FAQ

Merchant Account

What is a merchant account? It is a type of bank account granted by an acquiring bank to online retail business owners to collect payments for goods or services. A merchant account will allow merchants to process the credit card and billing information to complete an online transaction. The bank accepts the responsibility of processing(…)

Direct Merchant Accounts and Sponsored Merchant Accounts

Online retail merchants would have to apply for a merchant account if they wish to receive payments for the goods or services they provide. Typically, there are two different merchant accounts that they can apply for, however merchants often get confused when applying for one. We at Awepay would like to give potential online retail(…)

Pharmacy Industry

In the online business industry, Pharmacy businesses are one of the primary targets for fraudsters to make money from. Generally known to all, Pharmacy Merchant Accounts are considered as high risk accounts and are difficult to obtain these days. Financial institutions are constantly coming up with new and more stringent regulations and policies to battle(…)

Importance of Internet Merchant Account

Obtaining an Internet Merchant Account is the first step for online payment processing. Merchants with internet or online retails stores would need an account to accept payments via credit card, debit card, and other payment methods for goods and services sold. An internet merchant account is specifically catered for online retail shops and should not(…)

History of Credit Card Processing

Cashless payments for purchasing goods date back to the year 1914. In the US, Western Union came up with metal cards, giving free deferred payment privileges to their preferred customers as a customer service goodwill gesture. This became known as ‘Metal Money’. However this card could only be used for purchases within the stores owned(…)

Merchant Account Risk and Underwriting

Credit card processing especially for ecommerce has very complex risks and it is different for every business. There are a number of factors that can help determine the level of risk for a merchant; merchant’s longevity, industry, business model, products and services offered, financial stability and processing history are just a few to be pointed(…)

Gaming and Gambling Industry

Gambling Industry Online gaming is a fast growing industry and has become one of the fastest moving sectors in the online entertainment industry.  Estimates indicate that, worldwide, gaming nearly generated $60 billion in 2005 with approximately $3 billion in commission revenues. With this tremendous growth, many online gaming merchants face two major challenges: payment processing(…)

Payment Service Provider (PSP/IPSP)

Payment Service Provider (PSP/IPSP) An online business requires a solid and secure link between its paying customers and the bank. A Payment Service Provider  is that link which offers merchants online services for accepting electronic payments by a variety of payment methods including credit and debit card, bank-based payments such as direct debit, bank transfer,(…)

Adult/Porn Industry

Adult/Porn Industry One of the most lucrative merchant industries in the online market is the Adult or Porn business. Online businesses providing this service are categorized as ‘High Risk’ merchants simply because of the legal age restrictions and the controversial content that are available for purchase. Adult merchant accounts are often costlier than other types(…)

Landing Page Basics

Unique landing pages for online ads and email promotions are a key component of an ecommerce marketing strategy. Many retailers often assume that the best place to link ads is to their home pages. It is generally the most visually appealing page in a site and a place where consumers will find all the products(…)

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