FAQ

You need a merchant account from COLLECTMONEY.COM because it is a reliable and affordable payment processor that specializes in cross-border non and high-risk industries. A merchant account from COLLECTMONEY.COM allows you to accept and process credit card payments from your customers online. A merchant account from COLLECTMONEY.COM also provides you with:

• A secure and compliant payment gateway that encrypts and transmits your payment data safely and efficiently.
• A dedicated sales agent that helps you with any questions or issues you may have with your merchant account.
• A transparent and fair pricing that charges you only for the transactions you process, with no hidden fees.
• A flexible and scalable payment solution that supports various payment methods, currencies, and platforms.
• A fast and easy application process that requires minimal documentation and approval time.

It’s very simple, involves the following steps:

• The fastest way is to visit COLLECTMONEY.COM and click “GET A QUOTE”. You will then need to answer a few questions that will help us understand your needs and offer you the best solution.
  
  
• Second, you need to gather your business information and documentation, such as your legal name, address, contact details, tax ID number, estimated sales volume, average transaction size, and type of products or services. You may also need to provide your bank account details, business license, financial statements, and credit history. This will help our underwriting team to assess your needs faster.
  
  
• Third, you need to provide accurate and complete information about your business and agree to the terms and conditions of the merchant account agreement.
  
  
• Fourth, you need to wait for the approval of your application, which may take from a few hours to a few days, depending on the available documents you submitted. Our underwriters will review your application and conduct a credit check to determine if you qualify for a merchant account and how much payment you can process every month. We may also ask you for additional information or verification if needed.
  
  
• Fifth, once your application is approved, we will set up, integrate and activate your merchant account. Testing will follow and finally launch your business to new heights!

Any businesses without an entity in any of the following countries:

• The Netherlands

• Belgium
• France
• Spain
• Portugal
• Denmark Norway
• Greece
• Iceland
• Hungary
• Italy
• Lithuania
• Germany
• Finland
• Sweden
• Malta
• Austria
• Poland
• United Kingdom
• Romania
• Cyprus
• United States
• Canada
• Australia
• United Arab Emirates
• Europe North America
• Oceania
• Middle East
• Bulgaria
• Estonia
• Latvia
• Czech Republic
• Ireland
• Luxembourg
• Switzerland
• Mexico
• Brazil
• Latin America
• New Zealand
• Argentina

• Unlicensed business – e.g. for forex, gambling and crypto
• Drugs, medical marijuana, cannabis seeds, CBD, drug paraphernalia
• Illegal substances and products
• Human Organs
• Weapons
• Counterfeit products and replicas
• Merchants involved in bestiality, rape, hate, violence or incest
• Child abuse imagery and child pornography
• Hacking and Cracking materials
• Jail breaker equipment and (spy) software
• Fake credentials, fake academic papers
• File sharing and storage
• Get rich schemes
• Telemarketing companies
• Tech Support companies

In addition to the prohibited businesses and activities listed above, we reserve the right to reject any businesses or activities that we consider to be risky from a compliance or payment channel’s (VISA, MASTERCARD, AMEX, JCB and others) and bank acquirers’ perspective.

• To secure your merchant account and prevent your processor from terminating it, you need to follow some best practices and avoid some common pitfalls that may trigger account holds, freezes, or terminations. Here are some tips on how to do that:
  
  

  • Pick the right type of processor for your business like COLLECTMONEY.COM. Depending on your industry, sales volume, transaction size, and risk level, you may need a different type of processor that can accommodate your needs and expectations. For example, if you are in a high-risk industry, such as gambling, adult entertainment, or travel, you may need a high-risk specialist that can handle higher chargeback rates and fraud risks.
    
    
  • Set realistic expectations and stick to them. When you apply for a merchant account, you need to provide accurate and honest information about your business, such as your products or services, your sales volume, your average transaction size, and your refund policy. You also need to agree to the terms and conditions of the merchant account agreement, such as the fees, the reserve fund, and the dispute resolution process. You should not deviate from what you agreed to or what you declared, as this may raise red flags for your processor and cause them to hold or terminate your account.
    
