An offshore merchant account is one which is used for e-merchants who are processing payments through their website in countries that they don’t live in. There are many reasons why a merchant would want to have an offshore account, including less stringent approval standards abroad. Being an offshore merchant can also be a great option to extend the services of...
If your business is in a high-risk industry, you are familiar with the complications and frustrations of obtaining a merchant account. If you have been able to get one, then your concerns shift to fulfilling contractual obligations and costs that are passed on to you by the provider to mitigate cost. But wouldn’t it be amazing if there was a...
Launching and maintaining a profitable business is riddled with challenges and unpredictability. If you happen to be a high-risk merchant, the complexities are only multiplied. Banks are reluctant to provide high-risk merchants with a merchant account for various reasons. High-risk industries are rampant with fraud, chargebacks, poor reputation, and more. Banks are simply unwilling to take these types of risks....
You have the business, the right products and/or services, the website filled with information, and some good employees. Now you want to expand your payment options to include credit and debit card processing. That should be no problem for a legitimate business like yours, right? Actually, many businesses are surprised to find that qualifying for an online payment gateway is...
The high-risk industry includes but is not limited to businesses such as adult entertainment, gambling sites, travel agencies, the sell of tobacco or vaping products, medical marijuana services, or simply e-commerce websites that process card-not-present transactions. Like any financially savvy investor might, traditional banks and independent sales organizations (ISOs) prefer low-risk investments to increase the likelihood that they’ll turn a...
The old way of thinking is to have one merchant account per business. Anything more than that seemed like a headache. But times are changing and if you want the best services at the lowest prices, having multiple merchant accounts can help you achieve it all. This is especially true if you are a high-risk business. It may seem like...
A Largo telemarketer, together with several of his companies, are to pay $2.5 million to end the dispute concerning their participation in a scheme. The latter was about helping pharmacies seek Medicare and Medicaid payments of up to $25.000 for pain medicines being retailed for less than $10. This article will tell you more about the case and will also...
A few months ago— the Wall Street Journal featured news that the court had made a decision on a lawsuit fined by Lenders against the FDIC. It meant than banks must not rely anymore on a list of “high-risk” categories released by the FDIC— among them coin-trading merchants. And now, it seems like the Federal Deposit Insurance Corporation has backpedaled...
Europol went public with a report on the ongoing counterfeiting, and what came out should be an eye-opener. The cross-national police force was working with European Union Intellectual Property Office (EUIPO), and their investigations came to one conclusion; professional syndicates organize most of these crimes. This was the first-ever Intellectual Property Crime Threat Assessment covered the entire European Union. And...
The multibillion-dollar merger/acquisition between Fiserv Inc. and First Data Corp. may have caught many by surprise, but it makes perfect sense. As the financial-institution market in the United States continues to shrink, it forces the consolidation of core-banking solutions and the processors that service those banks. Therefore, Fiserv’s move is smart and creates compelling strategic and financial benefits for the...
