This is where Easy Pay Direct saves the day by finding them a high risk merchant account provider that wants to work with their business and providing them with all the resources to meet their high risk credit card processing needs. Even if these merchants find a “high risk payment processor” they can still frequently deal with holds or freezes on their money and shut down merchant accounts. These merchants can have a particularly hard time finding a high risk merchant account because a lot of payment processors refuse to participate in high risk processing. The most common reason for this is card not present transactions which presents a higher risk of fraud. These merchants happen to be in an industry that the banks label as high risk which means that they have a higher likelihood of chargebacks, disputes and fraud.
Who Easy Pay Direct Works WithĮasy Pay Direct works with all kinds of merchants, including, what the banks call, “high risk” merchants. Otherwise, a physical terminal is required to capture payment information. If the merchant account is used for card not present (CNP) or ecommerce transactions then it must be integrated with an online payment gateway. There are multiple types of merchant accounts depending on how the bank categorizes the industry of the merchant. These merchant account providers work with acquiring banks, such as Chase and Wells Fargo, to provide merchant accounts to businesses looking to process credit card payments. To get a merchant account, one must submit an application with a merchant account provider.
Typically, a merchant account is used for credit card processing and eCheck processing but can be used for a variety of payment processing needs. Credit Card Processing For Small BusinessesĪ merchant account is a specific type of bank account that allows merchants to accept payments.