Being labeled a higher risk merchant means that their a greater chance that processors and their sponsor banks will be held responsible for any fees or refunds that penny auctions are unable to pay. One of the best ways to prepare for a review is to have the owner or the principal in the business with the best credit history apply for the account. Merchants should also pay off outstanding debts and have some money in the bank. The time leading up to the review is when businesses should be clearing up anything that looks questionable.
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Your business has unique needs, we are unique solution. EMB will get you approved today for a low or high risk merchant account for your B2B, eCommerce, or Retail business at the most competitive rates. The reputation of penny auction businesses and their comparisons to gambling, make them risky endeavors for banks.
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Some auctions sites have been sued and forced to shut down after the Federal Trade Commission determined some bidding sites were rigged. Unscrupulous bidding fee sites were found to have used bid bots, which are computer programs that automatically places on a bid on behalf of the website a visitor is using. In other instances, other dishonest sites used human shills, which are people who work on place bids on behalf of the site without disclosing their statuses to other users. For example, a bidder could be seconds away from an auction being closed with a shill comes a long and starts a bidding war to prolong the bidding and drive up the price of an item.
People who get caught up in the bidding can result in spending more than an item was worth or lose track of their spending. When this happens, winners and losers end up disputing credit card transactions, resulting in hefty chargebacks. A history of complaints about items not being the same condition or quality that they were led to believe, as well as grievances about products being shipped late or not at all also have led to many chargebacks. Penny auctions sites also have been accused of using false or misleading language.
On this same note, many online auction sites fail to disclose or clear state their terms and conditions about ongoing subscription, membership, and shipping fees. Excessive chargebacks hurt the bottom lines of processors. Additionally, excessive chargebacks can hurt the relationships that credit card processors have with their sponsor banks and credit card brands, like Visa or American Express. Credit companies can fine credit card processors thousands of dollars per merchant that carries high chargebacks ratios. Once they have been terminated previously by processors, it is very difficult for them to get approved again in the future.
To prevent friendly fraud , merchants need to ensure they are using secure channels on their sites.
Details of every transaction should be recorded, archived, and easily retrievable. Security steps should be taken to ensure that the exact date and time of the transaction, as well as the IP address of the computer from which the purchase was made is known in case a customer files a credit card transaction dispute.
All of this data can be used to fight a dispute. In addition to fighting disputes, businesses should work to prevent them. For instance, customer service representatives should be trained to offer full refunds immediately to dissatisfied customers. Considering that excessive chargebacks can result in a terminated penny auction merchant account, most find it more cost-effective to give refunds. Since many chargebacks in the penny auction business is due to customers not understanding all of the terms and charges associated with the bidding, it is critical that merchants display clear, easy-to-understand shipping, subscription, membership, and refund policies on their sites.
Merchants also need to ensure customers know how the purchases will show up on their bills. Clearly displaying business names and contact information on all emails, websites, promotional materials, and receipts are simple ways to prepare clients for what they will see on their credit card statements. Those that charge membership fees monthly should send customers electronic notification of the upcoming transaction. In the case of penny auctions, it is also a good way to bring them back to a site to try bidding on new items.
Merchants feel the financial pinch of chargebacks whether they are won or lost. Using a chargeback mitigation program, like the one offered by EMB, helps keep ratios low. This means two out of every eight chargebacks can be mitigated by using system. Working directly with banks and card issuers, CDRN allows merchants to achieve the highest rate of chargeback resolutions. The United States and other countries, including the United Kingdom, assigns four-digit numerical Standard Industrial Classification SIC codes to businesses, including penny auction and bidding fee merchants, identifying their primary purposes.
The codes are used to collect, analyze, and publish statistical information about similar types of businesses and how they impact the economy in the U.
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Penny auctions are an online niche that nonetheless require electronic payment processing. Penny auctions are deemed high risk, almost on par with gambling, due to scam websites and businesses seeking to take advantage of consumers. We can find you the perfect, high volume merchant account for your penny auction website. Using this information, we arm our large network of agents, support staff, and leverage our strategic partnerships to offer the best pricing and merchant experience in the industry.
Competitive rates and a user-friendly application process ensures your business a new merchant account in the most efficient fashion possible. Apply Now. Get Approved. To be eligible, emissions must be monitored and verified by a third party. In addition to the Clean Development Mechanism projects eligible in the first auction, emission reductions verified by the Gold Standard and the Verified Carbon Standard are also eligible in the second auction.
Pilot Auction to Help Reduce 5.7 Million Tons of Emissions by 2020
Upon purchasing the contracts, auction winners may either sell eligible emission reductions to the PAF, trade the contracts on the secondary market, or let the contracts expire. As a first-of-its-kind online auction for methane reductions, the Pilot Auction Facility aims to promote learning, replication, and scale. You have clicked on a link to a page that is not part of the beta version of the new worldbank.
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