Finding the perfect payment processor for your online poker business

If you own an online poker website, one of the most effective ways to boost your revenue is by accepting credit cards. This single act has the potential to incrementally increase profits right from day one. And while you may not “see” the additional profits on a daily basis, just take some time to compare your monthly statements with months where you were not processing credit cards, and you may see some positive trends developing…

But first things first: you need to find a merchant account that serves your specific “high risk” needs. Here are some tips that will come in handy:

• It is important to choose a high-risk merchant provider that has a lot of experience in this market. Experience speaks volumes in any high-risk industry and having that edge and knowledge may just save your company significant chargebacks or fines from the card schemes.
• Reputation is a major indication of reliability – try to establish your potential account providers’ credibility by asking around your colleagues and peers. Financial status or business history can be a good indication if accessible.
• An understanding of exactly how they intend to process your online poker merchant account is imperative. From applicant acceptance through to transaction reporting, you need to be assured that the service provider is efficient and follows procedure to an exact art. This is all vital to managing this versatile business.
• Of course, rates are an important factor as well. High-risk merchant providers price their rates around a certain mark when assessing high-risk business which is significantly higher than your average normal to low-risk business. If an initial instinct tells you a rate is too high then it probably is.
• Each high-risk merchant service provider has a different fee structure, which generally includes the set-up fees, the discount fee, transaction fees, statement fees, and so on. It may be tempting to choose a processor with the lowest fees however this does not ensure that you are picking the best. It is recommended that you compare the terms, rates, and offerings by requesting a sample contract to give yourself that extra negotiating power.
• Make sure that you consult the terms & conditions within the prospective merchant provider’s agreement about the length of their term, the termination fees (if any), and whether or not the discount rate is fixed, as some are “introductory”. (The discount rate is a percentage charged on each transaction, and ranges from 1% – 10+%, depending on the type of service).

Once you have found and researched the perfect high-risk merchant service provider that works for you, processing credit cards may be the best decision you will ever make with regard to the development of your online poker business. Visit https://www.confidentialbanking.com/ to learn more about the details of getting a small business merchant account – and then set the ball rolling.

Grow Your Sport Betting Business with a High-Risk Merchant Account

Unless you’re running sports betting business purely as a leisure pursuit, you’d 100% want to collect money off your patrons. How do you do this? By acquiring a merchant account, of course. All your hard work into building your business will be a great waste if your sports betting website isn’t outfitted to accept major credit cards.

What’s the problem?

Processing for other online businesses is a big responsibility. As such, every merchant is subjected to the most rigorous standards set by a financial institution — whether banks or other alternative channels — to be approved for a merchant account.

One crucial thing you need to understand, though, is that sports betting businesses are considered high-risk because of their high volume of sales and greater potential for chargebacks, refunds, and fraud. This means that while merchant account providers can be tough on regular online merchants, expect them to deal with you with an iron fist. This could mean many things, such as more paperwork to present, higher fees, longer approval time, or even outright denial of the application.

If you keep all of these in mind when looking for a “high-risk” online sportsbook merchant account, you should be able to get through the process much easier.

Be proactive.

As you go through your list of potential high-risk merchant account service providers, you should also start preparing a second list. This one should detail what each payment processor asks of you. If you find that some of the requirements are common across all service providers, write them down. Then, start putting together a package with all the things they require. This would lessen your work of compiling each and every document every time you submit an application form.

In terms of paperwork, different high-risk merchant account providers require different things. In any case, you should be prepared to provide:

• Scanned completed and signed merchant application
• Passport copies of all owners
• Company incorporation papers
• Licenses or legal opinion if required
• Some cases a business plan
• Current utility bill for each owner
• Current 5 months of credit card processing history, very important!
• Bank statements

Do you want to accept online transactions and safely acquire credit card payments on your online sports betting website? Liberty Enterprises can assist you in the setup of your offshore merchant account in as little time as possible and with favorable payment terms. Visit https://www.confidentialbanking.com/ to learn more.

What to expect from a high-risk merchant account provider?

Businesses that don’t have permanent locations and conduct most of their customer interactions over the phone, on the internet, or by mail order are usually considered “high-risk”. A hallmark of such businesses is that they operate at a high credit rate and turnover, making the risk for chargebacks, credit card fraud, and financial failure exit more likely. The majority of banks aren’t willing to work with a business that comes with a lot of baggage, so they shy away from offering credit card services to high-risk businesses. Even if a high-risk business is able to find a bank willing to provide them with credit card processing services, they will be charged higher rates and other undesirable terms.

