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In order to operate with your own merchant account, you need your own merchant account license. Using a third party processor means you're utilizing someone else's in a legal and legitimate way.
Having the ability to charge people's credit cards is a huge responsibility - after all, you've heard all the scare stories of stolen and misused credit cards. Whilst these stories are generally overrated, and now, due to current legislation and technological security features, using your credit card online is as safe, if not safer, than using it offline.
These days, online merchant account gateways can check where about in the world a transaction is taking place from and compare it to the registered address of the card to reduce fraud. Card security numbers are used extensively (they're the last three digits on the signature strip of a Visa or Mastercard) which means even if someone has your credit card number and expiry date, it's still difficult to make fraudulent purchases. Our providers also use some of the top card security features available in the industry such as eFalcon.
Furthermore, most online merchant accounts won't divulge the customer's credit card details to the website they're buying from.
Then there's always the chargeback - the process of your bank refusing to make a payment to a company because either your card was used fraudulently or your purchase wasn't satisfactory - even after the charge has been made. So don't be fearful of a detailed application form from merchant account providers. The merchant account providers are weighing up your business - trying to weed out those businesses they feel would be unsuitable for this kind of responsibility.
The good news is that in my opinion, with all the recent developments in fraud prevention, plus the competition in the market it is less daunting these days to get a merchant account license. The licenses are non-transferrable - you can't gain one and then sell it ,as the process involves checks on your own business. Much like you couldn't do a driving test then sell your license on to someone else.
Our providers maintain a high percentage of acceptance regardless the size or location of your business, so we work hard to make sure your business is approved. back to top