
Businesses having monthly transactions over $5000 charges for interchange along with monthly or annual fees are laid.
There are various other charges that are charged from merchants in order to cater risk
- Rolling Reserves,
- Merchant Discount Rates (MDR),
- Installation Charges or set-up charges,
- Chargeback Charges.
- Charges to make Refunds, etc.
Benefits of having Credit Cards processing with Non-3d payment gateway
A Non-3d payment gateway includes technology that does not prompt customers with security authentication before each transaction. Transactions are carried out without any interruptions. Once the details are furnished the transaction gets completed within no time.
Credit card processing in Non-3d payment gateways is the most desired integration by High-Risk Merchants. Businesses like online-gaming, casino, gambling, forex trading, etc require spontaneous payment solution that does not take too much time to make payments else customers might lose their interest in making repeated payments.
Validation with OTP, MPIN, fingerprint impression, passwords, etc of transactions decreases possibilities of payments. Interruption in authentication due to the reasons like failure to recall passwords, unable to receive OTP due to mobile network, etc. can decrease sales.
So to overcome such consequences and promote expansion, Credit Cards processing with a Non-3d payment gateway are adopted by merchants.
How to get Credit Card processing for High-Risk Business in USA?
Integrating a credit card processing facility is the first initial requirement of any online business as this can help them in growing sales in other countries and increasing the number of customers.
Attaining payment services in USA can be a bit challenging for high-risk merchants and very challenging for outsider’s merchants thinking of getting a merchant account in US.
When it comes to allotting payment services to High-Risk Merchants, The Acquirers are extremely cautious. This is due to the increased likelihood of monetary loss linked with their company.
Merchants should contact Banks or Acquirers with their Application for payment services along with various important documents like
- Information about your website
- SSL certificate for your site
- Bank details and statement of last 3 months
- Document of Incorporation
- Company Tax document
- Owner personal ID, etc
Banks are very strict to their rules for offering payment services. Proper application along with required documents focusing on possibilities of your business and its growth can convince them for payment services. It usually takes 5- 10 days for the entire process to complete.
Every business builds its own identity with the way they serve. Payments have always been crucial factors in deciding how much your customers trust your business. Credit card processing is the most advantageous payment system that facilitates customers from worldwide to make payments. It recognizes every currency payment and settles the amount in the currency of merchants.