Business Opportunity Merchant Account
Business opportunity merchant accounts (also known in the industry as biz ops) is basically a program or course that’s produced by somebody to help others make an income, and is generally done so from the comfort of their own home via online. Some have free trial offers to sign up, then charge a membership fee to keep having access to the backend as well as the helpful tools.
However, like everything in life, it only takes a few bad apples to ruin the bunch and because of this biz ops have turned into a bad name among traditional banks for credit card processing. Why is that? Well, a few reasons like the potential for excessive chargebacks and (of course) those select few men and women in the industry that are only out there to earn a quick buck.
A business opportunities merchant account is indeed classified as high risk for a variety of reasons, making it difficult to find a reliable processing partner. PayKings specializes in working with high risk merchants and we have multiple acquiring banking partners that offer business opportunity merchant accounts.
Here’s a Common Scenario
A business opportunity merchant account is set up when a company would like to accept non-cash payments from its customers. Your high risk merchant account supplier will hold funds out of your earnings in this account before sending them to your company bank accounts.
Whether there are any refunds or chargebacks associated with any given purchase, your payment processing provider will deduct these amounts from the merchant account before transferring the payment.
In small risk transactions, a customer presents a charge card that is physically “swiped” to complete the purchase. However, there are quite a few business categories that are a high risk in spite of the card being present because a majority of the transactions are made when products or services are offered over the telephone or online (eCommerce), these are called card-not-present transactions, which increases the risk.
By way of product categories, skincare products, home-based business opportunity merchants, and nutritional supplements, such as CBD and weight loss formulas are generally considered to be high risk merchants. This is not necessarily decided on the goods being sold as it is about the way payments are being processed.
In an increasingly digital world, clients are adopting mobile and new payment processing procedures, while business owners are taking the point-of-sale off the counter.
PayKings offers unique business opportunity merchant account solutions that make it easy to accept all forms of payment processing that your customers utilize, from anywhere in the world your business may take you.
How Can PayKings Help with Your Business Opportunity Merchant Account?
As the world gets increasingly cashless, offering your customers an alternative to cash or check is paramount. Some benefits of starting a business opportunity merchant account would be:
- Improved cash flow direction
- Capability to accept recurring payments for services provided on a regular basis
- Increased earnings
- Avoid possible losses from bounced checks
- Greater customer convenience and satisfaction
PayKings can get your high risk business opportunity company a merchant account quickly and easily, learn more about our application process here.
Additionally, PayKings understands the ways to keep costs for your business low and your high risk merchant account in good working order, one of which is to be diligent in keeping your chargeback ratio low. A few of the strategies that business opportunity merchants can put into place to assist in reducing chargebacks are:
- Have a great customer service help desk; a place where calls and emails are answered in a timely fashion and disgruntled customers receive solutions to their issues internally rather than through their credit card company.
- Make sure the payment descriptor is your merchant name so that the customer recognizes the transaction.If the customer doesn’t recognize the name that appears on their statement, it is unlikely they will know what the charge was for. To avoid a chargeback dispute, the solution is to be sure your descriptor reflects what the consumer will recognize.
- If a customer requests cancellation of a recurring transaction that is billed periodically (monthly, quarterly, annually), always respond to the request and cancel the transaction immediately – or as specified by the customer. If you don’t want to fall subject to a credit card chargeback, advise the customer in writing that the service, subscription, or membership has been cancelled and be sure to state the effective date of cancellation. Failure to respond to customer cancellation requests almost always leads to a chargeback.
For more on how to avoid credit card chargebacks, click here.
How Does Being High Risk Affect Getting a Business Opportunity Merchant Account?
With the ever present and continually growing regulations looming in the business opportunities industry, it makes operating a business much harder for their owners. Regulations, restrictions and rules for business opportunity merchant account providers can put even more stress on being successful. Due to these numerous challenges, finding a payment processor that will accept a merchant account for a business opportunities business can be extremely difficult.
Banks often brand business opportunities firms as high risk business for a variety of reasons, and most merchant account providers do not fully understand how the industry works. This results in most banks not only categorizing the industry as high risk, but they are also unlikely to approve your application all together. PayKings is here to change all of that for you. If you have had trouble acquiring credit card processing for your high risk merchant account, you’ve come to the right place.
PayKings understands the unique needs of different Business Opportunities related businesses and has established 24+ acquiring banking relationships to become an experts in getting Business Opportunities Merchant Accounts approved and companies accepting online payments.
Business Opportunities Merchant Account Experts
- 20+ Proven Bank Relationships
- Medium/High Risk Accounts
- Fast Business Opportunities Account Approval
- Large Merchant Case Studies
- E-Commerce and Retail Options
- B2B Vendors Supported
Multiple Payment Solutions
- Multiple E-Commerce Gateway
- Chargeback Prevention
- Credit Cards
- B2B-Level II/III Data Discounts
- 3D Secure Frictionless Checkout
- Mobile Payment
- EMV Readers
Intuitive Compatibility & Support
- Gateway Recurring Billing
- E-Commerce Cart Plugins
- Developer API / Docs
- International Merchant Accounts
- Dedicated Account Managers