High Risk Merchant Accounts
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Digital Downloads Merchant Account

Digital downloads have been around for more than a decade, but today’s society is more innovative and revolutionary than at any point in the past. Corporate and independent artists alike have opened up their catalogs to down-loaders (for a fee). Billions of downloads transpire over the course of each year, and customers and merchants alike are happy with the arrangement.

Digital Download Credit Card Processing

Due to the complexities of intellectual property law and the legalities of this type of business, it’s very common for digital download merchants to run into trouble trying to maintain credit card processing services and a merchant account. Traditional payment processors such as banks as well as general digital payment processors often shy away from this type of industry, leaving digital download merchants in a bind when they need to process payments.

A High Risk Industry

The digital download industry has operated with a high risk/high reward mentality for many years. Banks especially turn away from digital downloads, as it’s not the “traditional” way of selling intellectual property. Many times, even legitimate digital download content runs into opposition from finicky creators who feel like they’re not getting enough of their share. Underwriting departments at payment processors collide with the new age of digital downloads, which creates a communication gap that just doesn’t translate into good financial services for digital download companies.

You’re selling a digital product, though, and it’s vital to have an online payment gateway to push those sales through. Your business is just as legitimate as any other online business out there, and you deserve a merchant account provider that understands your business in every single way. Credit card processing isn’t a hassle when you choose a financial institution that understands the digital download platform as well as you do. Yes, it’s high risk, but these online payment gateways know that when they step in to fill the shoes of more traditional payment processors. Flow Payments has vast experience working with merchants in the digital download industry and we welcome new clients who operate in this space.

What Does a Reputable Payment Processor Look Like?

Before you sign up for a payment processor, you’ll want to make sure that you’ve picked one that has a strong reputation for excellence in the industry. Your card processor needs to have reasonable fees that take into account the high risk nature of your business. Your e-Commerce business will thrive when you go into a partnership with a processor that purposely takes on high risk businesses with the notion that it will yield returns.

Before you sign up, make sure that you are aware of all your needs. What kind of payment methods do you want to offer? How will you handle chargebacks when they come through? Do you need to accept e-checks as well? By understanding your needs, you’ll definitely find that perfect online payment processor to get the job done for you.

Take the needs of your customers into account as well. It could be that you can save everyone time by not even bothering with e-checks, as many customers these days prefer digital payment platforms or payment methods that are plastic-related (as in credit or debit cards). By weeding out the options you don’t need, you’ll have a more efficient and less costly payment platform on your hands year after year.

Our payment specialists know the ins and outs of the digital download industry and look forward to helping your business get setup with the optimal solutions to accept various customer payment methods.

How to Sign Up

Your potential payment processor will of course need your name, banking info, business bank statements, and potentially other vital information (such as in-depth information about your business strategy both now and in the future). There will be a credit check that takes place. They will also want to see any reseller agreement you have that allows you to sell the digital downloads. This will be key so they can prevent illegal downloads of stolen content. The payment processing company expects to have a full understanding of your business and how you intend to operate.

Your potential payment processor will thoroughly review your website or app as well. Is it really set up to succeed? Does it have extensive typos that make it look less than professional? Doing a health checkup on your marketing material and your website can really help to make a more favorable impression with a high risk payment processor. They want your business to look like it’s going to be profitable for you (and by extension, them). Make sure that you’ve done good website and app housekeeping before inviting any potential payment processors into the mix.

If you take care of all these things, you’re certain to find a great online payment processor that really gives you an edge over your competition. By partnering with a knowledgeable platform that really knows about your industry, you increase your likelihood of being successful both now and for many years to come.

If you operate a digital downloads business, contact Flow Payments today for a free quote. We look forward to exceeding your expectations.

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