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In August of 2013, New York Attorney General Eric Schneiderman charged Western Sky Financial with requiring interest rates of 300%, many times the state’s cap of 25%. More, several large e-check processors cut ties with all payday clients, making it impossible for check cashing, cash advance and payday businesses to serve customers.
The recent crackdowns have sent payday lenders scrambling for ways to keep their doors open. A+ rated First Financial has the reliable cash advance and payday loan merchant account services that keep you in business. We’re proud to help both brick and mortar and online cash advance and payday loan providers service their customers efficiently. Our fast approvals at competitive rates are the best in the industry.
Here is everything you need to get in business (or BACK in business if you’ve been dumped by another processor) as a payday loan or cash advance service:
As you can see, it’s just a matter of pulling up some files. Possibly you have them all in one place anyway.Once these documents are reviewed, we may request the business’ tax returns, statement of information and fee schedules for finalization.
Whether you’re just getting started, looking for a new merchant account to replace an existing one or scrambling madly after being dumped by your current processor, First Financial has the solution to stabilize your business. Apply online in minutes. Don’t forget to follow us on Facebook and Twitter for the frequent tips that will help your business thrive!
If you have an online business, accepting credit cards as a form of payment is absolutely critical to your success and your bottom line.
But if your business is considered high risk, finding the right match can be a daunting task.
So, what do you need to know about having a high risk merchant account before you begin looking for the right company to serve your needs? Here are nine things you should be aware of before you make a commitment.
Before you select a merchant processor, you need to know if your business is even considered to be high risk. The criteria can vary widely between providers, but one of the first things they look at is if your industry typically has a high rate of fraud or chargebacks.
If you’re not operating from the United States, this is another potential indicator of high risk. Certain categories like firearms, drug paraphernalia, or even auction sites may also be considered high risk. Find out if you fall into this category first so you can be prepared for the next steps.
If you have a high risk merchant account, you can expect to pay more in processing charges and billed account fees. The reason is that your processor is taking you on as a risk, so they’re passing the cost of that risk on to you.
You’ll also likely have to keep your contract with the processor longer than you would if you were not a high-risk client. On average, high-risk accounts must stay with the same processor for three years or even longer.
An auto renewal clause is usually included which can force you to remain an ongoing customer for periods of a one-year minimum after each renewal. If you want to cancel, you’ll likely get hit with an early termination fee.
Merchant processing plans can vary, so shop around until you find one that offers terms you can live with. Traditionally, these fees are charged on something called an interchange-plus pricing plan, although your rates will be higher than a low or no-risk account.
Find out if you can get a flat-rate pricing plan which will make billing a lot easier. If you discover that a merchant processor is charging extremely high per-transaction charges, you may want to steer clear. Compare rates and plans until you find one that’s within a reasonable amount.
The term rolling reserves refers to money that is set aside from the proceeds of your sales in order to cover certain expenses. These reserves will help pay for things like chargebacks, and they’re put in place to protect the merchant processor.
Since many high-risk accounts tend to go out business, these reserves are there to cover any unexpected costs to the merchant processing company. If you’re new in business, you can almost guarantee that this is a requirement. However, as time goes on, the rolling reserves should decrease as long as your account remains in good standing.
Any reputable merchant processor will give you a contract that spells out all of your fees and terms. Make sure you read this thoroughly before you make a commitment.
Look closely for different clauses that could cause you to pay even more than you expected. Some companies claim to specialize in high-risk accounts so they feel that they can charge their merchant accounts exorbitant fees. Do your homework and never sign anything until you’re completely comfortable with the terms and the cost.
If you’re ever in doubt about a potential merchant processor, ask your fellow business owners who they recommend. You can also read reviews online to find out which ones most high-risk customers are happy with, and which ones to avoid.
A quality payment processor will add some layers of additional security to your account. This can actually benefit you since it will help prevent fraudulent transactions and dishonest chargeback claims.
Requiring things like CVV2 verification is a good thing since it protects you and your processor from fraud. Ask your provider about what kinds of security measures they take to protect themselves and your business from unscrupulous transactions.
