Last Updated on Mar 11, 2022 by James W
Tailored Pay has a new website containing innovative features enabling online companies with diverse technological skills to accept online payments seamlessly. Along with modernizing the payment acceptance process for eCommerce businesses, Tailored Pay simplifies the information available on its website. It made it more accessible and understandable for both novice and expert online merchants.
Tailored Pay offers payment integration solutions to companies in various categories, such as but not limited to the following: health and beauty, tourism, web design/development, and online dating – all of which demand integration of seamless payment.
A gap in the industry had been discovered by Tailored Pay due to online merchants’ complex compliance with standard procedures and high-cost integrations when they are looking for a system for payment solutions for their business. Thus, to give merchants more control over their customers’ payment experiences, Tailored Pay is continually working on its goal to create a payment system that is both simple to set up and easy to use.
A Brief Overview About Tailored Pay
Tailored Pay manages a digital payment platform (TailoredPay.com), enabling online retailers to accept credit and debit cards across various devices. Moreover, this online platform allows merchants to take one-time and recurring payments on both desktop and mobile devices.
This company has been in the online payment industry for over four years. Tailored Pay is composed of employees led by experienced Fintech and Information Technology (IT) industry professionals with vast worldwide experience who provide a world-class and highly innovative service.
By streamlining the payment process, Tailored Pay aims to improve and simplify the payment system for online merchants. They are well aware of the common issues that online shops experience – like payment delays and poor conversion rates due to hosted checkout sites. Their website, TailoredPay.com, is a trustworthy payment online platform system that minimizes cart abandonment and ensures that businesses will have a continuous flow of revenue, increasing profit margins.
New merchant applications are processed within 24 business hours, and your data is protected by industry-leading security as well as encryption standards.
Online merchants seeking to learn more information could visit TailoredPay.com to check out the payment processing services offered by the online platform.
What Is A High-Risk Merchant Account
It is a payment processing account for a company that is rated as high risk by traditional payment processors. Chargebacks and fraud are more prevalent in high-risk firms than in more normal businesses. Furthermore, factors including transaction sales model, volume, order fulfillment timelines, and industry may all influence whether a business is classified as high risk.
Regrettably, if a business is classified as high risk, obtaining payment processing via traditional banking institutions may be prohibitively costly, if not impossible. This is where Tailored Pay comes into play; providing an online platform for high-risk payment processing, and it has developed relationships with banks and industry knowledge that enables it to deliver payment processing services to the high-risk company.
Applying For a High-Risk Merchant Account With Tailored Pay
The application procedure for a merchant account is just simple and easy. This process should not take more than 20 minutes.
The three simple steps are as follows:
1. You must complete the online application as quickly as possible.
2. Using DocuSign in signing the merchant processing agreement.
3. Wait for the underwriters’ approval which usually takes 48-72 hours).
Documents Required for A High-Risk Merchant Account
Tailored Pay makes it easy and quick to open a high-risk merchant account. If you are applying for a high-risk merchant account in the United States of America, the following documents must be submitted:
• You must submit a valid driver’s license, passport, or other government-issued identification
• You must have a letter from the bank or voided check
• Three months’ worth of credit card processing invoices from your prior or current supplier
• Three months’ worth of bank statements for the business. Three months of recent personal bank statements are required if the company is new.
• Articles of Organization/Articles of Incorporation
Tailored Pay: Approval Time in Applying for A High-Risk Merchant Account
When working with Tailored Pay as your high-risk merchant service provider, the typical time required to approve a merchant account in the United States is about two and three business days. The underwriter may sometimes request further details if the situation warrants it. This may prolong the approval procedure for new accounts, but often just by two days if the information is provided quickly.
The Advantages of Using Tailored Pay to Process Payments
Tailored Pay will be able to provide you with comprehensive assistance in arranging payment processing, allowing your company to grow and prosper.
You can be confident that when you use TailoredPay.com, you are using a reputable payment processing provider.
Tailored Pay is a payment processing expert and a high-risk merchant account provider devoted to the best interests of its customers. They provide an extensive range of virtual and online payment gateways which are suitable for high-risk businesses of all shapes and sizes.
The Payments Associated with High Merchant Accounts
Merchant accounts classified as high-risk incur much higher fees than merchant accounts classified as low-risk. However, if you know what to look for, you may be able to negotiate reasonable prices that allow you to keep a higher share of your revenues. Moreover, if the provider wants fewer reserves, it means that your business will have greater cash flow.
Tailored Pay: Eligible Candidates
• Those that are experiencing credit difficulties
• Having a case with personal finance, companies with a low credit score may be classified as high risk.
• Businesses that offer free trials
• If the business offers free trials that convert to paid memberships, it is possible that you are engaging with a high-risk business.
• Those who are subject to recurring billing
• Subscriptions and other forms of recurring invoicing are usually classified as high risk by traditional payment processors.
• Industries with a high rate of chargebacks and fraud
• As you may expect, if you join an industry that has a high incidence of chargebacks and fraud, your business would indeed be labeled as high risk.