Why is it so difficult to get a merchant account???!?!?!?! - eBay Suspended & PayPal Limited Forums
eBay Suspension & PayPal Limited Forums  
Join Today
Register Subscribe
     

Registration is fast, simple and absolutely free so please, join our community today!


Go Back   Home > Platform Discussions > General Platform Discussions > Payment Gateways

Payment Gateways Payment Gateway Discussions - Stripe Accounts, PayPal Accounts, Authorize.Net, Coinbase and More.

Reply
 
Thread Tools
  #1  
Old 08-10-2017
saintx's Avatar
Junior Member
 
Join Date: May 2017
Posts: 53
Thanks: 0
Thanked 4 Times in 4 Posts
Activity: 0%
Longevity: 40%
iTrader: (0)
Default Why is it so difficult to get a merchant account???!?!?!?!

why? holy crap no wonder so many merchants are stuck with working with stripe & paypal. These stupid banks want:

90 days of processing history

good credit score

clean background

10 to 15 x of projected monthly sales in your bank account

Like seriously wtf? is there any gooddamn bank account that has easy sign up for a merchant account????
Reply With Quote
The complete step-by-step guide to get back to selling today!

  #2  
Old 08-10-2017
Junior Member
 
Join Date: Jan 2017
Posts: 317
Thanks: 10
Thanked 51 Times in 46 Posts
Activity: 0%
Longevity: 41%
iTrader: (0)
Default Re: Why is it so difficult to get a merchant account???!?!?!?!

Every local bank I've opened a business account with wants to push their merchant account solution. I've declined since I know my business doesn't fit their guidelines. But if you are legit, shouldn't be a problem.
Reply With Quote
  #3  
Old 08-10-2017
aspkin's Avatar
Administrator
 
Join Date: Jan 2007
Posts: 11,372
Thanks: 3,072
Thanked 4,228 Times in 1,792 Posts
Activity: 4%
Longevity: 100%
iTrader: (24)
Default Re: Why is it so difficult to get a merchant account???!?!?!?!

It's a process to open a merchant account but it's doable...

I have opened 3 merchant accounts over the years (Authorize.Net) with little trouble.

They want to know what you're selling, how you're selling it, your terms, customer support information, credit score, etc.

Accepting credit card is HIGH risk for ALL parties so I assume that's why they vet so heavily.
__________________
Reply With Quote
  #4  
Old 08-10-2017
Junior Member
 
Join Date: Jan 2017
Posts: 317
Thanks: 10
Thanked 51 Times in 46 Posts
Activity: 0%
Longevity: 41%
iTrader: (0)
Default Re: Why is it so difficult to get a merchant account???!?!?!?!

Yea, I never knew how chargeback happy customers are, and how hard it is to win those disputes until I switched to processing with Stripe exclusively. Paypal mitigates a lot of these claims its seems.
Reply With Quote
The Following User Says Thank You to BaggaDonuts For This Useful Post:
aspkin (08-10-2017)
  #5  
Old 08-11-2017
phaz0rz's Avatar
Executive [VIP]
 
Join Date: Nov 2015
Posts: 10,832
Thanks: 2,076
Thanked 4,022 Times in 3,010 Posts
Activity: 0%
Longevity: 48%
iTrader: (2)
Send a message via ICQ to phaz0rz Send a message via AIM to phaz0rz Send a message via Yahoo to phaz0rz
Default Re: Why is it so difficult to get a merchant account???!?!?!?!

@OP - I seriously recommend you try applying for TSYS or any other processor that isn't also hosting your bank account. I got approved for TSYS within 24 hours. I did have to give a detailed return policy, 6 months sales history, and a couple other things. I have credit now but had zero at the time, which is why Wells Fargo declined me for one.

Like everyone else has said - they have to make sure you're a trustworthy business before giving you the ability to run anyone's card.
__________________
____________
_______
___

Last edited by phaz0rz; 08-11-2017 at 08:00 AM.
Reply With Quote
  #6  
Old 08-11-2017
aspkin's Avatar
Administrator
 
Join Date: Jan 2007
Posts: 11,372
Thanks: 3,072
Thanked 4,228 Times in 1,792 Posts
Activity: 4%
Longevity: 100%
iTrader: (24)
Default Re: Why is it so difficult to get a merchant account???!?!?!?!

http://www.tsys.com/

Is that similar to Authorize.Net ?? Or is that an affiliate of Authorize.net?
__________________
Reply With Quote
  #7  
Old 08-15-2017
saintx's Avatar
Junior Member
Threadstarter  
 
