High Risk Credit Card Processing And Merchant Account Solutions

What is a merchant account?

A merchant account is a specific type of bank account that allows merchants to accept payments. Typically, a merchant account is used for credit card processing and eCheck processing but can be used for a variety of payment processing needs. To get a merchant account, one must submit an application with a merchant account provider.

These merchant account providers work with acquiring banks, such as Chase and Wells Fargo, to provide merchant accounts to businesses looking to process credit card payments.

There are multiple types of merchant accounts depending on how the bank categorizes the industry of the merchant. If the merchant account is used for card not present (CNP) or ecommerce transactions then it must be integrated with an online payment gateway. Otherwise, a physical terminal is required to capture payment information.

Who does Easy Pay Direct Work With?

Easy Pay Direct works with all kinds of merchants, including, what the banks call, “high risk” merchants. These merchants happen to be in an industry that the banks label as high risk which means that they have a higher likelihood of chargebacks, disputes and fraud.

The most common reason for this is card not present transactions which presents a higher risk of fraud. These merchants can have a particularly hard time finding a high risk merchant account because a lot of payment processors refuse to participate in high risk processing. Even if these merchants find a “high risk payment processor” they can still frequently deal with holds or freezes on their money and shut down merchant accounts.

This is where Easy Pay Direct saves the day by finding them a high risk merchant account provider that wants to work with their business and providing them with all the resources to meet their high risk credit card processing needs.

What does Easy Pay Direct provide?

Easy Pay Direct provides merchant accounts specifically tailored to a merchant’s industry. We do this by leveraging our banking relationships to apply for merchant accounts on your behalf.

However, we do not just apply for any merchant account, we use providers who want to work with your business model and underwrite their merchants. This is important because it lays out all the cards on the table and ensures that a provider gets to know who you are and your business model before working with you. That way they know what to expect moving forward.

This strategy guarantees that we find a merchant account provider that wants to work with you, making the likelihood of holds, freezes, and shut downs, much less and providing stable credit card processing.

Another benefit to this are you get to avoid the nightmare that applying for merchant accounts can be. Not only do most merchant account providers do very little underwriting, but it can take many applications before you find a merchant account that is good for you.

Each application that you send out hurts your chances of getting approved for the next because multiple applications make you look desperate to a provider which they perceive as high risk.

After your merchant account is set up…

After we get you set up with your first merchant account, we recommend getting you an additional merchant account if you have over $250,000 in sales volume a year. This is to ensure stable payment processing.

Even though Easy Pay Direct takes all the precautions to prevent you from experiencing a hold, freeze, or shutdown, we can never know how banks might act in the future. If they hire someone new or implement a new algorithm, your account could have action taken against it. In the event of this, if you have a second merchant account that is already up, and running and processing payments, you can pivot your revenue stream to this account and avoid holds, freezes, and shutdowns altogether.

Now all of this may seem complicated and a lot of work, and it would be if you were doing this on your own. However, if you are working with Easy Pay Direct, we manage all of this for you making your role in all of this very easy. We even assign you your very own Certified Payment Specialist (CPS), who will monitor your merchant accounts for you, giving you one point of contact for all of your merchant processing needs.

How to get a merchant account:

The first step on your path to a new merchant account is starting the Easy Pay Direct application or if you would rather chat with someone to find out more, call us at (800) 805-4949*. We can get you set up in as little as 2 DAYS!

*Hint: This is easier cause we can fill out your application for you!

Choose the right Merchant Account for your business:

• • High Risk
  • CBD & Hemp
  • Enterprise
  • Retail
  • Mobile
  • Online Gateway

The Easy Pay Direct client experience:

At Easy Pay Direct your journey will begin with your application which we use to collect information about you and your business to match you with the right merchant account provider. From there you will be connected with your very own New Client Specialist (NCS) who will help you complete this application and will be your contact to answer all of your questions.

Once we have the necessary information and have assessed your business model, you will be classified as a Gold, Platinum, or Diamond merchant based on your unique payment processing needs.

After this, you will be introduced to your Certified Payment Specialist (CPS) who will be your one point of contact for all of your payment processing needs. This ensures that when you call, you are talking to someone that you know and who knows you and your business. They will apply for merchant accounts on your behalf and help you set up your new merchant accounts and your online payment gateway.

After that, you will be ready to start accepting payments. Your CPS will monitor your accounts and keep in contact whenever you want to chat or if they need to alert you of something that requires your attention on top of annual merchant account reviews.

As you consider which high risk payment provider is the right fit for your company, it’s important to be informed about what the provider is really offering. Just because they are ‘high risk’ doesn’t mean they offer the specific features your high risk business needs.

World Class Support
It’s essential to have a support team that is experienced and knowledgeable. From solving your processing dilemmas to integration support and helping to handle a processor risk inquiry, you need a team that’s there for you throughout your processing journey.

Industry Categories and Business Models
Be sure the processing partner you choose can support your industry and business model. The right provider is well aware of which processors are actively accepting applications for businesses like yours.

Secure Payments
Your processor absolutely must have proper industry security certifications and be equipped to help you obtain them as well. Verify that the partner you choose has strategic fraud prevention tools and chargeback mitigation options as well.

Custom Integration
Integrations can be a headache. It’s important to choose a provider with a wide range of integration options that can also help troubleshoot any hang-ups along the way.

Easy Pay Direct is a one-stop merchant account provider and payment gateway.

We offer direct integrations to the top shopping carts in the industry and the documentation and support to make your custom integrations easier.

With our patent pending load balancing system, not only is your processing safe and secure with Easy Pay Direct, but it’s also easy to manage multiple merchant accounts all in one place.

It all starts with an application. Because this is a high risk application, there are a number of documents required to complete the submission. Known as “KYC” or Know Your Customer documents, many of these items are required by law. While the sensitive nature of some requested items may feel invasive, they are necessary.

Here are the most common items to have on hand when you submit your application:

• • • Driver’s License or passport
    • Last three months of business bank statements (if your account is new personal bank statements may be used to supplement any statements you don’t have yet).
    • Last three months of processing statements (all current processors!) if available.
    • Articles of Incorporation (a Secretary of State business name filing may be sufficient if the business is not incorporated).
    • EIN or social security number confirmation in the form of an IRS letter SS-4 or an I-9.
    • Void check for the business bank account where deposits will be made.

Once your application is submitted, the processor’s underwriting team will review it along with your supporting documents.

If everything is in order, you should have your approval in as little as 3 days, although the process can take a couple of weeks. The best way to help speed things along is to promptly provide any additional documentation or information requested by the underwriting team.