The Transaction Group (TTG) provides merchant account solutions for all types of businesses, including wire transfer services. Credit card processing for money transfer services is a popular method to help your customers send money in a pinch.
If you have a wire transfer service, you are well aware that you are in business to help your clients send money to a family member, friend or colleague right away. Immediate wire transfers usually happen in emergency situations when people least expect and are not financially prepared for.
Allowing your customers to make cash transfers with a credit card is an alternative to transfers from a checking or savings account. It offers the flexibility for customers to pay the balance at a time that is convenient for them. And credit card processing for wire transfers also makes it easy for your customers to send money internationally.
Whether your money transfer business is located in a traditional brick and mortar store where you conduct face-to-face swiped credit card transactions, or you operate an e-commerce wire transfer business through a website, TTG will help get you set up with the right solution.
Since 2004, TTG has helped thousands of businesses with their merchant account needs. Even if you have bad credit or no credit, we can help.
A High Risk Merchant Account
Merchant accounts are split into two categories by processing banks: Low risk and high risk. A high risk merchant account is required for credit card processing for wire transfer services.
Having a high risk merchant account does not mean that the processing banks consider you to have a high risk of payment default or that your business is unstable. When evaluating the risk of a business, the first thing they look at is the business model. The business model consists of the service your business offers; pricing and fees associated with your service; method and security of delivery; level of customer support available; and your company policies regarding customer disputes.
High risk merchant accounts are very common, especially for e-commerce service related businesses. With a high risk merchant account, you’ll pay slightly higher credit card processing fees. However, the fees are worthwhile considering you are providing a value-added service to your customers that can increase your overall revenue as much as 20%.
Other factors that banks evaluate when determining risk:
The processing banks also look at a number of other risk factors:
• registered location of the business
• personal credit of the principal
• processing history
• potential for charge backs
A good processing history is important to banks, because it shows that you are operating a business that serves your customers with their interests at heart. A business that is not concerned about best serving customers will typically have a higher charge back ratio.
Processing banks are concerned about businesses that continually have charge backs by customers, because, in addition to possibly being responsible for any ensuing debt, banks can be penalized by Visa and MasterCard for exceeding their charge back limit.
An established business that has been processing credit cards for some time and carries a clean processing history will have a good chance of negotiating more favorable rates. Newly established businesses or those that have no processing history can expect to pay higher rates at first, but after establishing a good processing history should be able to negotiate better rates.
The Best Solution is a TTG Solution
At TTG, we understand our merchants are our lifeline. We can only grow when our merchants are satisfied and continue to process using the solution we carefully selected for their individual needs. That’s why we take the time from the start to understand the specifics of your particular business and we let you know what to expect with your high risk merchant account.
If you are currently processing and shopping for a better rate, give us the chance to earn your business with our free rate analysis. If you send us your most recent processing statement, we’ll calculate a solution that can save you as much as 20% on your current rates and fees. Email your statement to firstname.lastname@example.org or fax it to 312-896-5628 and we’ll follow up in 1 business day.
To get set up right away with credit card processing for your money transfer and wire services, call us today at 888-383-8056!