Penny auction websites are lucrative; however, there are challenges involved in operating one. One of the biggest challenges is finding a reliable penny auction merchant account provider. While it may seem it requires a lot of dedication and research to locate one, in reality, it may not be as hard as it seems.
Penny auctions are very popular, but a lot of people are not familiar with what they are, and why they are so hard to find a merchant account processor for. Penny auctions are an online niche that requires electronic payment processing. Penny auctions are deemed high risk, almost on par with gambling, due to fraud websites and businesses seeking to take advantage of consumers. Fraud sites will sometimes drive up auction prices with an automated bid system. These fraudulent customers are the reason why this industry gets a bad name. These scammers and their tricks have implications for your legitimate business as the threat of penny auction sites being shut down scares off banks and other merchant service providers.
For this, you will need a high-risk merchant account processor. One of the best is eMerchantBroker.com or EMB. At EMB, we are the high-risk merchant account market, including penny auction merchant accounts. These accounts have a higher than average fraud rating, so we take great care in making sure that your business stays fraud-proof. We also offer chargeback insurance, which is a must for any high-risk merchant. Chargeback insurance alerts you to a pending chargeback, which is typically not done to a chargeback insurance-less merchant. It can also help you save up to 30% of your chargeback fees. We can find you the perfect, high-volume merchant account for your penny auction website. If you can keep your chargeback rate below 3%, we can set you up with a merchant account in as little as 3 days.
While it is a great time to open a penny auction business, there are obstacles in the way. One of the biggest, and most important, is finding a great penny auction merchant account provider. The answer is simple: EMB. We will be there to help with your every need concerning your penny auction merchant account, and perhaps even some marketing tips along the way.
For more information on setting up your Penny Auction Merchant Account click below