    
  • Sell what you said you would sell. You should not sell products or services that are different from what you stated in your application or that are prohibited by your processor or the card networks. For example, if you applied for a merchant account as a clothing retailer, you should not sell firearms or drugs without notifying your processor and getting their approval. Selling prohibited or restricted items may result in account termination and legal consequences.
    
    
  • Don’t mix your accounts. You should not use your personal bank account or another business’s merchant account to process payments for your business. This may violate the rules of your processor and the card networks and expose you to fraud and chargeback risks. You should also not use multiple merchant accounts for the same business without disclosing them to your processor, as this may be seen as suspicious or fraudulent behavior.
    
    
  • Minimize chargebacks. Chargebacks are disputes initiated by customers who request a refund from their card issuer for various reasons, such as unauthorized transactions, defective products, or unsatisfactory service. Chargebacks are costly and damaging for your business, as they incur fees, reduce your revenue, and lower your reputation with your processor and the card networks. You should try to prevent chargebacks by providing clear and accurate product descriptions, delivering quality products or services, offering flexible refund policies, communicating with your customers, and resolving issues promptly.
    
    
  • Minimize fraud. Fraud is the intentional misuse of payment cards or payment information to obtain goods or services without paying for them. Fraud is harmful for your business, as it results in losses, chargebacks, fees, and legal liabilities. 
    
    
  • Keep documentation. You should keep records of all your transactions and communications with your customers, such as invoices, receipts, contracts, emails, phone calls, etc. This will help you prove that you delivered what you promised and that you followed the rules of your processor and the card networks. This will also help you dispute chargebacks or fraud claims if they occur.
    
    

  Communicate with us. You should maintain a good relationship with your processor and inform them of any changes or issues that may affect your business or your payment processing. For example, if you plan to expand your product line, increase your sales volume, enter a new market, or experience a data breach or a natural disaster, you should notify your processor and get their approval before proceeding. This will help you avoid any misunderstandings or conflicts that may lead to account holds or terminations..

  
  

  These are some of the ways to secure your merchant account and avoid having it terminated. 

• A fraudulent transaction as a merchant is a payment that is made by a customer using a stolen or fake payment card or payment information, without the authorization or consent of the legitimate cardholder or account holder. A fraudulent transaction as a merchant can result in losses, chargebacks, fees, and legal liabilities for the merchant, as well as damage their reputation and trust with their customers and payment processor.

  A fraudulent transaction as a merchant can occur for various reasons, such as:

  • Identity theft: The customer obtains the personal and financial information of another person, such as their name, address, card number, expiration date, CVV code, etc., and uses it to make purchases online or over the phone.
    
    
  • Card skimming: The customer uses a device to copy the magnetic stripe data of a payment card when it is swiped at an ATM or a point-of-sale terminal, and then uses it to create a counterfeit card or make online purchases.
    
    
  • Card not present (CNP) fraud: The customer uses a stolen or fake payment card or payment information to make purchases online, over the phone, or by mail, where the physical card is not required or verified.
    
    
  • Friendly fraud: The customer uses their own payment card or payment information to make purchases online or over the phone, but then disputes the charges with their bank or card issuer, claiming that they did not authorize the transaction, did not receive the product or service, or were dissatisfied with the product or service.

  To prevent fraudulent transactions as a merchant, you need to verify the identity and authenticity of your customers, implement fraud prevention tools and techniques, such as address verification service (AVS), card verification value (CVV), 3D Secure (3DS), tokenization, encryption, etc., and communicate with your customers and your payment processor.

  
  
  

• A chargeback is a reversal of a payment that occurs when a customer disputes a charge on their credit card bill with their bank or card issuer. A chargeback can result in losses, fees, and legal liabilities for the merchant, as well as damage their reputation and trust with their customers and payment processor.

  To avoid chargebacks as a merchant, you need to follow some best practices and prevent some common causes of chargebacks, such as:

  • Merchant error: You should avoid mistakes such as double-billing, incorrect amount, or delayed delivery that may cause customers to request a chargeback. You should also provide clear and accurate product descriptions, refund policies, and contact information on your website or receipt.
    
