Credit Card Processing for Penny Auction Websites

Nov 26, 2014

Penny auction sites are gaining popularity, and it is a great time to hop into the business. While sales are great, there are issues that may cause you to think twice about a penny auction site. Though, if you are well-versed in the ins and outs of the issues, you know that there are ways to handle any issues that may arise.

One of the biggest issues when it comes to launching a penny auction website is payment acceptance. Every penny auction website needs a penny auction merchant account, but this can be a pain to find. This is because penny auction websites are considered to be “high risk”, meaning that they are at a higher risk of incurring fraudulent charges. While true, it should not be a reason to limit the types of businesses, legal businesses, which a person can operate. Without a merchant account processor, you would be unable to accept plastic card payments – which is how virtually 100% of transactions take place on these sites. So, in order to make sure that your business is able to accept plastic card payments, you need the services of a high risk merchant account processor, such as eMerchantBroker.com.

We at eMerchantBroker.com know the stress that an unreliable merchant account can put on you and your business. While fraudulent charges are a real threat, we will not drop your company when one arises, unlike others who claim to be penny auction merchant accounts. We will work with you to make sure that the charge is an actual fraudulent charge, and not just a forgotten about charge that the customer claims. We at eMerchantBroker.com know that a penny auction merchant account is an absolute must, if you wish to make it in the business.

Let us help you get a penny auction merchant account today!

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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