Psychic Merchant Account
May 17, 2023
A psychic merchant account is essential for anyone running an online business in this unique industry. With occult services like fortune-telling and psychic readings, certain banks consider the industry high risk. Nonetheless, the demand for foreknowledge and insight into the unknown is on the rise.
From large companies and platforms, psychic readers can freelance their skills to audiences around the world. And there is plenty of room to expand in the industry. Moreover, each fortune teller has different techniques and specialty services that keep their products niche.
Payment Processing For Tarot Cards
Tarot card payment processing is modern technology, but the cards themselves have been around since the mid 14th century. The practice involves a deck of cards with different pictures and meanings associated with them. During the process, the tarot card reader guides the process and helps their customer understand the message.
The online tarot card merchant practices in much the same way. One major difference is the person doesn’t have to be there in person. With this major step forward, clairvoyants, mediums, and fortune-tellers alike can reach new customers and grow their practice drastically.
Horoscope Merchants and Astrological Businesses
In a related field, horoscope merchants continue to thrive in the field of star-guided messages. A modern resurgence of metaphysical and horoscope beliefs is paving way for new business ideas, and innovative prediction-based services. “What’s your sign?” is a classic quip with a more loaded discussion topic than ever before.
People around the world have looked to the stars with questions, and some businesses claim to have the answers. From astrological books to daily horoscope publications, there is a vast range of information on these star formations and what they mean for each person.
How To Apply For A Psychic Merchant Account
Psychic payment processing is very straightforward. Follow these steps and you’ll be on your way to opening a merchant account for your company.
- Find High Risk Payment Processor – PayKings, for example, knows the fastest way to get you approved.
- Fill Out Form – Share your email, and a Sales Team member will contact you to help you with the next steps.
- Merchant Application – The merchant application collects details about your business. From your projected sales volume to the owners of the company, it’s a comprehensive document that banks will use to underwrite your account.
- Underwriting – The bank looks at your files and underwrites your account. This allows you to have a custom solution for your business.
- Approval – After the bank sends your contract and additional documents, sign them, and you’ll be approved for payment processing.
Why Are Psychic Services High Risk?
Like many high risk businesses, psychic services have brand associations that may be hard to reconcile. Maybe it’s superstition, but certain banks are reluctant to board certain businesses that deal with psychic services.
One reason may be the difficulty that comes along with a service based on prediction. If a client doesn’t like their reading or if events pan out differently than they expected, they may try to submit a chargeback. Too many chargebacks and banks shut down your merchant account.
Psychic Payment Processing
High risk processors like PayKings have the ability to get you up and running with credit card solutions for your psychic business. We have higher chargeback thresholds than mainstream merchant account providers. Moreover, our partner resources can help you monitor chargebacks and detect fraud before a customer makes their online transactions.
Additionally, within this tarot, astrological, and psychic fields, there are common issues that similar businesses experience.
- Early Stages or Startups – Often, new businesses run with few owners who have their plate full with many different tasks. With busy schedules, it’s sometimes difficult to take on new customers and handle the request existing ones make. If there are complaints, bad reviews, or customers asking questions about a product, a new business may struggle to keep up.
- Claims and Fortunes – Customers aren’t always happy with what they hear. If they don’t like the service or have a bad experience, they may initiate a chargeback. With too many chargebacks or refunds, you’ll struggle to create a secure stream of revenue.
- Processing History – New businesses have little or no history of sales that they can show the bank. If you’ve been operating for a long time, you can share your financial details with the bank, which will be more likely to approve your psychic merchant account.
May 17, 2023 | Merchants | Dustin