High Ticket Merchant Account Needed

Discussion in 'Payment Processing' started by Ticehurst, Jul 20, 2017.

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  1. #1
    Hi,

    I have recently set up an online watch shop. We sell high end prestigious watches internationally. We have no trading history as a start up, and our items have high ticket prices, the highest is around £25000, and the average will probably be around £5000. We are really struggling to find a suitable payment processor.

    If anyone could point me in the right direction, that would be great. We don't mind the fee's being high initially, as we really need to build some good history to get the acquirers we want. An aggregated solution will also be acceptable.

    Regards,

    Sam
     
    Ticehurst, Jul 20, 2017 IP
  2. Mister Vape

    Mister Vape Active Member

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    #2
    Are you from the UK?

    if so, talk to your bank! so much easier then dealing someone trust worthy like a bank!
     
    Mister Vape, Jul 20, 2017 IP
  3. Ticehurst

    Ticehurst Peon

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    #3
    I have tried our bank, Barclays, but they have rejected the application, as have the majority of high street banks.

    Really need a solution as our operating costs are now mounting up without any payment processing.
     
    Ticehurst, Jul 20, 2017 IP
  4. Ticehurst

    Ticehurst Peon

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    #4
    Hi,

    I sent an email to Nochex with all the requested information yesterday, but I have not heard anything back?

    Regards
     
    Ticehurst, Jul 20, 2017 IP
  5. jestep

    jestep Prominent Member

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    #5
    We don't do non-US businesses, but I'll just say from the point of the companies you're looking to process with. This ticket size and product type falls into about as high risk as any legal product that can be sold. If you take what a processor is going to make compared to the chargeback risk which they cover if you cannot, their liability is something in the neighborhood of £3000 for every £1 they make on the account.

    I would suggest offering to put up cash in reserve to start out with. They may additionally require a % of gross sales per month in reserve to cover potential chargebacks, but I can't even imagine an account like this being considered without substantial compensating measures. Additionally, make sure you have substantial measures to protect yourself from fraudulent orders and subsequent chargebacks.
     
    jestep, Jul 20, 2017 IP
  6. wordplucker

    wordplucker Well-Known Member

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    #6
    I have been working with FinancialCorp.com for my processing. High risk stuff. Helpful people.

    They just started medical and recreational pot processing too. Not my area, but they are a growing biz.
     
    wordplucker, Jul 27, 2017 IP
  7. Fairlady75

    Fairlady75 Greenhorn

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    #7
    Hi,
    We can do it in Europe,We recently helped a high ticket merchant,direct MID. Please give me your email address for the documents and steps to follow for the MID.

    Thanks!
     
    Fairlady75, Dec 28, 2017 IP