When you are seeking a Canadian merchant account, it is very important to understand the difference between the high risk and low risk categories. Although both credit card account options can be a great resource for building your merchant account, they do have different requirements and advantages.
If you’re in the process of looking into a merchant account, you will most likely be required to choose from one of the two high risk credit card providers. The option of choosing a low risk card comes with additional fees. You may also find that you are denied due to past issues associated with the credit card company.
If you are looking for a service that is a little more simple, you may want to look into the next category. This type of service is what is referred to as a reliable and verified. What this means is that you will not be rejected based on your past mistakes but rather by the provider.
There are some very stringent requirements involved with finding an available service. In order to determine which type of service is the most reliable, you need to know exactly what you are looking for and what information security measures are used.
Your personal information needs to be stored securely. This means that you should be receiving an email when your application has been approved or denied.
You should also be able to make changes to your account within minutes and be offered credit within 24 hours of application. Also, you should receive an acknowledgment that the application was received within 24 hours of application.
Good services will also offer protection if your identity is stolen. These protect your personal and banking information.
Banks are going to want your information for identity verification, bank accounts, transactions, and ATM usage. They will verify your income and your identity.
When processing credit cards online, you will have to complete more than just your online transaction. You will also need to log into the website and perform all transactions that require your signature.
As with any service, if a merchant chooses to use a service that is considered to be a high risk, you may find that you will be denied service. You may need to supply supporting documentation to prove that you are indeed legitimate.
If you are processing online transactions, your ability to provide all the necessary information needed to confirm your identity will depend on your web host. If your web host is not providing you with the same level of security as a reputable provider, you may want to look into a different merchant account provider.
A well-established credit card company may not offer all of the features you need. Therefore, it is important to learn about the different types of services available and where you should choose to do business.