Why is Tax Preparation Business considered High-Risk? Each year, millions of American businesses and individuals face the daunting tax of untangling state and federal tax
In general, there are three types of credit card fraud: friendly fraud, chargeback fraud, and true fraud. In this article, we take a look at true
Just as there are various types of fraud, there are various subtypes of fraud, each with its own set of characteristics that often require countermeasures
In Part 1, we looked at some issues related to credit card fraud, as well as “friendly fraud,” one of the three main types of
It should come as no surprise that on the flip side a new way to buy things is a new way to do so fraudulently.
The advent of the Internet has made it possible even for small businesses to reach potential customers almost anywhere in the world. It does, however,
In Part 1, we discussed some of the reasons that banks, etc., cancel processing agreements and terminate merchant accounts. In What To Do If Your
Your Merchant Account Has Been Closed So, your business is up and running. There have been bumps and challenges along the way, but it seems
Every business that accepts payment by credit card knows the expense in both time and money that chargebacks can cause. Chargebacks can be initiated for a variety
Regardless of which industry you are in, your business needs to have a way for customers to pay for goods and services, and for you
Over the next two posts, we’re going to take a look at two types of business that may seem to be very different—and they do
TABLE OF CONTENTS How Can Payment Processing Impact CBD Merchants? Cannabidiol (CBD) is one of the biggest alternative health trends in recent years. The market
So, you have realized that you are operating a “high-risk business” and that you are a “high-risk merchant,” at least in the eyes of the
Regardless of the industry, if you don’t understand the nature and characteristics of your business, it will be impossible to make appropriate decisions in a
As the firearms market continues to expand, it has become increasingly important for businesses in the industry to have efficient payment processing solutions. To this
Whether you own a brick-and-mortar business that wants to venture into online sales or are considering opening an e-commerce business, you’ll want to know how
For a low to moderate risk merchant account, the average setup time is 24-72 hours after receiving all requested documentation. For high risk accounts, the underwriting process can take longer. On average the setup time is 1-2 weeks after receiving all requested documentation.
Many variables are taken into consideration during the underwriting process. Business types that have elevated chargeback risks are considered “High Risk”.
High Risk industries include but are not limited to:
Zen Payments has extensive experience in working with and boarding merchants in high risk industries. Click here to arrange a personal consultation.
A merchant account is an account that enables businesses to accept credit cards from their customers either online, in person or keyed manually.
PCI Compliance is a set of security standards that all merchants and vendors need to meet. This ensures that customer credit card data is protected. Every merchant needs to be PCI compliant. To become compliant you need to complete a compliance questionnaire and complete any applicable scans.
We are dedicated to making sure all of our merchants are PCI compliant. If you have any questions about compliance or need help with your questionnaire, our support team is available during business hours at 801-405-9888.
While your personal credit is not a always a critical factor in obtaining a business merchant account, poor personal credit may cause underwriting to require additional documents such as company bank statements and other financial documents in order to assess the stability of your business.
All merchant accounts come with the ability to accept Visa, MasterCard, Discover and American Express. You can also apply to accept other forms of payment such as: PIN-Debit, e-check, fuel cards, EBT and gift cards.
Yes. Every merchant account comes with access to a free iOS mobile application to process payments. We also have paid mobile applications for Android users and merchants with other special requirements.
Yes. Every month, by mail and/or email, you will receive a statement that details all your payment information for the month, including deposits into your account, your total sales volume, and the charges for the month. You can also access this information online for real-time, up-to-date information.
A Payment Gateway, otherwise known as a Virtual Terminal, provides merchants with the ability to process payments and accept credit cards securely. Merchants can key in transactions manually, send invoices, and set up recurring payments through the payment gateway. These gateways also have fraud filters to help minimize fraudulent transactions and diminish the chargeback risk to the merchant.
Every merchant account with Zen Payments includes access to a state of the art payment gateway at no cost.
All credit card processing companies are required to secure customer’s payment information. No matter which company the merchant chooses, the payment processor must provide a high level of security for transactions. Security must meet the PCI-DSS (Payment Card Industry Data Security Standard Certification) standards.
All of the systems that Zen Payments uses are in compliance with the latest PCI standards.
Zen Payments Customer Support is available Monday through Friday from 8:30 am – 5:30 pm MST at 801-405-9888. You may also email us 24/7 at support@zenpayments.com.
It has been statistically proven that offering your customers the ability to pay with credit cards can double or even triple your current sales! It has been shown that people spend more money when they use cards as opposed to cash. Credit card payments are also quicker and more efficient for both the customer and the business owner.
A POS or Point-Of-Sale system offers more robust features as opposed to a conventional terminal or virtual terminal. These systems often help with inventory management, employee tracking and sales trends.
Zen Payments offers a variety of different POS systems for specific industries including:
Contact us to arrange a demo of our available POS solutions.
Your business is classified as RETAIL if more than 80% of your credit card transactions are physically swiped/inserted.
Your business is classified as MOTO (Mail Order/Telephone Order) if more than 20% of your orders take place by telephone or mail order with an agent manually keying in credit card payment details.
Your business is classified as E-Commerce if sales take place primarily through a Website payment form or shopping cart at a percentage above the RETAIL and MOTO thresholds.
With Zen Payments, there are NO hidden fees! Your itemized fees are fully disclosed upon sign-up, and further, these fees are guaranteed for the life of your account.
Click here if you have an existing merchant account and would like a complimentary fee evaluation to find out EXACTLY what your costs are with your current provider.
EMV (Euro Mastercard-Visa) is the name for chip-embedded cards. Since October 2015 it is mandatory that merchants be EMV compliant. If you are not EMV compliant then you are liable for any fraud that takes place.