If you really want to lower the costs associated with a high risk merchant account, work diligently to prove your salt. This could mean anything from reducing or completely eliminating chargebacks to consistently showing a profit for a long period of time.
The longer your business does well and maintains its reputation, the better off you’ll be in the eyes of the merchant processor. Some providers may even reward their high-risk accounts with lower rolling reserves over time or even reducing fees as time goes on.
Ask several potential merchant processors what kind of benefits they offer high-risk accounts if they do well. You might be surprised at the progress and positive benefits you can reap once the business is more established.
Even if you operate a high-risk business, there’s no need to despair. With a few helpful bits of information and a little research, you can find a quality high risk merchant account that will serve your needs well.
Visit our website for more information about: High Risk Merchant Services.
Web designers with a niche can command higher fees.
While the growing demand for web design is something to celebrate, it also brings new designers to the market, making competition fierce. The freelance web designer needs to be an able marketer, coder and creative artist to earn a living.
Conquer the marketing aspect of running your own web design company by reading these tried-and-true tactics.
Today, the business website is critical not only to bring in new customers, but to establish credibility.
Capturing the true size of the market only starts with every business having a mobile-friendly website. Anymore, businesses are putting up separate websites for events they put on, books they write and communities they establish. Further, every entrepreneur starts one business only to spin off two or three others. As we discussed in our post, Web Design Outlook for 2016 and Beyond, demand for the average American job will increase by 7% until the year 2024, but the American economy will call for 27% more web developers and designers.
Long story short: there’s enough business to go around. Designers with niches (restaurants, finance, healthcare, retail, etc.) can begin to build deep expertise. They learn characteristics not only of their clients, but their client’s target audiences and referral partners. Further, they learn the legal limitations and opportunities for everything they can say on the website. When a web designer can convince a prospect they learned from the successes and failures of past attempts, they gain credibility . . . and more money. Most businesses would prefer to pay a little more to get the job done right the first time.
Everybody knows how to network through their Chambers of Commerce where they meet people in all industries. Finding niche networks helps the web designer hear all of the participants’ pain points, complaints, opportunities and successes. This information eventually becomes very valuable, as the informed web designer can explain the prospect’s issues before he or she even has a chance. Networking events also gives you opportunity to meet new talented people, create connections with them and eventually find potential customers.
Putting on a presentation or attending a meet-up in your niche also gives you the opportunity to connect on a personal, face-to-face basis. Even volunteering your skills for an organization showcases your talents to your selected niche.
This is the best way to show off all your skills and experience on web designing. This lures customers and make them interested in your capabilities. You can attached this to your own website or any owned social media accounts.
You can go general in your portfolio. Do not just limit your portfolio to skills and experience related to web designing. You can go general and make people see your other talents. They might serve as an additional asset so keep your portfolio versatile.
You can collaborate with field related businesses like web hosting companies or web developers. In this way, you are actually operationally putting your skills to the test. You can also offer more to your clients with the additional features and services from your partner companies, an advantage in keeping up over other competing web designers.
If you want to make your customers happy, you need to make them feel that you genuinely care for them and can provide them quality service and output with personal intentions even after you are done making your work and have been already paid. There are customers that need to be wooed and need to be given nice gestures, compliments to win them. Gifts and like chocolates and cupcakes, as well as holiday greetings or anything that reflect you as devoted and friendly can win them over. This also includes your way of advertising your service. Try to be a bit provoking and trendy that can catch someone’s attention.
These are the 5 most helpful tips in marketing planning for web designers like you to be successful in the industry. Remember that you have to be versatile to new strategies and techniques so that you keep up with the new trends and demands. Attract customers, make them happy, and you will be successful. When you go to collect credit card payments, remember to apply at A+ Rated First Financial, where high-risk businesses like web designers get the best merchant accounts.
Some gun shop owners make six figures each year!
In fact, in 2013 American companies alone produced 11 million guns and sold all but 440,000 right here in the 50 states. Americans and U.S. companies imported an additional 5.5 million.
