11 Feb Why Credit Card Processing Companies Sometimes Require Onsite Visits to Approve Your Merchant Account
Running a business in the age of the Internet can be a bit of a challenge. Online payments are important, and most in-store payment gateways use merchant accounts as well. The sheer volume account providers can be intimidating, and comparing credit card processing plans will require a significant amount of time. Some business owners are surprised when their potential provider asks to come for a visit, but there are good reasons why they do so.
Unfortunately, there is no shortage of people looking to defraud others online, and those who provide merchant accounts must deal with them as well. Before placing their trust in a client, these providers will often want to stop by and take a look around. Fraudsters will rarely take steps to set up a mock work environment, and asking to see their facilities can cause them to look elsewhere. These trips may be expensive, but they are far less expensive than dealing with a high volume of credit card fraud.
Checking Sales Volume
Some credit card processing providers will only work with companies with a high volume of sales. These providers may lose money if they work with those who fail to meet their promises. A quick visit can allow them to check out your offices, which can help them determine that the information you provided is accurate. They may also be able to gauge how busy your shop is. If a potential client promises thousands in sales every day but nobody shows up, they may determine that the information provided was not entirely accurate.
Make Sure Products Sold are Appropriate
Credit cards companies will often refuse to service transactions for certain products they consider risky. As a result, account providers are reluctant to work with those who sell products credit card companies will refuse to fund. By swinging by and taking a look around, they will be able to determine that the products sold are not in violation of any terms.
All businesses that sell products must accept credit cards in order to remain competitive, but dealing with credit card companies directly can be difficult. While merchant account provides can ease the process of accepting credit card payments, they often have strict requirements to prevent fraud and transactions credit card companies don’t approve of. A quick visit can help them ensure that clients are compliant.