    
  • Customer dissatisfaction: You should deliver quality products or services that meet or exceed your customers’ expectations. You should also offer flexible and easy refund policies, communicate with your customers, and resolve any issues or complaints promptly.
    
    
  • Fraud: You should use secure and compliant payment gateways, verify the identity and authenticity of your customers, and implement fraud prevention tools and techniques, such as address verification service (AVS), card verification value (CVV), 3D Secure (3DS), tokenization, encryption, etc.
    
    
  • Friendly fraud: You should keep records of all your transactions and communications with your customers, such as invoices, receipts, contracts, emails, phone calls, etc. This will help you prove that you delivered what you promised and that you followed the rules of your payment processor and the card networks. This will also help you dispute chargebacks or fraud claims if they occur.

  These are some of the ways to avoid chargebacks as a merchant. However, different payment processors may have different policies and procedures regarding chargebacks. Therefore, you should always read and understand the terms and conditions of your payment processor carefully and consult with them if you have any questions or concerns.

• To maintain a good credit as a merchant, you need to follow some best practices and avoid some common pitfalls that may affect your credit score and creditworthiness. Here are some tips on how to do that:

  • Pay your bills on time and in full. This is the most important factor that influences your credit score, as it shows your ability and willingness to repay your debts. Late or missed payments can negatively impact your credit score and incur fees and penalties. You should also pay off any outstanding balances or debts as soon as possible, as carrying a high debt-to-income ratio can lower your credit score and increase your interest rates .
    
    
  • Monitor your credit reports and scores regularly. You should review your credit reports for any errors or discrepancies, such as incorrect personal information, unauthorized accounts, or fraudulent activities, and dispute them with the credit bureaus if necessary. You should also track your credit scores and understand the factors that affect them, such as payment history, credit utilization, credit mix, length of credit history, and new credit inquiries .
    
    

  These are some of the ways to maintain a good credit as a merchant. However, different lenders may have different criteria and standards for evaluating your creditworthiness and offering you favorable terms and rates.

• A payment processor can make or break your business in many ways. A payment processor is a service that handles the transfer of funds from customers to merchants. It can affect your business’s cash flow, customer satisfaction, security, and compliance.

  Some of the benefits of using a reliable and efficient payment processor such as COLLECTMONEY.COM are:

  • It can improve your cash flow by reducing the time it takes to receive payments from customers. A faster payment cycle can help you manage your working capital and invest in your business growth.
    
    
  • It can enhance your customer satisfaction by offering a seamless and convenient payment experience. A payment processor that supports multiple payment methods, currencies, and languages can help you reach more customers and increase conversions.
    
    
  • It can protect your business from fraud and chargebacks by using advanced security features and fraud prevention tools. A payment processor that complies with the latest industry standards and regulations can help you reduce your risk exposure and liability.
    
    
  • It can save you money and time by simplifying your payment operations and reducing your administrative costs. A payment processor that provides transparent pricing, easy integration, and comprehensive reporting can help you optimize your payment performance and efficiency.

  Some of the drawbacks of using an unreliable and inefficient payment processor are:

  • It can hurt your cash flow by delaying or withholding your payments from customers. A slow or unreliable payment cycle can cause cash flow problems and affect your business stability and profitability.
    
    
  • It can damage your customer satisfaction by causing payment errors, failures, or declines. A payment processor that has poor performance, functionality, or usability can frustrate your customers and lower your retention and loyalty.
    
    
  • It can expose your business to fraud and chargebacks by using outdated or inadequate security features and fraud prevention tools. A payment processor that does not comply with the latest industry standards and regulations can increase your risk exposure and liability.
    
    
  • It can cost you money and time by complicating your payment operations and increasing your administrative costs. A payment processor that has hidden fees, complex integration, and limited reporting can hinder your payment performance and efficiency.

  As you can see, a payment processor can have a significant impact on your business success. Therefore, it is important to choose a payment processor that meets your business needs and expectations.