Essay Writing Merchant Account
Not only laziness is pleasant but profitable. The essay writing niche experienced a drastic increase in the early 2000s and continues to grow. Payment processing for a flourishing business, though, might be quite a challenge. The GEO-preferences and a high rate of chargebacks are to blame. Take a look at this article to find out how to open an essay writing merchant account easily.
What is an essay writing service?
From school homework to the final dissertation, the essay writing companies have a wide range of services. Some of the most popular are:
- Argumentative essay writing
- Dissertation services
- Assignment help
- Thesis preparation
- Research paper creation
Why is essay writing considered high-risk?
The riskiness of escort or CBD businesses is undeniable. The risks of essay writing services, in contrast, are more difficult to define. The business itself is not linked to any illegal substances or unlawful acts. The high rate of chargebacks and some geo-preferences, though, make it from the middle to high-risk. Take a look at this list to find out if your essay writing business is risky:
- You don’t have any processing history. This point is fair for any business. Processing history is a clear sign of your company’s financial health. The lack of thereof, in contrast, makes it complicated to find a PSP. At Ikajo, we can help you to get processed with no previous processing history. However, you have to own a European company and be ready to pay pretty high rates. Once you get three months of processing history, you can switch to a more affordable payment model.
- The high rate of chargebacks. The high rate of chargebacks makes a business high risk. In the essay writing niche, the chargebacks are inevitable. Thus, make sure to find a PSP with a PCI DSS and chargebacks prevention certificates. Otherwise, you might get locked down by banks. For those whose chargebacks rate is higher than 1%, finding a PSP become quite a challenge.
- U.S. market. The majority of essay writing merchants want to penetrate the U.S. market. It is not a big issue for American merchants. However, it is for Europeans. Especially for those who own companies that are registered outside the E.U.
Range of documents to open an essay writing merchant account
Take a look at the specified range of documents one should collect to open an essay writing merchant account:
- Certificate of incorporation.
- Certificate of Incumbency (or similar document).
- Copies of valid passports with visible bearers signatures for all company officers and owners.
Website requirements to open an essay writing merchant account:
To open an essay merchant account, you have to make sure that your website contains the following:
- Terms & Conditions Page;
- Name of the company in the footer;
- Contact us button with an email and phone number;
- Deposit & Refund Policy Page;
- Visa and Mastercard logos [in case you offer them as payment methods]
For 15+ years, Ikajo International provides payment processing services to international merchants. During that time, our team has created state-of-art solutions for different business types. Ikajo offers fast and hassle-free onboarding for VPN providers. It is possible, thanks to our vast network of acquiring banks. Moreover, Ikajo helps to identify fraudulent transactions and prevent chargebacks. Contact us today to get the best fitting solution!
- API and HPP integration
- Free recurring billing
- PCI DSS Level 1
- Chargebacks & fraud prevention
- 60+ proven banks relationships
- 100+ payment methods
- Mobile banking
- 24/7 customer support