Need a Business Opportunity Merchant Account?
Business opportunity merchant accounts (also known as biz ops) is basically a program or course that’s produced by someone to help others make an income and is generally done so from the comfort of their own home via online or other methods. Some charge a membership fee to keep having access to the backend as well as the helpful tools, newsletters and other resources.
However, like everything in life, the actions of a few affect the many and because of this biz ops have turned into a bad name among traditional banks for credit card processing. Why, you ask? Well, a few reasons like the potential for excessive chargebacks and those select few men and women in the industry that are only out there to earn a quick buck that view this industry as a get rich quick scheme.
A business opportunities merchant account is indeed classified as high risk for a myriad of reasons, making it difficult to find a reliable processing partner. Double Helix Processing specializes in working with high risk merchants and we have multiple acquiring banking partners that offer business opportunity merchant accounts.
Has Your Existing Business Opportunity Merchant Account Been Shut Down?
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 bank 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 a given purchase, your payment processing provider will deduct these amounts from the merchant account before transferring the payment.
In low risk transactions, a customer presents a charge card, credit card or debit card that is physically “swiped” to complete the purchase. However, there are quite a few business categories that are a high risk despite the card being present because a majority of the transactions are made when products or services are offered over the telephone or online through the company’s website (eCommerce), these are called card-not-present transactions, which increases the risk.
By way of product categories, home-based business opportunity merchants, investment strategies, real estate coaching, and many others 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 and type of industry.
In an increasingly digital world, clients are adopting mobile and new payment processing solutions, while business owners are taking the point-of-sale off the counter. Double Helix Processing offers unique business opportunity merchant account solutions that make it easy to various forms of payment processing that your customers would like to utilize, from anywhere in the world and wherever your business may take you.
How Can Double Helix Processing 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.
- Capability to accept recurring payments for services rendered.
- Increased earnings.
- Avoid possible losses from bounced checks.
- Greater customer convenience and satisfaction.
Double Helix Processing can get your high risk business opportunity company a merchant account quickly and easily. Simply fill out our easy, online Merchant Account Application and we'll get you started.
Additionally, Double Helix Processing understands the ways to keep costs for your business low and your high risk merchant account in good standing, one of which is to be diligent in keeping your chargeback ratios low. A few of the strategies that business opportunity merchants can put into place to assist in reducing chargebacks are:
1. Respond to your customer requests to cancel a recurring transaction.
If a customer requests cancellation of a recurring transaction that is billed on a recurring basis (monthly, quarterly, annually), always respond to the request and advise the customer in writing that the service, subscription, or membership has been canceled and clarify on which date the cancellation is effective.
2. Have a customer service help desk.
Institute a place where customer calls and emails are answered in a timely manner and dissatisfied customers receive resolution to their issues internally rather than through their credit card company.
3. Make sure the payment descriptor is your merchant name.
If the customer doesn’t recognize the name that appears on their statement, it is less likely that they will know what the charge was for. Additionally, you should also include a contact number or email for the customer to reach out to in order to clarify the transaction in question. To avoid a chargeback dispute, the solution is to be sure your descriptor reflects what the consumer will recognize.
Learn more about chargebacks 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 this business type much harder for their owners. Regulations, restrictions and rules for business opportunity merchant account providers can put even more stress on being successful and sustainable. 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 number 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 less likely to approve your application all together. Double Helix Processing 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.
Why Should You Choose Double Helix Processing?
We understand the unique needs of the different business opportunity related business types and have established numerous acquiring banking relationships to become your best resource in getting business opportunity merchant accounts set up and accepting online payments. Our expertise is your ticket to getting the stable processing you need to further your business.