Wholesalers Credit Card Payment Processing

WHOLESALE CREDIT CARD PROCESSING

A merchant account is a specific type of bank account that allows merchants to accept payments. Generally, a merchant account is used for credit card processing and electronic check processing but can be used for a variety of payment processing needs. To obtain a merchant account, an application must be submitted to a merchant account provider. 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. There are several types of merchant accounts depending on how the bank classifies the merchant’s industry. If the merchant account is used for card-not-present (CNP) or e-commerce transactions, it must be integrated with an online payment gateway. Otherwise, a physical terminal is required to capture payment information.

WHO TOWERSPAY WORKS WITH

Towerspay works with all types of merchants, including what banks call “high-risk” merchants. These merchants are in an industry that the bank labels as high risk, meaning they have a higher likelihood of chargebacks, disputes, and fraud. The most common reason for this is that the card does not present transactions, which presents a higher risk of fraud. These merchants may have difficulty finding a high-risk merchant account because many payment processors refuse to participate in high-risk processing. Even if these merchants find a “high-risk payment processor,” they can still often deal with holds or freezes on their money and close merchant accounts. This is where Towerspay saves the day by finding them a high-risk merchant account provider that wants to work with their business and provide them with all the resources to meet their high-risk credit card processing needs.

WHAT TOWERSPAY OFFERS: MERCHANT ACCOUNTS

Towerspay provides merchant accounts specifically tailored to a merchant’s industry. We do this by leveraging our banking relationships to solicit merchant accounts on your behalf. However, we don’t just solicit any merchant account, we use vendors who want to work with your business model and underwrite your merchants. This is important because it puts all the cards on the table and ensures that a vendor knows who you are and your business model before working with you. That way they know what to expect in the future. This strategy ensures that we find a merchant account vendor that wants to work with you, reducing the likelihood of holds, freezes, and closures, much less, and providing stable credit card processing.

Another benefit of this is that you can avoid the nightmare that can be applied to merchant accounts. Not only do most merchant account providers do very little underwriting, but it can take many applications before they find a merchant account that is right for them. Each application you submit reduces your chances of being approved for the next one because multiple applications make you look desperate to a provider they perceive as high risk.

AFTER SETTING UP YOUR MERCHANT ACCOUNT

After setting up your first merchant account, we recommend that you get an additional merchant account if you have more than $250,000 in sales volume per year. This is to ensure stable payment processing. While Towerspay takes every precaution to prevent you from experiencing a hold, freeze, or closure, we can never know how banks will act in the future. If they hire someone new or implement a new algorithm, it is possible that action may be taken against your account. In the event that this happens, if you have a second merchant account that is already active, working, and processing payments, you can switch your income stream to this account and avoid holds, freezes, and closures altogether.

Now, all of this may sound complicated and a lot of work, and it would be if you were doing this on your own. However, if you’re working with Towerspay, we manage all of this for you, making your role in all of this very easy. We even assign you your own Certified Payment Specialist (CPS), who will monitor your merchant accounts for you, providing you with one point of contact for all your merchant processing needs.