MLM Merchant Account
Last year, a record 20.5 million individuals were involved in direct selling in the United States, which was a 1.5% boost from 2018. In 2018 was the 2nd greatest income level in direct selling history. Direct MLM sales were approximated at $35.54 billion in 2019, according to the Direct Sales Association‘s reality sheet. Notwithstanding an expanding and extremely profitable market, payment processors don’t want to take a shot with them. Legal risks, possible high chargebacks ratio, and uncertain growth patterns put multi-level marketing merchants on the “prohibited” category with traditional processing banks. However that does not mean that MLM Companies can not be approved for a merchant account and accept payments online.
FinTechMerchantAccounts.com, which specializes in MLM credit card processing. Many high-risk processors charge greater per-transaction charges and impose processing limitations on MLM merchants, however FinTechMerchantAccounts, gives you the ability to accept payments worldwide and can process more than 35 different currencies and our API offers a recurring billing feature to compensate for any disadvantage. We an approve and activate merchant accounts for MLM Merchants within 48 hours. Start the procedure now by filling out our simple 1 page pre-qualification form today and start efficiently processing payments.
MLM Credit Card Processing for Many Products
According to the Direct Sales Association, 5.3 million individuals are building independent companies as direct sellers. Start the procedure by using for FinTechMerchantAccounts for your merchant services needs. Get a merchant account for MLM services that provide the following services and items associated with:
Nearly any product or service could be sold through multilevel marketing, merchants who do not see their services and products here must get in touch with us to talk about payment options. High-risk merchants are FinTechMerchantAccounts specialty, striving to assist MLM organisations of all sizes to be successful.
Start the procedure by applying for a MLM merchant account now. What’s required to get a MLM merchant account For MLM credit card processing, merchants need to obtain a merchant account. Businesses must begin by completing an easy pre-qualification form. After review of the form by our team, merchants will require to supply the following items to underwriters:
A government-issued ID, such as a state-issued motorist’s license or passport.
3 months of the most recent business bank statements.
3 months of the most recent processing statements, if applicable
An EIN (Employer Identification Number)
Online sites need a protected, fully-operational site with relied on privacy and refund policies.
What to expect during an underwriter’s evaluation.
When underwriters begin reviewing applications, they verify that MLM merchants have credible businesses. During their review, underwriters look for any questionable practices that could have negative economic consequences. The issue is that many multilevel marketing organizations are not genuine, according to the U.S. Federal Trade Commission.
These factors increase an MLM merchants risk to payment processing companies. In the end, they want to be comfortable with the merchants business practice have, which will not result in a high chargeback ratio. Underwriters review the merchant’s, credit card processing history, and business bank statements to determine their exposure to risk. If the business has lots of customer grievances, have accounts with negative balances, extreme chargeback ratios, and have a history of missing payments or not paying expenses likewise will have a negative effect in the eyes of underwriters. The more red flags against multilevel marketing business, the higher threat to a processor and a decrease in the opportunities that a merchant service account will be approved.
MLM services that want to increase their opportunities of approval ought to:
Have sufficient working capital in the bank and manage anything that looks suspicious before allowing an application to precede an underwriter. In the end, wise merchants will want to avoid merchant account limitations, such as lower rolling reserves and caps on greater processing volumes. FinTechMerchantAccounts.com is dedicated to helping MLM merchants with their payment needs in order to operate successfully. Call or chat with us today and get approved as little as 24 hours and begin processing credit card payments. We can even help those that have been placed on the TMF and MATCH list.