Join Date: May 2017
Posts: 53
Thanks: 0
Thanked 4 Times in 4 Posts
Activity: 0%
Longevity: 40%
iTrader: (0)
Default Re: Why is it so difficult to get a merchant account???!?!?!?!

i' ve read all your comments im not sure how to multi-qoute however what do you guys reccomend? every merchant account provider literally ignores the first sale doctrine meaning i cant sell branded products however under the first sale doctrine law it states if you buy it you own it & you can do whatever you please with it. Also can i use another bank account & someones else credit score or fico score?
Reply With Quote
  #8  
Old 08-16-2017
phaz0rz's Avatar
Executive [VIP]
 
Join Date: Nov 2015
Posts: 10,832
Thanks: 2,076
Thanked 4,022 Times in 3,010 Posts
Activity: 0%
Longevity: 48%
iTrader: (2)
Send a message via ICQ to phaz0rz Send a message via AIM to phaz0rz Send a message via Yahoo to phaz0rz
Default Re: Why is it so difficult to get a merchant account???!?!?!?!

Quote:
Originally Posted by aspkin View Post
http://www.tsys.com/

Is that similar to Authorize.Net ?? Or is that an affiliate of Authorize.net?
I believe they offer merchant accounts and payment gateways just like Auth.net, but I only use TSYS for my merchant account. The two companies aren't affiliated.

My TSYS merchant account is linked to my Auth.net gateway which is linked to my eBay account.
__________________
____________
_______
___
Reply With Quote
The Following User Says Thank You to phaz0rz For This Useful Post:
ebaystealth1974 (10-18-2017)
  #9  
Old 08-16-2017
saintx's Avatar
Junior Member
Threadstarter  
 
Join Date: May 2017
Posts: 53
Thanks: 0
Thanked 4 Times in 4 Posts
Activity: 0%
Longevity: 40%
iTrader: (0)
Default Re: Why is it so difficult to get a merchant account???!?!?!?!

Quote:
Originally Posted by phaz0rz View Post
I believe they offer merchant accounts and payment gateways just like Auth.net, but I only use TSYS for my merchant account. The two companies aren't affiliated.

My TSYS merchant account is linked to my Auth.net gateway which is linked to my eBay account.
hows your credit score? they want six months of processing history? do they allow selling branded products? do they honor first sale doctrine??
Reply With Quote
  #10  
Old 08-20-2017
Senior Member
 
Join Date: Mar 2017
Posts: 197
Thanks: 1
Thanked 15 Times in 14 Posts
Activity: 0%
Longevity: 40%
iTrader: (0)
Default Re: Why is it so difficult to get a merchant account???!?!?!?!

Since its merchant accounts so it takes time like 90 days and to prevent 3rd party they

want clean background
Reply With Quote
  #11  
Old 08-20-2017
phaz0rz's Avatar
Executive [VIP]
 
Join Date: Nov 2015
Posts: 10,832
Thanks: 2,076
Thanked 4,022 Times in 3,010 Posts
Activity: 0%
Longevity: 48%
iTrader: (2)
Send a message via ICQ to phaz0rz Send a message via AIM to phaz0rz Send a message via Yahoo to phaz0rz
Default Re: Why is it so difficult to get a merchant account???!?!?!?!

Quote:
Originally Posted by saintx View Post
hows your credit score? they want six months of processing history? do they allow selling branded products? do they honor first sale doctrine??
I've built my credit up now, but at the time I had zero entries on my credit report so I had fresh credit. I was referred to TSYS by Wells Fargo after they denied me for having fresh credit because TSYS has "much less strict underwriting guidelines".

All our stuff is branded and I told the TSYS guy we source everything from China when he asked about that. I basically told him we sell gray-market without mentioning the term "gray-market". Plus we had to show several of our listings in the application process so they knew exactly what we sell when they approved me. With that being said though we sell in an overall low-risk, low-chargeback, low-fraud category which we were able to show with our Paypal sales records.

Which leads me to your next question... Yes they require a six-month sales history but that shouldn't be an issue for you unless you're a brand new seller. Any processor is going to require at least 6 months of sales history during the application process. It's required because they use it to determine what kind of processing rates they can offer you.