Gun ownership’s bright strand in the fabric of American identity promises a stable future for firearms and ammunitions companies.
The following are the three most related businesses you can actually start as being in the firearms and ammunitions industry:
Start Up Costs: $2,000 – $5,000
Typical Salary: $50, 000
Gun lovers with excellent shooting skills, patience and an affinity for social interaction can consider training others on the proper use of guns. The numbers of gun owners are only growing and these new clients need someone to help guide them in their new hobby. With many Americans now taking self-defense with firearms classes, demands for firearm training instructors have tripled in just the last few years. What a good way to start being paid for something you love!
Those interested in becoming firearm instructors need to explore state regulations. Having a Department of Justice certification will go far in credibility for your career. Some states only require a reasonable apprenticeship and passing of the Firearms Safety Test.
Once licensed, market yourself and your services is by networking at shooting ranges and gun clubs and seminars. You should have a full roster of clients in no time.
Start Up Costs: $1,000
Typical Salary: $60,000 (full-time)
Gun hobbyists who like to work with their hands and would enjoy exposure to many styles of firearms can put out a shingle as a gunsmith. Many take gunsmithing up as a “side hustle,” a way to supplement a regular income.
Anyone close to the gun community knows that people treat their weapons gingerly and almost with beloved-pet-level care. In other words, gun owners spend on their guns!
While a hobbyist can begin charging at any time, having some training establishes credibility. Still, getting a credential from the American Gunsmithing Institute will add to your skills. Similarly, the Modern Gun School in Wilmington, Delaware has trained thousands of gunsmiths already. Still, many schools exist around the country, many of which have courses you can take online.
As you start your business, keep in mind that many gunsmiths fail because they don’t charge enough to cover expenses. Tally up your operating costs before beginning, and create prices that ensure a profit.
Also, just like other business, you need to market your service. Having a table at a gun show, networking at firearms conferences and getting to know your local gun clubs and shooting ranges all help you get your name into the community. Stimulate word-of-mouth marketing by asking your clients for testimonials, preferably posted on Google or Yelp.
Start-Up Costs: $10, 000 – $50, 000
Typical Income: $10,000 to $1,000,000
If you have the money and some business experience or savvy, opening a gun shop is the best way on getting paid for working in the firearms and ammunition industry. Starting a gun shop can costly and time consuming, however. Your first year show a loss of income rather than a profit. It doesn’t start with finding your location. There are many arrangements to make before ordering your first case of shells.
Get ready to:
Firearms trainers can earn $50,000 per year.
Americans cling fiercely to their guns. With the surge of terrorism both domestic and international, most want effective ways to protect their families. The firearm and ammunition industry will continue to grow over the coming decade. Your full-time or side gun business can be both enjoyable and profitable! When you go to accept credit cards, don’t forget that First Financial is the national leader in providing merchant accounts for businesses in high-risk industries like firearms and ammunition.
Don’t let chargebacks sink your profits!
Data breaches at Target, Facebook prompted the major U.S. credit issuers to insist on the EMV chip in October 2015. The move has made it much more difficult for fraudsters to create counterfeit cards, saving both companies and consumers money and headaches. According to Stephanie Erickson, vice president of risk products at Visa, the shift working: merchants are reporting less counterfeit fraud.
We applaud anything that reduces expenses to both businesses and their customers, but EMV has created another, although less costly, issue: chargebacks. Chargebacks occur when the card issuer holds the merchant liable for a payment transacted by a thief using a stolen or counterfeit card. Where once the banks absorbed much of these charges, today they are not so amenable. One payment network reported 250,000 merchants had experienced an 50% increase in chargebacks on card transactions. In effect, the banks, card processors and issuers are putting the burden of vetting for fraud on the merchants.
A few merchants aren’t accepting this responsibility. Claiming a lack of preparation time, they are now suing issuers. Networks counter that five years was plenty of time for even the smallest business to prepare for the increase in chargebacks they warned could follow the shift from magnetic stripe to EMV.
