The internet has opened up an extensive market for online auctions. This has benefited both the auctioneer and the customer. The auctioneer can reach a much larger group of potential buyers for his products, and those who are searching for an item can look further than their local area.
If you operate an online auction, you are aware of the benefits of a business that helps people everywhere find great deals on items they want and need. It is a great opportunity for the buyer, the seller, and the auctioneer.
One of the problems you may have faced as you set up your business is difficulty in opening an online auction merchant account.
Challenges of Opening an Online Auction Merchant Account
While everyone involved in the actual transaction is benefiting, most banks are still keeping their distance. Credit card processing for online auctions is considered risky because of chargeback potential. It can be hard to get approved for a merchant account.
Some banks will approve your account and make up for the risk with high rates for processing. However, your business is based on low-cost service, and a high processing rate can make that impossible to offer.
Don’t get discouraged. CDKPay can find you an affordable solution. We have the right connections to get you approved for an online auction merchant account.
Online Auction Credit Card Processing with CDKPay
Choosing the right bank is one of the most important steps in this process. If you start with the right financial institution, you won’t experience the hassle of going from bank to bank to find approval.
CDKPay is experienced with online auction merchant accounts, and we work with a wide network of banks.Our expertise will eliminate trial and error, as we will match your company with a bank that understands your business model.
Low Rates that Help You Stay Profitable
Getting approved for an online auction merchant account will not help if you have to pay ridiculously high rates. CDKPay has established relationships with the right banks to bring you affordable rates. Most of our clients are able to attain low rates for credit card processing, some even as low as 2.95%.
Establish Long-Term Credibility
There is more to being a successful online auction merchant than getting approved with good rates on the front end. Chargebacks and instances of fraud can damage your credibility and cause a rate increase. Persistent problems can even cause you to lose your account. At CDKPay, we help you prevent chargebacks by monitoring and preventing fraud from happening, helping you to successfully process payments through your online auction merchant account.
Online Auction Merchant Account Application Process
- We will contact you to discuss your needs in detail and make sure that we understand your unique online auction business model.
- The experience and expertise of CDKPay is used to find the right merchant account provider, and we help you begin the application process.
- Once the application is approved and an agreement is signed, you are ready to take your online auction merchant account live to begin payment processing!
- CDKPay is available to you for ongoing support. We offer responsive customer service so that you can run your business with ease.
CDKPay can help you with payment processing solutions that are reliable and affordable for your business.