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Key steps include application review, risk assessment, credit checks, and compliance verification. Merchant account underwriting is the evaluation process payment processors use to assess whether a business meets the criteria for acceptingcreditcardpayments.
According to Forbes , “mobile payments are increasingly being used by U.S. shoppers as customers become more comfortable with the technology.” Not only are there a number of ways your customers could be using their mobile devices to give payments, but you as a business owner could be leveraging mobile devices to accept them as well.
If your company acceptscreditcardpayments ( which it should ), chances are, you’re going to be affected by Visa’s interchange rates. Visa is one of the biggest payment networks in the world, with ~4.2B cards currently in use. So it’s virtually impossible for a business to not accept Visa cards.
Ideally, choose a payment gateway that supports your primary sales channels and aligns with your needs. Also, some businesses in industries like cryptocurrency, gaming, gambling, and travel are considered high risk. Some online payment gateway providers steer clear of such companies.
Cryptocurrencies Cryptocurrencies like Bitcoin, Ethereum, and Tether use decentralized blockchain technology and cryptography to ensure fast and secure transactions. You must review the payment methods available on the providers platform and ensure all the preferred payment methods of your target customers are included.
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