MagicPay Merchant Services Partners With a New Bank to Provide Options to High Risk Merchants
MagicPay Merchant Services will now provide more flexible payment processing services to its customers. The company announced its alignment with a new processing bank. The move allows the company to offer versatile solutions and choices for high-risk merchants. This is good news for a variety of sectors including merchants with challenging financial history.
More Flexibility for High Risk Credit Card Processing
With its partnership with this new bank, MagicPay Merchant Services can now allow for board high risk merchants, MOTO (Mall Order Telephone Order) merchants as well as through wholesale merchants and e-commerce sites with high ticket amounts. Previously, these types of transactions were limited because the consumer making the purchase was not present. These card-not-present transactions previously provided too much risk to banks. The new alignment opens the door for more transactions within this environment. Now, those with a merchant account through MagicPay will have better opportunities where the cardholder is not present at the time the transaction occurs.
One of the most common pain points for these merchants otherwise is the limitations that traditional banks place on such transactions. Many traditional banks only accept high risk retail transactions in which 100 percent of the time, the customer is present. These are swiped and chipped transactions. However, this isn’t an acceptable solution for many companies in the high risk industry.
This new scenario provides numerous benefits to moving companies, businesses with challenging financial history and many E-Commerce merchants. The benefits to merchant credit card processing includes the ability to make wholesale, MOTO, and e-commerce transactions in the same manner any other credit card processing occurs. There is no volume limit present and no transaction limit present, allowing for higher transaction numbers.
The company’s services also provide no rolling reserve so long as the merchant maintains good personal credit and allows merchants to accept all major credit cards, in one batch, including American Express. The merchant maintains the ability to choose its payment gateway with options including, Authorize.net, USAePay, NMI, eProcessing Network or, perhaps the most preferable MagicPay’s gateway. Other gateways may also be approved upon request. This flexibility, along with next day funding, ensures smoother transactions, lower cost, and improved overall functionality.
In addition to these benefits, these merchants gain additional features including low rates and fees, e-check and ACH options, EMV ready transactions, 3D Secure technology, recurring billing and much more.
MagicPay Merchant Services solves a significant problem for the high risk merchant services market by filling in the gaps that other credit card processing and traditional banks create. However, it does so while still providing a simple and reliable service that remains secure and affordable to all merchants. For many consumers, this is the ideal opportunity to expand business and reach a larger consumer base that was previously unavailable.