Merchant Services For MLM
MLM or Multi-level Marketing Companies fall into a high risk classification when pertaining to obtaining merchant accounts. One of the major factors that will determine if the account will be approved is what bank is underwriting the application. Some banks have a far greater risk tolerance than others when they are issuing merchant accounts. Even if you have an existing relationship with a bank that bank may determine your MLM company to be above their risk threshold to issue a merchant account and provide you the ability to accepts credit cards.
This does not mean that you can’t get a merchant account; it only implies that there are certain limitations when getting your merchant account, and what financial institution your should be applying with. The bank that you have already been with all of your life may be perfect for your personal transactions, but mightn’t be the best option on your MLM venture.
An MLM merchant account is among the most challenging to get, because this fraud has in several cases reached the level of severe. Many banks have also stopped boosting the MLM account entirely. Another disadvantage of an MLM merchant account is that after a payment has been made to you, it may be difficult to even have the money. It is because of the restrictions commonly placed on the MLM accounts, which are frequently an object of suspicion. There are also a number of chargebacks which can be held against you.
The very fact that much of MLM business is done online helps to make safe payment an important priority. There are several alternatives available, though they may be difficult to find at first, and it’s essential to be careful with business like MLM. The high risk status of such an account usually means that you will have a while to wait before your application is approved. But no credit strikes to your name and when you have honest intentions, your bid for an MLM merchant account ought to be approved.
Fortunately, Velcro Pay specializes in the procurement of merchant accounts for Multilevel Marketing organizations or risky merchant accounts. We recognize the explosive growth with in this industry and we ensure you are placed with the appropriate processor. We can set up both domestic and international merchant accounts to ensure your company has global payment capabilities and no monthly caps on processing limits. We’re here to guide you through the minefield of setting up a merchant account.