No idea about "first sale doctrine" since I've never heard of it. I will tell you there's a guy on eBay right now selling loads of phake beats through an Auth.net account. So it's possible even with really high-risk items. Perhaps during the application process you could list a few low-risk generic type items in your store so you can have something nice to show whatever financial institution you're applying with. Then once you're approved go back to selling your normal items.
__________________
____________
_______
___
Reply With Quote
  #12  
Old 08-22-2017
saintx's Avatar
Junior Member
Threadstarter  
 
Join Date: May 2017
Posts: 53
Thanks: 0
Thanked 4 Times in 4 Posts
Activity: 0%
Longevity: 40%
iTrader: (0)
Default Re: Why is it so difficult to get a merchant account???!?!?!?!

Quote:
Originally Posted by phaz0rz View Post
I've built my credit up now, but at the time I had zero entries on my credit report so I had fresh credit. I was referred to TSYS by Wells Fargo after they denied me for having fresh credit because TSYS has "much less strict underwriting guidelines".

All our stuff is branded and I told the TSYS guy we source everything from China when he asked about that. I basically told him we sell gray-market without mentioning the term "gray-market". Plus we had to show several of our listings in the application process so they knew exactly what we sell when they approved me. With that being said though we sell in an overall low-risk, low-chargeback, low-fraud category which we were able to show with our Paypal sales records.

Which leads me to your next question... Yes they require a six-month sales history but that shouldn't be an issue for you unless you're a brand new seller. Any processor is going to require at least 6 months of sales history during the application process. It's required because they use it to determine what kind of processing rates they can offer you.

No idea about "first sale doctrine" since I've never heard of it. I will tell you there's a guy on eBay right now selling loads of phake beats through an Auth.net account. So it's possible even with really high-risk items. Perhaps during the application process you could list a few low-risk generic type items in your store so you can have something nice to show whatever financial institution you're applying with. Then once you're approved go back to selling your normal items.
nice lol, sounds good i'll give it a shot. first sale doctrine law states if you buy it you own it you can resell it which includes branded products as well. Do you know anyone or any place where i can hire someone to edit processing history docs?
Reply With Quote
  #13  
Old 09-10-2017
Junior Member
 
Join Date: Sep 2017
Posts: 21
Thanks: 24
Thanked 3 Times in 3 Posts
Activity: 0%
Longevity: 38%
iTrader: (0)
Default Re: Why is it so difficult to get a merchant account???!?!?!?!

They're merely protecting themselves against charge-backs and such, if a bank solution fits your model, you'll have a much better chance in person
Reply With Quote
  #14  
Old 09-10-2017
empirestate's Avatar
Banned
 
Join Date: Mar 2015
Posts: 3,138
Thanks: 44
Thanked 667 Times in 486 Posts
Activity: 0%
Longevity: 52%
iTrader: (1)
Default Re: Why is it so difficult to get a merchant account???!?!?!?!

No experience with merchant account, I use multiple PP all night long, 365 days
__________________
How to use Paypal correctly
Run multiple portable Firefox, 1 user account
How to add new PP to eBay
How to clean photos
Best image resizer
Reply With Quote
  #15  
Old 05-30-2021
Inaract's Avatar
Junior Member
 
Join Date: Dec 2020
Posts: 2
Thanks: 0
Thanked 0 Times in 0 Posts
Activity: 0%
Longevity: 18%
iTrader: (0)
Default Re: Why is it so difficult to get a merchant account???!?!?!?!

Oh, I remember these times, when I first wanted to create a merchant account. It was so much pain and suffering, so many attempts and errors, approvals, I almost went crazy creating one, almost gave up at that point. What a relief that from the when our company started to collaborate with sphereit.uk, we got an amazing IT department, which is doing most of the stuff, I only have to introduce some data which is necessary and that's it. I am so glad that those times are in the past, but I wish they could make this process easier anyway, because it's insanely hard.
Reply With Quote
Reply



Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Natwest Basic Account - now difficult to get Ebayance UK eBay & Paypal 30 09-10-2014 06:01 PM
Sometimes... its difficult HurricaneHuntr Subscriber Discussions 12 11-06-2012 06:33 AM
Merchant INC Merchant account setup. c550th Payment Gateways 11 04-10-2012 11:20 AM
Difficult buyer. What should I do next? triple filtered eBay Discussion! 5 12-07-2010 07:13 PM
- VPN- ebay log in difficult sax4 IP Address 4 08-14-2010 09:27 PM


Aspkin Group

All times are GMT -5. The time now is 06:20 PM.


Stop the guessing games and learn how you can quickly and easily get back on eBay today!
Read the best selling step-by-step eBay Suspension guide eBay Stealth!
Amazon Suspension? Read Amazon Ghost to get back on Amazon!
vBulletin® Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.
Ad Management by RedTyger
no new posts

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58