Card processing for auctions explained
Consumer convenience and lower household budgets have had a direct effect on the huge boom within the online auction industry. When running what can be a profitable business, some find it hard to understand why securing an auction payment network becomes so tricky. The reason for this is that the industry is deemed high-risk due to the number of scams run to take advantage of customers. As a result, many business owners decide that it’s beneficial to use an offshore merchant account.
When searching for an online auction payment provider, it’s imperative you deal with experienced advisors within the high-risk sector. Expert advisors will know of the banks that you can apply to, and therefore increase your chances of being accepted.CALL TODAY
Merchant account for penny auction
Penny auctions work slightly differently to a traditional auction online or in person. An item is listed normally at zero, then each bidder places an offer and pays upfront. Unlike traditional auctions, where there is only one winner, with a penny auction win or lose the bidder will still be charged. Penny auction merchant accounts can be difficult to secure, however if you speak with a high-risk industry expert they can help you with presenting your application and making sure you find the best deal available to your business.
Penny auction merchant accounts are deemed as high-risk due to the number of scams experienced within the industry. Prices are often driven up before the timer runs out with automated software. This makes some, but not all, banks apprehensive when accepting penny auction card processing applications.
Silent auction payment processing
Silent auctions are often associated with charity and fundraising. For these reasons alone it’s important to secure the very best merchant account and payment gateway. Don’t pay over the odds for our guide on silent auction credit card processing CLICK HERE
Merchant Advice Service top tips when sourcing auction payment methods
- Create a model that an acquiring bank will approve at underwriting stage – if you need help with this our experts are waiting for your call!
- Limit chargebacks – read our guide
- Deal with industry and high-risk experts
- Maintain compliant
- Use a reputable payment gateway provider Finding a suitable account provider for your auction payments doesn’t need to be difficult.