Credit Monitoring Merchant Account
A credit monitoring merchant account is classified as high risk for a variety of reasons, making it difficult to find a reliable processing partner. However, PayKings specializes in working with high risk merchants and we have multiple acquiring banking partners that offer credit monitoring merchant accounts.
Business owners and individuals alike need a secure and reliable way to monitor their credit scores, which is something that is needed on a continued basis, especially with how often credit scores change over the course of one month to the next. Factors such as outstanding balances, on time payments, and the number of monthly credit inquiries play a role in a person’s overall credit score, making it likely to continually change – because of this, personal access to credit monitoring on an as needed basis is an essential service.
We, at PayKings, understand that your credit monitoring merchant account will help assist your clients in reviewing the completeness and accuracy of their credit histories, see any current changes that might negatively impact their scores, and empower them to prevent identity theft by being diligent in accessing their credit reports; having unlimited access means billing the client on a membership or subscription type basis – this type of billing model ranks your credit monitoring merchant account as high risk – but fear now, PayKings is here to help.
Here’s a Common Scenario
When your business is set up to accept payments on an automatic billing schedule through your credit monitoring merchant account, there’s a high risk of incurring excessive chargebacks. If you’re unaware of what a chargeback is, it’s when the customer disputes a charge on their debit or credit card by calling the number on the back of the card and claiming not to have authorized the purchase.
They might give any number of excuses as to why they’d like a chargeback; the charge isn’t one they recognize, they never got the item they purchased, the product wasn’t what they expected it to be, defective merchandise, etc., but when it comes to businesses that utilizes a credit monitoring merchant account, the most common excuse is that the customer never authorized the company to bill their card on a regular basis.
Regardless of the reason they use to dispute the transaction, it starts this whole process of the dreaded chargeback with the customer contacting their bank and the bank contacting your credit card processor, who then gets in touch with you. What happens next is that the disputed funds are taken from your bank account and do not become available to you again until the dispute is settled, and in the case the customer proves that they didn’t authorize the transaction, the funds will not become available to you at all and will be “charged back” to the customer.
Are you, as the credit monitoring merchant given a chance to speak up in this scenario? Yes, you are given an opportunity to refute the customer and prove that the charge indeed, was authorized – in which case the funds would be released back to you, but the runaround of the entire process is a huge hassle.
How Does Being High Risk Affect Your Credit Monitoring Merchant Account?
Businesses that are considered high risk have to know who the right processors are. Those high risk merchant account providers that are willing to process transactions for your high risk business, reputable companies like PayKings, are offering solutions to those businesses that need it most. These payment processors are willing to accept the liability for the increased risk associated with those categorized high risk businesses.
Businesses that sell products or services on a continuity or recurring billing model, like those that are set up with a credit monitoring merchant account are the type of business model that brings a lot of chargebacks when clients are billed without consent or remembering they even signed up; too many chargebacks will lead to your account shutting down entirely.
The main reason to make sure you have the right credit monitoring merchant account for your business is to avoid the chances of your merchant account being shut down. The bank can close your account and hold funds, even without notice. This means you have no way of selling your products or services, it stops all cash flow entirely, and the money from the products or services you sold could be held by the banks for months.
The label of high-risk merchant isn’t taboo. Factors such as your industry, location, and even the clientele can categorize your business and apply that high-risk merchant label. However, this shouldn’t send you into a panic, just because you may be more difficult to finance, doesn’t mean you can’t get the credit monitoring merchant account and payment processing your business needs.
The Reasons are Below:
Credit monitoring merchant accounts are considered high risk due to the following reasons.
- Claims of fraud
- High-ticket items
- Dissatisfaction with services delivered
- Recurring or continuity billing model
Why Does this Matter and How Can PayKings Help Me Get My Credit Monitoring Merchant Account?
Because payment processors like PayPal, Stripe, and Square do not do their underwriting at the time of application, it is likely that your credit monitoring merchant account will initially be accepted at the time of applying – but, once the company thoroughly reviews the application, they will quickly inform you that they do not accept credit monitoring merchant accounts and will immediately shut down your account, kick you off their server, and freeze your account – meaning that zero credit card payments will be processed.
There’s a large variety of companies in the high risk category who struggle to find a conventional payment processor, but alternative solutions do exist. Payment processing companies with experience working alongside businesses in the high risk credit monitoring category, and PayKings is one of them – we can help set you up with a credit monitoring merchant account and get your business accepting online payments in no time at all.
PayKings understands the unique needs of different Credit Monitoring Merchant Accounts and related businesses. We have established 24+ acquiring banking relationships to become experts in getting Credit Monitoring merchant account companies accepting online payments.
Credit Monitoring Merchant Account Experts
- 20+ Proven Bank Relationships
- Medium/High Risk Accounts
- Fast Credit Monitoring 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