Recurring billing is when a merchant automatically charges a cardholder for specified goods or services on a prearranged schedule. Recurring billing requires the merchant to get the cardholder’s permission one time up front for recurring charges, then continues with scheduled charges until the cardholder withdraws permission. Any good or service that a customer purchases repeatedly and regularly might be a good candidate for recurring billing. Examples include cable bills, cell phone bills, gym membership fees, utility bills and magazine subscriptions.
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Why are Recurring Billing business models Considered to be High Risk?
Excessive chargebacks can lead to a recurring billing merchant account to be completely shut down with an aggregate payment processor like Paypal, Stripe, or Square. Another common point of conflict that occurs when a retailer uses an aggregate payment chip is that the”approval process” in many instances isn’t actually an approval at all. What happens is that the merchant account is approved on a contingent basis, then much later, the backend underwriting process begins (many time on the petition of your first chargeback) and your company is obtained as a high risk merchant — that leads to your accounts either being suspended until further notice or you’re dropped from their stage entirely with no notice. Tritium Pay, pioneers in the industry of electronic payment processing, particularly for high risk merchants who should need a high risk recurring billing merchant account, is your way around all the hassle and stress that come with worrying about being dropped by an aggregate payment processor. When you start off with the right payment processing company, and one that does their own in-house underwriting like Tritium Pay does, you’re setting your company up for success right from the get-go. Be sure to discuss the intricacies of your business needs in regard to the types of subscriptions or recurring charging you offer; do you want something which covers a 7-day free trial, a 15-day subscription, a 30-day repeat charging cycle, etc.. Make sure everything you need to run your business smoothly and efficiently is covered during the underwriting process when applying to your recurring billing merchant account.
Why Should I Choose Tritium Pay for Payment Processing for my Recurring Billing Merchant Account?
Shop your choices around and find a qualified and reliable payment processing firm, like Tritium Pay, who have first hand experience with high risk recurring billing merchant accounts. Be sure to ask all of the questions you need to address your concerns, things like: Can you write my particular subscription company type? How much experience do you have working with businesses who need recurring billing merchant accounts? What are the fees like? Once you feel satisfied with your answers, take the five minutes needed to fill out an application for a free quote — and get not just the payment processing you require, but the peace of mind you deserve. Tritium Pay understands the special needs of different recurring billing related companies and has created 24+ acquiring banking connections to become experts in getting recurring billing companies accepting online payments.