The typical monthly transaction threshold for merchant accounts is from $2,000 to $10,000, depending on what the bank and processor agree upon. This is acceptable for small businesses when they first begin accepting payments, but it may soon cause issues. So you should know about the best merchant accounts for high-volume payments.
In general, any company that processes more than $100,000 per month is thought to require a high-volume merchant account. Either a huge number of transactions or a small number of high-value transactions can add up to that amount. In either case, it’s advisable to take action right away and consult with All Points Payments about the best course of action if you’re close to reaching that amount.
The purpose of these restrictions is to lessen fraud, which weakens every link in the supply chain. Online con artists may occasionally set up a merchant account and then use the account to make sizable purchases using credit cards that have been stolen.
The merchant account provider suffers losses when the cardholders close the account after realizing what has happened and requesting chargebacks. So, limiting the number of transactions is a means to stop massive fraud.
A high-volume merchant account: what is it?
Any organization that wants to succeed must grow, but doing so can be quite difficult if the correct software tools and protocols aren’t put in place. Fortunately, businesses can set up a high-volume merchant account in collaboration with a trustworthy payment processor to better manage their monthly rise in high-ticket sales and huge volume transactions.
High-volume merchant accounts are those that are designed to accommodate businesses with significant monthly credit card transaction volumes. Businesses with access to high-volume merchant accounts can fulfill the demands of rapid expansion while still running their regular business operations.
This is because these merchant accounts are made to easily process high-volume, expensive merchandise and transactions. Businesses with high volume sales may be identified for odd activity without a high volume merchant account, receive amount limits from their supplier, or have their payments withheld.
Why switching to a high-volume merchant account is a good idea?
Working with the biggest payment processor you can find is crucial as your business grows to safeguard your cash flow and online reputation. You run the danger of having your account flagged, suspended, or worse if you decide to stick with a normal payment processor, your account being frozen. Your day will be interrupted as you attempt to cope with each of these. Therefore, getting a jump on the impending issue and coming up with a solution beforehand could end up saving you thousands of dollars in the short run.
Advantages:
Over low-risk merchant services, a high-volume merchant account has many advantages. The benefits may change depending on the service provider you choose because there are many in the same industry. But nearly all reputable banks or high-volume merchant account service providers give:
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Increased growth initiatives:
If a business is expanding, it is likely that large transactions may occur daily or even monthly. You won’t have to worry about any connected concerns, and you will be able to process significant amounts into your clients’ accounts.
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Multiple Payment Options:
It is impossible to discover every client and brand that accepts the same payment method that your company does. As a result, using a conventional merchant account to transmit money via a different payment method may be challenging. High-risk merchant services offer practical applicability and simplicity of use in such circumstances.
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Less disruption:
High-volume merchant accounts remove any barriers that slow down or obstruct the transaction process, enabling companies to accept and process payments without any delays.
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Greater Transaction Volume:
Whether you wish to send big sums of money to numerous accounts or make numerous little payments to numerous clients, a high-volume merchant account offers an unlimited number of transactions. This capability of carrying out transactions in various accounts each day offers a significant benefit.
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Enhanced payment security:
Because large transactions and significant volumes of tickets are common, high-volume merchant accounts are advantageous for businesses because they offer the appropriate security tools and procedures to reduce fraud and other risks.
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Instant Processing:
The principal motivation businesses use the electronic way of delivering money is the speed at which a bank cheque can be processed. You can transmit money through the banks, but not in significant or widespread quantities. A high-volume merchant account thus offers the best usability in this situation. Any quantity can be transacted in a matter of seconds. Processing costs are nothing to be concerned about.
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Wide-ranging Bank Network:
These service providers are well-known and have worked with numerous domestic and foreign banks for payment processing. Therefore, a corporation can do sizable transactions both domestically and abroad without any issues.
Risk related to high-volume merchant accounts:
You will pay extra for your credit card processing since high-volume merchant accounts are viewed as being riskier by account providers. The amount you pay more entirely relies on the company you select and the conditions of their high-volume merchant accounts. High-volume merchant accounts may have some drawbacks, such as:
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The higher danger of fraud:
High-volume merchant accounts may be more vulnerable to fraud due to the flow of transactions and handling of expensive commodities. Accounts may be classified as high risk as a result of these hazards and businesses operating in riskier sectors.
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The rise in chargebacks:
Larger transaction volumes frequently lead to a rise in chargebacks, much like fraud does. Chargebacks, whether valid or fraudulent, might cause your company to lose more money.
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Higher fees:
Due to the high volume of transactions that high-volume merchant accounts complete each month, payment processors may charge higher fees for these accounts.
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Delay in approval:
High-volume merchant accounts with monthly transaction volumes that are significantly higher than permitted may encounter a delay in the approval of funds.
A few more disadvantages are:
- Additional paperwork requirements include submitting credit history, processing statements, and more, as well as past processing history.
- costs for early termination
- fewer price ranges
- fewer tier options than low-risk companies
Businesses That Require Merchant Accounts for High-Volume
The services you will require are incredibly diverse and highly specialized to your particular demands. A reputable vendor will be able to assist you in identifying your particular demands and then collaborate with you to meet them.