In this day and age, any business would likely fail without the viability of a credit card processing solution. Therefore, a higher-risk merchant needs to look for a payment processor that works specifically with high-risk businesses. These processors can provide businesses with a reputable, secure, and fair high-risk merchant account, allowing their customers the ability to pay for products and services with credit cards without being face to face with the seller.

WHAT TO EXPECT?

A business needs to know what services are generally offered with merchant accounts. While each high-risk merchant services provider is different, a business can usually expect the following services associated with its merchant account:

• A thorough analysis of the type of product or service the business offers, the method of delivery, and the expected methods of payment.
• Review of previous chargebacks and relationship with last credit card processors.
• Periodic review of risk status and fee structure.
• Criminal background check.
• Training in what types of documents, invoices, receipts, and tracking information to keep.
• Offering a variety of payment options, such as standard credit cards and debit cards. A good processor will also provide high-risk echeck processing services, to allow customers to pay via electronic checks.
• Training in how to read and record credit card information.
• Direct deposit of credit card proceeds into the business bank account.

There are many merchant account providers offering payment processing solutions to high-risk businesses. The account service provider must be very familiar with the structure, products or services offered by its business customer. The fees and services should be customized to fit the business and enhance its productivity to make it a win-win situation for both the business and its customers.

 

10 Tips to Protect Your High-Risk Payment Processing Account

Payment processing is vital to the success of any company today, especially businesses classified as high-risk merchants. This blog gives ten tips on how to protect your payment processing accounts.

1. Monitor your monthly processing volumes. If you’re going to significantly exceed the approved processing limits, call the acquiring bank or your payment processor and let them know the reason.
2. If you expect a tremendous growth spurt, consider getting additional high-risk merchant processing accounts/ mids. Many companies that process substantial volumes of payments have more than one high-risk merchant account or several mids to diversify and safeguard the continuity of business operations.
3. If you’re changing merchant account providers, ramp processing volumes down slowly from your existing account. If you suddenly close your account, the acquiring bank will get nervous and may decide to freeze your funds or hold your reserves.
4. If you have average tickets that are going to increase to higher than normal levels, call the bank and let them know why. Banks hate surprises. As long as you let the bank know the reason for any sudden changes, there will be no surprises, and your payment processing can continue smoothly.
5. Put your customer service number next to your company name on the billing descriptor. When customers view their credit card statements, you want customers to call you first with any questions, not the card issuing bank. Making it easy for your customers to contact you to request a refund or cancel an order will keep your chargebacks low.
6. Provide superb customer service. Responsive customer service prevents chargebacks and builds customer loyalty. Everyone wants to be treated well, and you’d be surprised at how excellent customer service can rescue orders that otherwise would have been lost.
7. Make it easy for your customers to return items if not satisfied. Particularly if you sell a lower ticket item, issuing a refund is easier and much less expensive than fighting a chargeback.
8. Stay on top of your high-risk merchant account by reviewing reports and reconciling statements. It’s amazing the number of merchants who never look at their statements and then wonder what went wrong when they lose access to their offshore merchant processing.
9. Implement fraud protection such as 3Dsecure. The internet is awash with criminals who are constantly seeking vulnerabilities in websites to exploit. Don’t give criminals the opportunity to attack you. Implement superior fraud protection, keep it up-to-date, and stay safe.
10. Keep your bank informed of any changes in your way of doing business. Consider your merchant bank a vital part of your team. Payment processing is indispensable for your long-term business success, and your bank is a partner.

Payment processing is the vital lifeblood of your business, so plan to do everything possible to protect your business and yourself. You’ll discover the time and effort to implement the above suggestions will be well-spent.

Finding the Best Processing Rates for Credit Cards on Merchant Accounts

Would you rather spend money on accepting credit cards via a superb merchant account, or would you prefer to save money by signing up with another excellent merchant account with the same features? Unless you have an eccentric streak in you, we are sure your choice is the account that charges less for the same features. Any other sensible person, too, would agree with this selection.

Sadly, the merchant industry doesn’t make it that simple for you to compare X with Y. Whether you need a low volume merchant account or a “high risk” online pharmacy merchant account, an abundance of different fees, charges, and billing structures will complicate matters for you when you compare various service providers.

