Benefits Of A High-Risk Echeck Processing Solution For E-Commerce Merchants

Every e-commerce merchant should be equipped to process credit and debit card transactions since this is what the majority of online shoppers prefer nowadays. However, for a variety of reasons, not every e-commerce merchant is qualified for credit card processing. Perhaps they are deemed too risky by an acquiring bank due to their industry, excessive chargeback ratio, high sales volume, or instances of fraudulent activity. Or perhaps they have a poor credit background and may have been put on Visa and MasterCard’s MATCH (formerly known as Terminated Merchant File or TMF) list. Such a predicament has opened up the market for alternative payment solutions such as digital wallets, ACH payments, and, of course, high-risk echeck processing.

Let’s quickly go over the benefits of a high-risk echeck processing solution.

The high-risk world is a volatile ecosystem. Banks are unwilling to provide credit card processing to e-commerce merchants in certain “high risk” industries, forcing them to seek another acquirer to provide a processing solution. At the very least, getting some type of echeck processing solution in place—even if the merchant can process credit card payments—provides a sort of safety net for a high-risk merchant before they can find another credit/debit card solution.

High-risk echeck processing, which has made great strides in the last three years, is a convenient and practical solution for e-commerce merchants who find it difficult to get a high-risk credit card processing approval. For example, the three-day window for a check to clear is no longer in effect. Checks submitted by 11:00 a.m. on a weekday will clear by 1 p.m., and checks submitted by 3:00 p.m. will clear by 5:30 p.m. High-risk echeck processing is also less expensive than high-risk credit card processing because there are no transfer fees, and the payments are secure and direct from the customer to the merchant.

To summarize, high-risk echeck solutions are an underutilized and underappreciated method of payment for high-risk e-commerce merchants. When are you going to get yours up and running?

Why high-risk merchants prefer eChecks?

Is your business deemed high risk by banks and other traditional processors? If yes, you are going to have a hard time finding a reliable and secure payment processing mechanism for your business.

Not all hope is lost.

There are still payment processors out there that specialize in high risk credit card processing and will be willing to work with high-risk businesses such as yours. The only downside? Higher processing fees! While there may be no way around this, you can look into accepting eChecks to lower your merchant fees.

An eCheck—or electronic check—is a digital equivalent of a traditional paper check. There are many reasons you would want to begin accepting eChecks from your customers.

To begin with, the Federal Deposit Insurance Corporation (FDIC) reports that only 7% of U.S. adults do not have a bank account. Since the vast majority of the population has access to banking facilities, accepting eCheck as a form of payment translates into increased profitability for your high-risk business.

With eCheck, your business will also gain a competitive edge in the market. Keep in mind that not all of your customers have a credit card, but they do have a bank account. Since you accept their preferred mode of payment, you can take business away from your competitors who do not.

The final incentive to consider eChecks is that they are less expensive and faster to process—in most cases, processing costs less than a dollar and the funds are typically available the same day or the next business day.

Are you sold on eChecks? Now, you need to find the best high risk echeck processing specialist. Find an eCheck processor that fits your specific needs. For example, if you run an online casino, make sure that the processor works with businesses that are involved with online casino and gaming businesses before signing a contract with them.

The Biggest Advantage of Setting Up an Offshore Bank Account

With the global spread of the coronavirus disease 2019 (COVID-19), the way we think about money has changed a lot. Leading global economies have faltered, millions have lost their jobs, and almost a fifth of ALL US dollars was printed in 2020! Up until recently, we were all obsessed with what we could get in terms of ‘consumer durables’ and how much we could borrow to advance our spending power, but everything has been turned on its head today.

Saving is the new spending, and there are plenty of easy ways you can develop a positive savings habit. For example, you can pay yourself before you pay anyone else when your salary cheque arrives. i.e., moving a portion of your income into a less accessible savings account each month so that you do not waste that money, but instead, you save it for a rainy day. Similarly, if you are a business owner, it could make good sense for you to set up an offshore bank account because such an account structure could benefit your finances.

Perhaps the most significant advantage of opening an offshore bank account is that it allows you to defer the payment of taxation on the interest that you earn. Generally speaking, interest is paid gross, i.e., without the deduction of tax. This means that your savings have a booster for the tax year as interest is paid each month on a larger sum. At the end of the tax year or the end of the term of your savings account, you may well have a taxation liability. Still, because your money has grown in the interim without tax being taken away, this can have a booster effect on your money’s growth.

For some, offshore banking services can help legitimately avoid tax. However, never assume you have no tax liability; such an assumption could land you in serious trouble! Always determine your liability because when it comes to tax, ignorance can never be an excuse.

What To Look For In A Credit Card Processor For Your Online Poker Business?

If you run an online poker business, good luck trying to find a reliable and affordable credit card processor. Given that yours has been deemed a high-risk business, banks and other traditional processors are just not that excited about working with you.

So what should you do?

Well, you should find a credit card processor that specializes in working with high-risk merchants and can help you get your application approved quickly and easily. You want to get right from the first try, so you don’t have to go through the process over and over again.

Processing credit card payments is a serious business, and you don’t want just anybody to handle your online poker merchant account.

