Water Purifier Merchant Account | Merchant Stronghold
Water purifiers are exported all across the globe and are a profitable business to deal with. Nonetheless, due to huge chargeback rates and disputes as well as destruct possible banks are unwilling to give merchant accounts to companies focusing on water purifiers. Luckily, Merchant Stronghold specializes in setting up merchant accounts for water purifier businesses like yours.
There is a boost in reports of water-borne diseases, industrial development that gives rise to water pollution, and enlarged trouble regarding health have enhanced the water purification industry. Purifiers are required to eliminate the toxins, chemicals, bacteria, fungi, biological contaminants, and rest of the impurities from water supplies.
By 2023, the water purifier market is forecasted to make $45.3 billion, as per to Allied Market Research Report’s “Water Purifier Market by Technology, End-User and Channels of Distribution – Global Opportunity Analysis and Industry Forecast, 2015 – 2022”.
Apart from the industry being a growth market, the special feature of the water purification industry is why banks declare this business under high risk. They are categorized as high-risk merchants, initially, due to extra chargebacks from customer objections and damaged manufacturing. When traditional financial institutions don’t work and coordinate with them, online water purification businesses should work with a high-risk merchant account provider, like Merchant Stronghold, if they want to receive and process credit card payments.
To safely process payments, go for a water purifier business merchant account by using Merchant Stronghold’s easy, an online application. Merchants can get approved of the account within 24 and 48 hours. Once sanctioned, Merchant Stronghold also sets up, payment gateways, and fraud filters.
When merchants deal with Merchant Stronghold, they are working with a high-risk processor that knows the dare that online water purifier merchants face. In any case of risk levels, Merchant Stronghold gives customized payment processing solutions for water purifier businesses of all sort of sizes.
What to expect during a water purifier account application review
To get sanctioned for a water purifier merchant account, a business must exhibit to underwriters they are obeying all important rules and regulations. To decide potential financial risks to processors and their sponsor banks, underwriters appraise a merchant’s risk by exploring various factors. These assessments actually decide whether a merchant account is sanctioned or denied.
To further calculate risk, underwriters go through the credit scores, credit card processing history, and bank statements. They also review the merchants’ sites to ensure they have clear, openly-exhibit secrecy and refund policies, as well as safe and secure SSLs. A bad bank account balance, due bills, and late payments, and a history of high chargeback rates raise the merchant’s risk. Full filling of any bill and collecting money grows the probability of merchant account acceptance. Also, it is an excellent step to have the person involved in the business who has an outstanding credit history apply for the account.
Addressing these issues in advance and taking care of anything that looks unsure are more positively to result in an acceptance of a water purifier business merchant account limitlessly, such as inflexible caps on processing volumes or less rolling reserves.
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Other water purifier merchant account application requirements
The one who wants to apply for a water purifier merchant account can start today by filling out Merchant Stronghold online application. To smoothly walk the process with it, businesses have to build these documents obtainable to processors and underwriters:
•A genuine, government-issued ID.
•A bank letter or a pre-printed canceled check
•Last three months’ bank statements
•EIN (Employer Identification Number)
•Safe and Secure, fully-operational websites
Merchant Stronghold cannot guarantee approvals. Merchant Stronghold does a quick application process that can result in approvals for capable merchants within 24 hours.
Get processing volumes increased for water purifier merchant accounts
Water purification merchants are generally considered high-risk businesses and sanctioned for merchant accounts with 30 days cap on credit card processing volumes. This cap limits, make sure that how many credit card transactions a business can receive in any certain month. Once you reach the limit, merchants have to stop accepting sales until they jump the next month.
Caps limit can get raised in three months if water purifier merchants can make sure that they pay their bills, have low chargeback ratios, and can save some money.
Categories used in the water purification industry
The United States gives Standard Industrial Classification (SIC) codes, to business establishments. These codes target to recognize the basic motive of businesses.
Since water purification merchants can come into various areas in between the supply chain, which includes retailers, wholesalers, manufacturers, and installers, the SIC codes used can differ. The most common uses ones are:
•1711: Plumbing, Heating, and Air-Conditioning.
•7699: Repair Shops and Related Services, Not Elsewhere Classified
•7389: Business Services, Not Elsewhere Classified
•5531: Auto and Home Supply Stores
•5074: Plumbing and Heating Equipment and Supplies
Northern American Classification System (NAICS) uses six-digit codes under federal statistical agencies to classify establishments. The details are used to gather, examine, and issue statistical information about the same sort of businesses and the way they affect the economy in the U.S.
Generally, water purification businesses use these codes:
•423720: Plumbing and Heating Equipment and Supplies.
•3334: Ventilation, Heating, Air-Conditioning, and Commercial Refrigeration Equipment Manufacturing
•23511: Plumbing, Heating, and Air-Conditioning Contractors
Visit the United States Census Bureau’s Northern American Classification System to see the entire NAICS code list.
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Merchant Accounts for Water Purifiers
Have faith in our team to get good for the water purifier business. If we talk about the application process it is quick and easy, and we can grab your account set up in as small as 48 hours. We offer fair competitive rates.
Solutions for Your High-Risk Business
Water purifier businesses are generally categorized as high risk due to rapid customer complaints and the capable destruction hinted from damaged manufacturing. Don’t permit your industry’s goodwill to demoralize you from perusing the merchant account you want. High-risk factors terrorize the businesses in this industry and keep it on the banking system’s black list ‘high risk’ list. Merchant Stronghold has an experienced team that has done the hard work and we can locate your business, huge or small, the flawless merchant account to ease your water business. Our secure payment gateways make sure that your business will have well-organized and perfect electronic payment processing.
Apply for a Water Purifier Merchant Account Today!
If your chargeback rate is less than 3% we can get your merchant account set up in less than 3 days.
•No Application Fees
•Competitive fair rates
•No VISA/MasterCard Required
•Secure Payment Gateway