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EU / American (North & Central) aggregated FAQ's


With our payment solutions we always try and set you up with your own direct merchant account and payment gateway - one that belongs to you, in your name and your business details

Unfortunately however, there are some businesses we just can't set-up in this way as the banks that we use, as well as the card schemes, do not allow them. These types of merchants are prone to either high levels of financial risk, liability or the banks do not want to associate with them due to reputational reasons. This is where our aggregated, third party processing service comes in.

Please note that due to the nature of aggregated solutions the information provided below may change without notice. However, you will be supplied with all relevant and up-to-date information at time of application.

 

What is an aggregated / third party processing account? 
What is provided as part of the solution?
Can I use a payment gateway from another company?
What integration methods are available?
What is in place to help prevent Visa (GBPP) fines?
How am I protected from fraud/chargebacks?
What is the transaction acceptance rate like?
What about the currency conversion issues with transactions?
What currencies can I accept transactions in?
What currencies can choose to be settled in?
Will I be dealing with the EU, US or with you (UK), and what about support?
Does the acquiring bank know what I'll be really taking payments for?
How do you help spread the risk? Do you own many MIDs for different industries?
How long does it take to receive my money?
What cards can I accept and from where?
What is the maximum amount I can process per single transaction?
Does my merchant account have a monthly volume cap?
What descriptor can I use?
How long does it take to get initial approval?
How long does it take to have the service up and running?


 


What is an aggregated / third party processing account?

A third party processor lets you accept payments without a merchant account of your own. Instead, the acquiring bank lets you use their merchant account under their own terms of service. This is legitimate and is common practice with very high risk businesses.


What is provided as part of the solution?
As with all our accounts we provide the following as standard:

  • Both merchant account and payment gateway provided

  • Free virtual terminal

  • 3D Secure

  • Comprehensive reporting tools

  • Over 100 supported trading currencies

  • Full AVS if MID issued by from the US (subject to application)

  • Settlement currency (monies paid to you) in either GBP, USD or EUR

 

Can I use a payment gateway from another company?

No you must use the payment gateway provided as part of the complete aggregated solution we provide. Our MID does not work with any other gateway i.e SecureTrading, Authorise.net, Realex Payments etc.

This is another reason that off the shelf carts like Magento, Shopify, EKM etc. can not be used as they do not have plugins for aggregated providers and only develop plugins for common gateways as mentioned above.

 

What integration methods are available?

We provide a complete API integration.

Once your account has been approved you will be sent an API document for you to review. We find that most merchants need just the API and that your tech / developer who does your integrating will not typically have an issue. Please do note that full support details are provided once your account is set live.

Unfortunately off the shelf carts like Magento, Shopify, EKM etc. can not be used as they do not have plugins for aggregated providers and only develop plugins for common gateways as mentioned above.

 

What is in place to help prevent Visa (GBPP) fines?

Once a Visa investigator finds a website they don't like, they will use their own card to process and track a transaction to try and find the processor behind it. However our risk control settings provide technology to help prevent this, therefore helping to prevent GBPP fines.
 
How it works - We are constantly monitoring IP address, emails, card numbers and card holder addresses. If the same IP or name or address or email or card number fails the first time the other transactions which come from these same details will decline too. If the investigator finds something wrong they are unable to process again and again to get more details (based on this risk control setting) - basically we stop them from investigating too much!

On top of this we set up a maximum of three MIDs of each business type on a single aggregated account (of which we have many) to spread the risk.


How am I protected from fraud/chargebacks?

In the same way as above we have risk control settings to stop people trying to use stolen cards multiple times. We use sophisticated, anti-fraud tools, which can help protect you from fraudsters targeting your merchant site. We are able to filter based on 100,000+ transaction rule combinations, among some of them include:

CVV/CVV2 validation
Proxy addressing and Geolocation/country
IP address
Bank card number range
Card number velocity
AVS for US MIDs

 

What is the transaction acceptance rate like?
The industry average is around 60-70%. However our EU and American solution is 80-85%


What about the currency conversion issues with transactions?

With some of our EU and US generated MIDs we use Dynamic Currency Conversion.

(DCC) is a financial service in which credit card holders, when making a payment in a foreign country (in this instance a foreign currency), have the cost of a transaction converted to their home currency at the point of sale. DCC allows customers to see the amount their card will be charged, expressed in their home currency. The currency conversion is done by the merchant or his card processor at the point of sale instead of by the card company when the account is charged.

Please note that currency conversion does not impact on your settlement amount (monies paid to you), only the transaction amount a customer is charged. However, FX costs could be deducted on settlement if the MID happens to be in Euro and and you wish to have USD and vise versa.

 

What currencies can I accept transactions in?

You can choose from most currencies. We use dynamic currency conversion - please see above

 

What currencies can choose to be settled in?

You can choose to be settled in either GBP, USD or Euros.

 

Will I be dealing with the EU, US or with you (UK), and what about support?

You will be allocated with a dedicated account manager - supplied with a direct email address and direct dial phone number. This means that you get outstanding help and support throughout the application as well as once live and trading and you don't talk to a different person every time you call.

Of course there will be times when we will need to contact the bank on your behalf. However, the bank that we use offers excellent customer service and support - this not only gives you great confidence but also give us confidence. Another reason we continue to place aggregated accounts with them.


Does the acquiring bank know what I'll be really taking payments for?

Yes. This means that you can sleep at night and not have to worry that the payment processor may discover the truth and close your account down.

We also help by spreading the risk - On top of the above we set up a maximum of three MIDs of each business type on a single aggregated account (of which we have many) to spread the risk.


How long does it take to receive my money?

In most circumstances, merchants can expect payout within 7 days after the transaction has settled. However subject to application this may go to 14 days.


What cards can I accept and from where?

You can accept Visa and MasterCard transactions.

Depending on the nature of your business and the aggregated solution we need to use, depends on where the you can sell to and where the cards must be located. For instance cannabis seeds can accept both European and US originated cards and can sell to the US, however MMJ dispensaries can not.

If this is something that you would like to know when you apply please tell us so that we can confirm for you.

 

What is the maximum amount I can process per single transaction?

By default, a single transaction cannot exceed $15,000 USD. If you require a merchant account for high ticket items exceeding the default, contact us.


Does my merchant account have a monthly volume cap?

This depends on business type and is usually around $150k if needed. We try not to impose a monthly sales cap with our EU and US aggregated accounts, however if one in needed (to protect everyone and limit the risk of closure) we will inform you. Please also note that the volume can be increased within just a few hours of sending in a request and receiving approval.


What descriptor can I use?

All descriptors are generic and you will share one that will be provided (like with most aggregated accounts). We recommend you show the descriptor throughout the website. However all merchants over $75K a month processing volume will have their own 800 number on the descriptor.


How long does it take to get initial approval?

It takes 48-72 hours to get initial approval from the bank. Once approved agreements are then sent out a couple of days later and the set-up of the test MID (merchant account) and API files for integrating the gateway will then be set-up. Will also send out the API guide for you to review while the MID is still being activated.

Please visit here for a typical approval timeline.


How long does it take to have the service up and running?

Once approved the service can be up and running in as little as 2-3 days, but usually takes 5 business days. Of course, some circumstances can affect the speed of the installation, which is why it is important for you to carefully follow all instructions provided and ensure that you send the required documentation promptly, including your signed contract and identification.

Please visit here for a typical approval timeline.

 

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