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However these people are not alone. Many banks, underwriters,
online payment providers and merchants get this wrong.
So, what's the difference?
3rd Party Business is: |
A company using a fulfillment house,
drop shippers or other third party to fulfill
their orders. |
3rd Party Processing is: |
A company accepting and processing credit cards
on behalf of an entirely different business. |
First of all - who can't we help?
We are unable to provide merchant services to businesses
wishing to process credit cards for an entirely different
company.
Now, who can we help?
Because you may only take a payment for something
which the fulfillment is under your complete control,
it can be extremely hard to find a merchant account
if this is not the case and you need to use "third
parties" as part of your business model. For
example selling car hire, concert tickets, flights,
takeaways etc. can be a nightmare as the car hire
company you use may go bust, the concert gets cancelled
because Robbie Williams gets a sore throat, the airline
flies people to the wrong country or the takeaway
gets delivered to the wrong house.
This problem is compounded because, as mentioned
above, many people do not fully understand the differences
between the two types of "3rd Party".
Here at Web Merchant Services we can help with
the Payment Solution 1 Account
However there are certain points that need to be met.
Below is a very quick bullet pointed list of the minimum
amount you would need to have in place on your website
and / or within your business. On top of this extra
terms will be placed against the account by the bank.
- Clear terms and conditions
- Long refund policy (approx
30 days)
- Good, clear contact details
- Solid agreements with suppliers,
fulfillment houses, drop ship companies etc.
On top of these the following requirements may be
placed:
- 10% rolling reserve instead
of 5%
- 14 day settlement period instead
of 7
- If tickets, funds not remitted
until after the event
Please be aware that until you apply we will not be
able to provide an exact list of requirements or be
able to say for sure what extra terms may be placed
against the account. Obviously you do not have to continue
with the application if you are offered terms that you
or your business can not sustain.
Please note that if a longer settlement period or rolling
reserve are needed these can be reduced after 6 months
worth of trading. Typically from 10% down to 7.5% and
then finally down to 5%.
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