Provantage Solutions

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Merchant Account for Annual Contracts, Auto & Home Warranty Companies

The introduction of ecommerce had entirely altered today's trading market and because of the ever-growing popularity of ecommerce, there has been an increase in the need for merchant accounts. These accounts enable you to trade more easily by providing you the facility to accept clients' payments through credit or debit cards. It is pretty common for customers to carry around these cards; in fact, it would be surprising if someone didn't have one because they are reliable and safe as well as fast. You do not need to carry around cash all the time. With the online banking system, you can also track your money, which is an additional benefit of merchant accounts.

Although your newly established warranty business needs a merchant account, many credit card processors, even PayPal, can reject your request without giving you a clear reason. As an annual contract business owner, your life is already quite hectic and these rejections can make it worse. Our company understands your problems and is willing to offer you merchant account services.

When you are in a business that provides annual contracts to customers such as home and auto warranties, it is more likely that your clients will pay you for your services using debit and credit cards. Hence, if your company is not capable of accepting these cards, it means you are losing using customers to your competitors. Our services are quite reliable and simple. We can get you a merchant account for your business so that it flourishes as an organization.

Online MOTO Card Not Present Merchants

The very first thing that all annual contract providers need to understand is that they are required to set up a payment gateway as soon as possible. This payment gateway allows your customers' money to reach the merchant account of your organization and without it, you cannot receive payments made using debit or credit cards. Our company encourages these business owners to go for a viable payment gateway option that has a spotless record. However, because of the high risk involved in this business, not all gateways are open to them.

Nevertheless, we are here to provide merchant account services to your high-risk business along with a plenty of other gateways. These payment gateways offer secure and quick access to funds using services such as MasterCard and Visa. Moreover, they offer high-quality retail and online card processing as well as a potent virtual terminal setup. We also provide other methods of online payments using mobiles phones. We have mobile apps for iPhones and Android phones that enable customers to transfer funds through their phones.

Problems When Applying for a Merchant Account

When you are starting up an annual contract or extended warranties company, it is considered a high-risk entity because there is no proven track record of your business, which is why it is hard to get a merchant account when you are new as compared to already established business owners. Our company will not reject you on any basis, but we will perform a detailed analysis of your business model and let you know our rates after we have evaluated the high risk vs. low risk. Since a well-established company has a history of transactions, it will be charged lower rates because of its low risk.

All things considered, whether you are new to the auto and home extended warranty market or have been working for several years, you will not find low-priced and affordable services from any other company. As mentioned earlier, there is a high possibility that companies like PayPal and First Data might reject your application for a merchant account only because your business is considered as a high-risk one. However, our company believes in you and your business and will open your merchant account without any hassle. We will make your lives simpler and easier by setting up your account with the appropriate bank that will fully understand the requirements of your annual contract business. Over the years, we have built solid partnerships with various multiple underwriting banks that will offer you lower rates for credit card processing. Another factor is fraudulent activities and frequent chargeback that can result in your account being shut down. Nonetheless, our company provides services that will assist you in preventing frauds and monitoring chargeback.

Domestic and Offshore Accounts

Since you are the owner of an annual contract providing company, you need to give it careful thought before you decide to choose domestic or offshore banking options. Most of the clients opt for domestic merchant accounts because they provide better security and have lower rates. However, these accounts might not be able to fulfill all your business requirements and in such situations, going for offshore merchant accounts is the only possible way. Moreover, there are different types of overseas deals that can only be completed by owners who have an offshore business account. Therefore, before you make a decision, it is necessary that you consider your business model, discuss it with your trading partners and analyze and evaluate each option. A well-educated decision can help your business grow, while a foolish one will only cause hindrance in its growth.

Our company has different rates for offshore and domestic accounts, depending on the complexities linked with setting up an account and the risk factor involved in your business. Since we are partners with multiple banks in the country as well as overseas, we can provide you both domestic and offshore merchant accounts that have an integrated payment gateway. Our application process is quick and straightforward, and we do not reject any requests on the basis of their risk factor. There is no setup fees and application fees, so you can be assured that the rates we offer are the best in the industry. Our aim is to make the process of setting up a merchant account for annual contractors and home and auto extended warranty services as trouble-free as possible.

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