When you are looking for high-risk merchant account services, don’t just settle for the cheapest provider. Sure, lower fees and favorable payment terms are important but ensure that you give more attention to professionals with years of experience under their belts.

Having survived in an industry as competitive and dynamic as payment processing for years indicates that the provider offers reliable account setup services and customer support. You can trust an experienced provider to handle the entire application process with ease and get your account live in as little time as possible.

As a merchant in the online gaming industry, you may also need multiple solutions for your high-risk merchant processing. Therefore, work with a credit card processor who can arrange for you to have more than one merchant account with different international processors and offshore banks worldwide.

If you are an online poker merchant, get in touch with Liberty Enterprises today and let their professionals find the credit card processing solutions best suited for your high-risk business. With over ten years of experience in the payment processing industry, they have an extensive network of banks, processors, and direct relationships to meet any merchant’s needs.

What To Look For In A Credit Card Processor For Your Online Poker Business?

If you run an online poker business, good luck trying to find a reliable and affordable credit card processor. Given that yours has been deemed a high-risk business, banks and other traditional processors are just not that excited about working with you.

So what should you do?

Well, you should find a credit card processor that specializes in working with high-risk merchants and can help you get your application approved quickly and easily. You want to get right from the first try, so you don’t have to go through the process over and over again.

Processing credit card payments is a serious business, and you don’t want just anybody to handle your online poker merchant account.

When you are looking for high-risk merchant account services, don’t just settle for the cheapest provider. Sure, lower fees and favorable payment terms are important but ensure that you give more attention to professionals with years of experience under their belts.

Having survived in an industry as competitive and dynamic as payment processing for years indicates that the provider offers reliable account setup services and customer support. You can trust an experienced provider to handle the entire application process with ease and get your account live in as little time as possible.

As a merchant in the online gaming industry, you may also need multiple solutions for your high-risk merchant processing. Therefore, work with a credit card processor who can arrange for you to have more than one merchant account with different international processors and offshore banks worldwide.

If you are an online poker merchant, get in touch with Liberty Enterprises today and let their professionals find the credit card processing solutions best suited for your high-risk business. With over ten years of experience in the payment processing industry, they have an extensive network of banks, processors, and direct relationships to meet any merchant’s needs.

The Shift in Sports Betting and What It Means for Online Sports Betting Merchants

The online gaming market, including the online gambling and sports betting industries, has exploded in recent years and is expected to rise to $2.2 trillion by 2021! That being said, integrating credit card processing on your sports betting website can be complicated.

As an online sports betting merchant, you will have a hard time finding a bank or payment processor who will support your business. Due to the industry’s background and reputation, high chargeback ratio, and the complexities of the federal and state laws and regulations regarding the industry, sports betting businesses are labeled as high risk. As such, you need to have a specialized online sportsbook merchant account to process and accept payments.

There is good news: Despite the challenges that drive banks and other payment processors away from dealing with online sports betting merchants, the outlook is looking better. With significant help from the recent Supreme Court ruling on the “Murphy v. National Collegiate Athletic Association, No. 16-476, 584 U.S. ___ (2018)” case, the entry barriers for sports betting are being lowered.

Online sport betting merchants should bear in mind that, even with this ruling, they are still in a unique position compared to other low-risk merchants. Banks and other payment processors will likely continue to consider sports betting businesses “high-risk.” This means that setting up a high-risk merchant account would cost much more than their low-risk counterparts.

The online gambling and sports betting industry has a huge growth potential, which may broaden offerings among payment processors in the future. But that is still too early to assume, which is why sports betting merchants should opt for a payment processor specializing in high-risk merchant processing.

So, if you want to get the most out of your online sports betting business, take the extra time to find a reliable payment processor who will work with you to identify and address your business needs.

What an Offshore Company Is Really All About?

The offshore services industry is heavily tainted by negative press portraying it as a mechanism for millionaires and billionaires to cheat on their taxes. The truth, however, is that an offshore company can be established for legitimate business reasons.

What is an offshore company?

Setting up an offshore company means incorporating a business in a country other than the one you currently reside. It does not have to be a tax haven. For example, if you lived in Germany, you could form a company in the United States, which would be an offshore company to you.

The mainstream media seems to have a field day with the offshore services industry (in particular, with tax havens) and only reports on them when a major tax crime is uncovered. Because these tax havens uphold anonymity, they have no recourse to going on the offensive in the media because calling attention to themselves and their clients is pretty much the exact opposite of their objective.

Why form an offshore company?

Several advantages can be realized when you set up an offshore company. The greater percentage of people drawn to offshore company formation are seeking greater privacy in their financial dealings, increased layering for asset protection purposes, and reduced tax burdens on capital gains.

Forming an offshore company DOES NOT preclude you from paying your fair share of income taxes in your home jurisdiction. The advantage of creating an offshore business is that once you have paid taxes in your home country and moved this money to an offshore bank account, your money can grow tax-free. In general, tax havens will not charge a tax on capital gains or tax foreign-derived income.

If you want to take your business offshore to enjoy complete confidentiality in your corporate affairs, get in touch with Liberty Enterprises today.