Credit Card Processing For Recurring Billing Companies
Finding secure credit card payment processing solutions for a company and a high risk merchant account for like those that offer subscriptions is not easy, particularly in the event that you go looking in the wrong places. With being deemed as a high risk merchant, you will undoubtedly be rejected by traditional banks and aggregate payment processors like PayPal and Stripe.
However, you do stand a chance to be approved with modern high risk merchant account payment processing provider, like PayKings. The high risk nature of these businesses, in addition to a few other factors will be discussed here, as will the reasons most payment processing providers won’t give your business the time of day.
What Are the Risks involved with Recurring Billing / Subscription Box Merchant Accounts?
With recurring billing and subscription box merchant accounts, the visible risk is that phony customers can enjoy a company’s products or the services over the limited time period and then depart without a purchase, only to return with another identity to get a second go around. This means that the merchant is vulnerable at all times.
Secondly, recurring services or subscription boxes is a common feature of companies that offer a recurring billing system, you need to be aware of high chargeback ratios. Too many chargebacks can automatically categorize your business as high risk. Many customers will not maintain payments after you have started offering the service, and because clients are favored by credit card companies, you’re likely to suffer several unwarranted chargebacks.
Traditional banks, on the other hand, while they seek out to finance businesses, if your company threatens to undermine their financing in any way – even if your company is a reputable one and has great credit – banks will not underwrite you.
Where Do You Look for a Subscription Box Merchant Account When Banks Reject You?
It’s simple. It’s entirely possible to get a subscription box merchant account from eCommerce high risk payment processing providers like PayKings. We accept retailers and eCommerce merchants that are high risk – even those that traditional banks won’t take.
Our in-house pre-underwriting procedures, and our application process as a whole isn’t as time-consuming and as complex as with conventional payment processing providers. What’s more, high risk merchants who run perfectly legal company’s and fulfill our few requirements can apply online and get approved in as little as six hours.
- Stress-free application process and speedy feedback
- Lowest prices, rates, and fewer service charges
- High protection to safeguard sensitive customer data
- Ready-to-use hardware and software
- 24/7 customer care
- Ability to provide multiple payment methods including checks, ACH, or eChecks
At PayKings, we concentrate on making things work for your company and we underwrite your merchant account to match your specific business needs. We understand the unique needs of high risk businesses and have established 24+ acquiring banking relationships to become an expert in getting subscription box merchant accounts set up quickly and accepting online payments. Reach out today for a free QuikQuote.