Why don’t we look at the different methods to compare and select the perfect merchant account for your business?

Before we begin, you should keep in mind that acquiring and managing a high-risk credit card processing account will almost always be a little more expensive than standard merchant accounts.

Researching all the pros and cons of the fee structures charged by potential partners has its benefits, and you would be in a good position if you know these. Several providers do not disclose their policies and conditions until you sign up with them, and you may need to request a copy of their rules and guidelines. Once you do that, you are in a position to understand exactly how much you will be paying for the services of a merchant account. Whatever be the case, you must ensure that you fully understand the conditions involved before you sign up with any company.

Having cleared out the basics, you can look for the best credit card processing services with different providers. There are plenty of options, and several different kinds of price structures and incentives for setting yourself up with a merchant account. Each plan has a unique feature; you just have to figure out which one suits your business needs the best.

If are out to get the best possible deal for processing rates for credit card transactions, you have to do quite a bit of research. Comprehensive research for the best possible terms and conditions will benefit you greatly – provided you make sure that the company you are signing up with has good reputability. You surely do not want to be stuck with companies that lack customer service, because it is your money that is in question here.

High Risk Merchant Processing Solutions – Watch Your Online Business Grow

Customers love the flexibility and convenience of using credit/debit cards to pay for a product or service online. Therefore, if you are involved in any form of trading over the internet, you must have a merchant account to make processing card payments on your site or app easier. However, if your online business has a large volume turnover and is greatly exposed to chargebacks or fraudulent threats, it may be considered “high risk.”

Operating a business that is categorized as high risk implies that most of the banks and payment processors will be unwilling to deal with you (though even if they do agree to grant you a merchant account, you can expect their fees to be prohibitively expensive.)

So what to do?

Well, there are many merchant account providers that specialize in helping high risk businesses get a merchant account for their payment processing needs. Whether you need an online poker merchant account for your Texas Hold’Em gaming site or your online pharmacy, a high risk merchant account provider can help you get a processing solution to enable credit card transactions for your online business.

Selecting the right service provider

• Ask around and choose a provider with a well-established reputation in the field and who is well spoken of for the range and quality of services offered.
• Choose someone who caters to your specific needs. For instance, depending on the nature of your business, you may require multi-currency or 24/7 support.
• Insist on a breakdown of the fees and do not sign up unless you are convinced about the fee structure.

Taking into account the ‘n’ number of factors when it comes to choosing the right high risk merchant service provider, merchants must conduct thorough online research to find the perfect service provider who can meet all of their payment processing requirements.

 

 

 

How To Process Card Payments As An Online Poker Merchant?

An online poker cardroom called “PokerStars” recently hosted its 14th Sunday Million tournament that attracted 93,016 entries and generated a prize pool of over $18.6 million! There is no denying it; online poker is an exciting card game that attracts millions of people worldwide, making it one of the most lucrative industries around.

Do you wish to capitalize on the booming online gaming industry and get into the online poker business?

If yes, you should know that finding a reliable payment processing solution for your business is not going to be easy as the online gaming industry is considered “high risk” by financial institutions. High volume turnover, higher potential for chargebacks, and higher potential for money laundering – these are just a few reasons why most banks and other financial providers see this kind of business set up as a risk too high.

So, what are your options?

If you are finding it hard to acquire an online poker merchant account, high-risk merchant account providers are the way to go.

Reputed high-risk merchant account providers, such as Liberty Enterprises, can help you meet your online poker business’s needs. They can connect you with offshore banks with fewer trading restrictions, so you can begin processing payments and bets on your poker website as soon as possible! Furthermore, the application process is easy and can be completed in as little as 48 hours, providing payment processing in a pinch.

That’s not all. With a high-risk online poker merchant account, you also get a lot of additional benefits such as fraud protection, chargeback mitigation tools, 24/7 customer service and ability to accept payments in the world’s most traded currencies, such as US dollars, Great British pounds, euros, Japanese yen, Swiss francs, and more.

Final Notes

With the right high-risk merchant account service provider, you can set up credit card processing for your “high risk” online poker website quickly, easily, and affordably.

What You Need To Know About Offshore Company Formations

There is more than one reason why one should open an offshore company. From saving money on taxation to operational ease, owning an offshore company opens the gateway to many such benefits. Being easy and quick, offshore company formation has become quite common nowadays. With the availability of service providing agencies, one does not require facing the usual hassles of incorporating a company overseas.

