Merchant Account Types

Highriskgateway is specialized for following merchant categories:

How to open a merchant account

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1. Contact Us

We review your business details and select appropriate banking partners amongst our network of acquiring banks, direct ISO relations, processors and licensed payment facilitators.
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2. Underwriting

For no additional fee we work closely with you throughout the whole application process. Our goal is to have your account approved for placement as soon as possible and for the best rates.
Integration and Card Processing

3. Approval

Typically within 7 days your account is ready. Integrate your website with a selected payment gateway or use a Virtual Terminal and start accepting credit card payments.

The Basics

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Merchant Account Basics

Q: What is a merchant account?

A: Dealer account is like a financial balance however with a motivation behind holding reserves got from credit and platinum card deals taken by the vendor (that is you). At whatever point a man with a Visa pays for something with their card, either disconnected or on the web, that cash goes into a vendor account. From that point the assets are wired out to an ordinary business financial balance, either day by day or on a week by week premise. So on the off chance that you wish to acknowledge card installments, you will require a trader account; this can either be opened specifically with the getting bank (coordinate vendor record) or you can utilize an outsider totaled record (e.g. PayPal or accumulated dealer account).

Q: What is an acquiring bank?

A: A procuring bank, additionally alluded to as the acquirer, or handling bank, is an organization that opens and keeps up a dealer account. It goes about as an agent between the Mastercard processor and the card affiliations (Visa, MasterCard, and so on). Since the charge card affiliations are not managing straightforwardly with traders, a vendor account is required at an enlisted acquirer. This record goes about as an archive for your cash. The acquirer additionally goes for broke that you as a shipper will stay dissolvable, which is the reason it gets down to the quick and dirty while checking on your application to decide the dangers and likelihood of discounts, chargebacks and positive record adjust.

Q: What is a payment processor?

A: Since frequently the vendor record and installment portal are given together, this term has a tendency to be utilized inaccurately as dealers are abusing it when alluding to a shipper account supplier. To put it plainly, the installment processor is an organization that procedures Visa installments (Visa/MasterCard). Processor is in reality more suited as an elective term for an installment portal, since it's part is to give an entryway which handles the exchange asks for and is coordinated with various gaining banks, different other installment passages and specialist co-ops, circulating information between this system and the dealers.

Q: What is a payment gateway?

A: When you acknowledge installment from a customer, Mastercard subtle elements should be sent through the system to the securing bank, Visa/MasterCard and issuing bank to check if the cardholder has enough cash to pay for the exchange. In a customary physical retail shop this occurs through a POS terminal (Point Of Sale), a little machine that gathers card information and sends it to the getting bank and Visa/MasterCard. However in a web based business (online based) deal, this procedure occurs through an installment portal.

To put it plainly, entryway is an online application facilitated by the obtaining bank or an installment supplier organization. This application gets exchange demands from a vendor (for instance by means of shopping basket) and is associated with Visa/MasterCard and toward the finish of the line to the cardholder's card issuing bank to check for adequate assets. Normally and in a perfect world, shipper record and installment door are masterminded and given by a solitary organization as a full stack arrangement.

Q: Difference between direct and aggregated accounts

A: When you open a trader account specifically with the procuring bank or a dealer specialist co-op, you'll be requested nitty gritty documentation and put through broad hazard evaluation guaranteeing process. Once endorsed, you get your own particular MID (Merchant Identification Number) issued and an immediate concurrence with the acquirer, with your own particular custom charging descriptor (message that shows up on your customer's financial record). Coordinate MIDs are harder to get endorsed for and accompany all the more well disposed terms, for example, speedier payouts and lower rates.

For vendors who can't acquire an immediate trader account, either because of higher hazard classification, being a startup or due to topographical constraints, can utilize an outsider dealer account rather (Aggregator, Master MID). This is a dealer account, commonly claimed by the installment supplier organization, sharing exchanges from many distinctive shippers in the meantime. Position on such record is simpler and considerably speedier since there is no broad endorsement process by the bank. Collected records are more costly and might be more dangerous in the event that you are managing the crude suppliers that are dealing with their MIDs carelessly by handling for high hazard traders.

How does credit card processing work

Diagram - How does credit card processing work

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