It is virtually impossible to conduct business in the Twenty-First Century without accessing the internet or without noticing someone selling on Shopify. Whether operating a digital storefront, messaging via e-mail or tracking inventory through a database, entrepreneurs benefit from the internet.
Just as the online environment has affected business, so too has business affected the shape and functions of the internet itself. Many services exist to help businesses profit from the huge flow of commerce that pulses daily through the internet.
Successful businesses are those able to partner with and take advantage of such sites. One of the most important of these is Shopify.
The importance of Shopify
Shopify is the dedicated e-commerce platform of Shopify, Inc., a global e-commerce company based in Canada. Since 2006, Shopify has offered businesses a platform for online stores and retail point-of-sale systems.
Merchants seeking to do business online face a variety of obstacles. Shopify seeks to simplify these by providing online retailers a set of tools to facilitate all aspects of an online business. Customers of Shopify can use the platform to facilitate payments, conduct marketing, shipping and bolster customer engagement.
More than 800,000 businesses in 175 countries utilize Shopify. In 2018, its gross merchandise volume exceeded $41.1 billion worldwide.
Shopify merchant accounts
In order to properly conduct business with Shopify, it is necessary to have some sort of payment processor.
In 2018, Shopify launched theor own Payments Platform, a specialized in-house credit card processing service. According to a 2018 review from Merchant Maverick, customers praise Shopify Payments as simple and convenient. But there are downsides, too.
Critics claim that it is not always possible to qualify for Shopify Payments. Those who have qualified claim that Payments often freezes customer accounts or holds payments.
Have no fear, SecureGlobalPay has a solution for you!
The risk to processors
Frozen accounts and withheld payments are often the result of excessive chargebacks.
Chargebacks affect both merchants and the online credit card processors who service them. Credit card processors can be charged monumental fees by sponsoring banks for accounts with excessive chargeback ratios. A single business with a chargeback ratio exceeding 2% can cost credit card companies tens of thousands of dollars.
Merchant accounts with 3% or higher face immediate termination.
SecureGlobalPay: the total solution
The reported behavior of Shopify Payments is typical of a great many online payment processing providers.
Qualifying for a payment processor requires a demonstrated track-record of fiscal sense and discipline. Payment processing services will often disqualify applicants with a history of chargebacks or unpaid bills.
Payment processors will exercise great caution when considering customers with questionable business practices, or who fail to meet performance benchmarks.
Fortunately, Shopify Payments is not your only option as an online payment processor when using Shopify. Partnering with a payment processor that can help you qualify and succeed by providing the total solution. Let SecureGlobalPay be your guide.
SecureGlobalPay has a track record of helping online businesses succeed, including companies with a history of chargebacks or terminated accounts. Fill in SecureGlobalPay’s easy online application form to be considered for membership.
Increase your chances of approval by taking the following steps:
- Pay all outstanding debts and bills
- Provide proof that you have some capital in the form of bank savings
- Ensure a principal in the business has a sound credit history and nominate them to apply for the merchant account
The application process
Taking the measures outlined above is a crucial first step in securing your place with SecureGlobalPay. Once you have filled out our secure online application form, you should be prepared to submit the following items for review:
- A valid photo ID (e.g., driver’s license, state/provincial ID, etc.)
- A bank attestation or void check
- Bank statements (3 months worth)
- Processing statements (3 months worth)
- SSN (Social Security Number) or EIN (Employer ID Number)
- The URL to your secure, working website
Merchants with a history of chargeback ratios exceeding 2% will be a hard sell.
Approval is not guaranteed. But with your application and the paperwork above, SecureGlobalPay underwriters can approve your application within 48 hours. Apply now.