Benefits

It cannot be denied that the chance of enjoying tax reduction or tax negation remains the strongest force behind offshore IBC formations. As a rule, any businessman who invests offshore by opening a bank account or incorporating a company gets some tax reduction benefits. If the company is established in a low or no-tax jurisdiction, it will save the person a substantial amount.

Apart from reduction (in some cases negation) in taxation, the convenience of operating a company overseas encourages many people to go for offshore company formation. In an offshore company, there are generally fewer operating restrictions, and limited accounting and auditing requirements.

The standard to be maintained by the business and the employees, including the directors, is also less restrictive in an offshore company. Among the other important benefits of offshore company formation, there is a better scope for asset protection and personal privacy protection. While the former helps keep the company assets away from probable litigious action, the latter gives scope to maintain a high level of privacy by not exposing personal information.

Choose Your Jurisdiction Carefully

Do you want to set up an offshore company? Well then, you should know that while several countries have become popular destinations for offshore company formation, not all of them offer the security and services that you need to operate your company successfully. The jurisdiction you choose should offer great tax advantages and protect the assets and confidentiality of its offshore companies to create a unique environment that supports ethical business operations. Therefore, it is best for you to work with a consultant who can help you determine which country is best for you before you start the offshore company formation process.

 

 

 

 

 

What Does An Offshore Merchant Account Offers?

Since e-commerce businesses are becoming more competitive with time, business owners find offshore merchant accounts beneficial. This is mainly because there is no hassle to open an offshore merchant account. The usual requirements of having a business that has existed for a minimum of two years and making a security deposit of several thousands of dollars are not needed when an offshore merchant account is created. The only difference between an offshore merchant account and a simple merchant account is mainly the bank location, which for an offshore merchant account mostly resides in a different country.

Benefits of an offshore merchant account

• Offshore merchant accounts tend to have a cost-effective and hassle-free setup, merchants get better service, and there are practically no deposit requirements.
• Business owners are no longer bound to select a bank in one country only. With offshore bank accounts, they become capable of expanding their business worldwide. And with low taxes, it provides an economic advantage to merchants.
• It enables offshore credit card processing, and merchants can accept payments in multiple currencies.
• Offshore merchant accounts tend to place the business owner in a favorable e-commerce world. And as the bank does not exist in the same location as that of the merchant, it helps the business decrease taxes.

Some offshore banks and credit card processors do charge slightly higher processing fees and discount rates, however, when the merchant realizes the tax savings they are incurring by processing offshore, they discover they are far better off than if they had remained processing onshore. High-risk businesses, in particular, like online casinos, pharmacy and travel merchants prefer using an offshore high-risk merchant account as most domestic banks (US) decline these business categories, owing to their high volume sales, potential chargeback, and refunds, etc. Offshore banks tend to be more liberal with their underwriting policies, tax savings, and no sales volume restrictions.

Credit Card Processing: Finding The Right Partner

Though e-commerce has been around for some time now, website owners still face difficulties in getting merchant accounts from banks and financial institutions because of the risk of credit card fraud. Fortunately, some internet merchant service providers are more than willing to support e-commerce businesses. These companies have a good understanding of the complexities involved in online merchants; whether they are low or high risk.

Type Of Merchant Account

There are two types of merchant accounts. The first one is where a business partners with a bank or other financial institution. The business applies for a merchant account; the bank verifies the credit history of the business entity and the type of business (low or high risk) that will be carried out over the website; the bank approves or rejects the application on that basis. The e-commerce business must comply with the rules laid out by the bank.

The other one is a high risk merchant account. As the name implies, this account works well for high risk businesses that may not get approved for merchant accounts otherwise. For example, if you own a poker site, obtaining an online poker merchant account from a financial institution may be extraordinarily challenging or extremely expensive. In this case, you are better off working with a high risk specialist.

Compare credit card processor’s rates

Invite quotes from five or more credit card processing services and compare their prices and features. The prices can vary based on the average sale amount per credit card transaction (average ticket size) and the number of transactions processed in a month. Whatever be the fees applied, they should be clearly mentioned at the start of the contract.

Whether you are hiring a low risk or a high risk credit card processing partner, you should take the time to do a comprehensive comparative study before making your final decision. Compare services rendered, rates charged, customer service, past records, etc. Get references from associates and ask questions freely. Switching credit card processors could be a cumbersome job. Get it right the first time around.