If your company is in one of the following industries, you might want to take high-risk clients into account:
- Betting
- Entertaining people
- Internet matchmaking
- Home Furnishings
- Marketplace
- Visitors
- Recurring payments
- Debt Recovery
- E-cigarettes
- Nutraceuticals
- the CBD goods
- Businesses that provide credit or financial repair
HIGH-VOLUME MERCHANT SERVICES
The top merchant account providers for big-volume merchants are listed in the article below. These processors have the size and expertise to support enterprise-level payment environments, and they are known for their dependable customer service and fair, transparent pricing. While some companies concentrate exclusively on processing payments safely and affordably, others offer a wide range of integrated business management solutions.
Host Merchant Services
Host Merchant Services is a Delaware-based merchant account service. It can work with both some high-risk businesses and other general high-volume business types. The company offers point-of-sale solutions, online marketing tools, an online payment gateway, and a virtual terminal.
In addition, it provides mobile credit card processing, gift and loyalty programs, offshore merchant accounts, and packages with specific features for the restaurant, salon, professional service, and contractor sectors. A free website and email system can be offered to interested merchants by Host Merchant Services, which specializes in e-commerce solutions.
On public forums, Host Merchant Services has always gotten favorable reviews, with the majority of commenters praising the firm’s customer service. All of its merchants can take benefit from Host’s interchange-plus pricing without paying any early termination costs. It gives customers access to the most open pricing structure and free service cancellation.
Important features:
- Most industries get approval quickly
- No contract fees or termination costs
- Excellent client service
Helcim
For Canadian companies that need to accept payments of various kinds, Helcim does an excellent job serving as a merchant service provider. They have a Calgary headquarters and offer their services to both American and Canadian companies. Overall, they’re a top-notch merchant services supplier.
If your company accepts payments from a large range of clients with equally varying payment streams, you should consider them.
Exclusive pricing for interchange-plus plans, month-to-month billing without early termination penalties, very affordable monthly account fees, and an all-in-one payment platform called Helcim Commerce are just a few of the wonderful advantages they offer to their clients.
Better yet, every retailer will be able to benefit from a free mobile app that runs on both iOS and Android devices. For an additional $30, you can get a mobile card reader so that your company can accept payments on the go.
On their website, you can see transparent pricing disclosures, which is something that not many other providers would do. This keeps your costs predictable and manageable, and you won’t have to haggle over prices endlessly to get a good deal for your company.
Important features:
- Assistance for all business types including high-volume payment processing
- Online, POS, and Mobile Payments
- Interchange charges typically range from 0.25 percent plus 8 cents per transaction to 0.45 percent plus $.25 per transaction for e-commerce stores.
- Most retailers can take advantage of volume discounts
- $15 per month for retail establishments and $35 per month for e-commerce stores are the monthly fees.
- There are several standout benefits, including monthly billing, discounted interchange processing rates, and first-rate customer service.
PaymentCloud
PaymentCloud is a merchant account service with a base in Woodland Hills, California, that focuses on working with standard to high-risk company models. Point-of-sale solutions, swipers for mobile devices, an online payment gateway and virtual terminal, EMV-compatible terminals, and merchant cash advances are just a few of the company’s goods and services. PaymentCloud promotes wholesale pricing which is advantageous for businesses that handle a lot of transactions.
For the duration of the account, PaymentCloud assigns each new merchant a dedicated account representative. The company tailors its price to each merchant’s business kind and processing history, and it has not received any unfavorable complaints on consumer forums.
Important features:
- Numerous “high-risk” industries receive quick clearance
- A broad range of goods and services
- Excellent client service
First Data
The first data was established in 1969 and is situated in Atlanta, Georgia, USA. It is excellent for larger firms that process at least $100,000.
The selling and reselling of hardware terminals are how First Data is best known. Their website does not list prices, thus the rates you pay greatly rely on the salesperson you are dealing with.
First Data does offer contract terms and variable cancellation fees. Make sure to give them a thorough review. Customer help is provided around the clock. Customer service issues, billing disagreements, and contract details are the main topics of complaints.
Important features:
- Created Google Wallet
- Best eCommerce gateway for international retailers
- Web terminal, a tablet for POS, and recurring billing
- Duet Wired VX 680 WiFi Bluetooth or 3G Wireless or iWL252 Bluetooth VX 820
- mobile processing of credit and debit
- Utilization simplicity
- 24/7 Telephone, email, and live chat customer service
- provides seasonal off-time.
- Several add-on features support reporting, PCI compliance, preventing fraud, and handling chargeback disputes.
Global Payments
Global Payments was established in 1967 and is headquartered in Atlanta, USA. It is one of the biggest merchant account providers and payment processors with processing volumes of at least $100 million. It employs a tiered pricing structure most frequently. It’s crucial to keep an eye on your rates.
Typically, Global Payments contracts are for three years and include cancellation fees. Make sure you carefully read the contract before signing it. Customer help is provided around the clock. Customers frequently complain about cancellation costs.
Important features:
- Internet-based eCommerce gateway
- Contactless IWL 255 3G VX 675 3G iCT250 Countertop
- Processing through iWL250B Short Range Wireless VX 820 Duet Mobile
- A variety of simple-to-use goods
- International processing, as well as general customer service available round-the-clock:
- Converts more than 30 widely used currencies.
- Can support a seasonally based business.