Merchants must know that if they have not yet switched to EMV terminals, they are liable for most of the chargebacks the banks had been absorbing. The top merchants affected have been gas stations, restaurants and quick service merchants like vending operations. It seems that large cities, college towns and border areas are the most likely to be the most tempting targets for thieves looking to take advantage of those who haven’t switched to EMV equipment yet. Smart criminals are avoiding the EMV terminals, another reason to get them into your stores. When a criminal successfully uses a magnetic stripe card at your business, you will get a chargeback and be liable for the purchase.
As mentioned above, Visa, Mastercard, and others have been adamant that merchants pay these charges. However, there are solutions that can limit the damage the EMV shift has brought to your high-risk business.
Getting your merchant services streamlines is a great relief.
Magnetic strips on credit cards are just too easy for thieves to copy. Beyond this fact, credit card issuers now levy fees—often in the form of chargebacks—on merchants who do not use EMV technology. They want their customers to feel protected by offering the best, most secure, products. But this system doesn’t work if the merchants refuse to hold up their end.
When considering your options for taking credit cards, know that you’ll need a merchant services processor or merchant service account to safely process your transactions. A+ rated First Financial specializes in high-risk merchant accounts. Simply click here to apply and you’ll be able to start taking credit cards within 48 hours!
Software and software-as-a-service products have been booming for the past 20 years. Anymore, it’s not just computers and cars that need software. It’s high-end coffee-makers, showers (really!), and the refrigerator. The Internet of Things (IoT) makes it so.
When these ubiquitous household devices need setting up and troubleshooting, chances are, the average American becomes incredibly FRUSTRATED. That’s when they get online with tech support.
IBISworld.com, the leading premiere business industry research website, has found that the tech support industry will grow “faster than the average for all occupation.” over the next ten years. The U.S. Bureau of Labor Statistics (BLS) concurs in its findings that computer/tech support specialist will increase 17% from through the year 2022. The U.S. Department of Labor also mentioned that the computer systems services industry is one of the economy’s “largest and fastest sources of employment growth.”
If the proliferation of the Internet of Things doesn’t convince you, consider the software-as-a-service companies like DropBox, Sales Force, and Google Apps. Even Microsoft Office 365 now lives in the cloud. Downloading a $600 program will be replaced by a $20 monthly subscription that the provider hopes lasts three years or more. Where once, Photoshop and the graphic designers who used it cornered the market, today, consumers have turned to SaaS products like Canva and PicMonkey, much of which can be used for free. And yet . . . they can be confusing to a large portion of the population. U.S. based technical support services have no place to go but up.
The tech support company’s potential is most often hampered by capacity. After all, one forward-thinking entrepreneur can’t answer all the calls 24/7. Every tech support company needs a reliable workforce. Where then, can an American entrepreneur find the professionals who can help him or her competently guide consumers past their set-up instructions and general confusion? More, where can a technical support entrepreneur find people at a labor cost that will keep him or her in business.
To pay one-third or less for technical support staff, entrepreneurs must go overseas. Those who aren’t off-shore human resources specialists must depend on third parties who’ve become experts in these fields. A few include:
Once these services provide you with candidates, you can vet them with you own list of questions. We suggest choosing from the following:
Anymore, every business owner must be able to process credit and debit cards via the internet, particularly tech support.
If you’ve learned that banks consider your tech support business to be high-risk, you may have to consider alternative merchant services providers to make monthly payments possible. With lower marketing costs and overhead, reliable internet merchant services providers provide all the traditional bank safety at reasonable rates.
Aware that categorization as high-risk can be arbitrary, First Financial specializes in these cutting-edge, often new, industries. The computer hardware industry was once considered high-risk because banks considered PCs and Macs unproven. Now every family has one or more for each member! Apply for our tech support merchant services today here!
 Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, 2016-17 Edition, Computer Support Specialists, on the Internet at http://www.bls.gov/ooh/computer-and-information-technology/computer-support-specialists.htm
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