Are you in need of a merchant account for your online diamond sales or jewelry store? Do you have an online diamond wholesale business? Allow The Transaction Group (TTG) to serve you!
Today, it’s becoming common for customers to make fine jewelry purchases on the Internet. Online stores have even changed the game for diamond sales, forcing brick and mortar stores to be more competitive in their pricing.
Via the Internet, customers are able to educate themselves on jewelry and gemstones, compare prices and confidently make purchases online, even without seeing the product in person before the purchase.
Challenges for Online Jewelers
While jewelers that have set up web stores have found a hot new market, they still face some challenges. One major challenge for online diamonds and jewelry stores are approvals for merchant accounts for customer credit card processing.
These stores often have a more difficult time getting set up with merchant services than brick and mortar stores, simply because they are classified as high risk merchants.
The high-risk label is not because there’s any question that the goods they are selling are non-authentic. The fact is merchant account providers view all e-commerce businesses as high risk regardless of the products or services they offer.
There are a couple reasons for this:
Online sales transactions are ‘card not present’ transactions and merchants cannot verify with complete certainty that the person making the purchase is the actual owner of the card.
And, e-commerce sales historically have higher rates of chargebacks by customers that are less than satisfied with their online purchases.
There are definitely plenty of merchant services providers out there, but not all are able or willing to accept high-risk merchants.
Finding The Right Merchant Account Provider
A simple Internet search for high risk merchant accounts will reveal a bunch of credit card processing providers willing to take applications from online jewelry stores.
However, it’s important for merchants to take care in selecting a provider. Comparing rates and fees from various providers can be very confusing and is rarely apples to apples. What is seemingly the lowest rate usually is not.
And some sneaky providers bury additional fees into the monthly service, which are only discovered after the merchant has used the account for a month or longer.
At TTG, we’ve been assisting businesses worldwide with their merchant account needs since 2004. When it comes to high-risk credit card processing services, we are the experts.
We have partnered with banks and merchant providers both in the United States as well as offshore so that we can deliver the best solution for every high risk business on an individual basis.
We offer merchant account services for businesses in the United States as well as many other countries.
If you already have a merchant account for your business but are shopping for better rates, we can help. Send a recent statement to firstname.lastname@example.org and we will get back to you in 1-2 business days with a report detailing savings of up to 25%.
Get Started Today!
We understand that time is valuable for all business owners, regardless of the size of the business. With our easy application and approval process, we aim to make the necessary steps as painless as possible. We’ll even walk you through the application over the phone.
In general, high risk merchant account approvals take longer than standard accounts, but we will work to get all businesses approved quickly.
If you’re ready to get set up with a merchant account for your online diamond sales or jewelry store, give us a call or simply ‘Apply Now’. We look forward to helping your business succeed.