Double Glazing Merchant Account

Are you a Double Glazing company that is struggling to find a merchant services solution that is suitable for your business?

Maybe you have had a solution in place for years, but all of a sudden you have had your merchant account terminated by your acquirer. Unfortunately this has a tendency to happen in higher risk sectors and Windows, and double glazing is one of the top industries for it to occur.

So what do you do?

You have a successful double glazing company that has been trading for years and all of a sudden you have no way of accepting card payments. Acquirers’ appetite to risk has changed and now you need to find a new solution FAST.

But before we tell you about the solution, let’s explain WHY acquiring banks will deem your double glazing business to be high risk.

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It’s often the opinion that the delay between a customer placing the order and paying a deposit and the time it takes for a job to be installed opens up the acquirer to a period of risk where the customer has paid for a service or product that they are yet to receive. This period, just like the travel sector could be anything from 2 to 16 weeks, and opens the acquirer up to the risk that the company could, in the worst case, go bust in this period leaving the bank thousands of pounds out of pocket. This is how they perceive a sector to be high or low risk.

So, Now you understand why it’s difficult for a double glazing company to get accepted for a merchant account, let’s tell you about the solution.

Modern World Business Solutions can help!

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We have several acquirers who are specialists in boarding double glazing companies and other high risk sectors and we CAN take care of your merchant services application, but before we get started with your application below are a few things you should know about obtaining a merchant account for your windows company.

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Rolling reserve – there will likely be a rolling reserve attributed to your merchant account for double glazing, this is usually 5 or 10% for 180 days. This is put in place to negate the chargeback scenario that may occur from customers who have paid up front for a service or product.

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Delayed Settlement – most banks will settle weekly for Window or double glazing companies, with sometimes a 7 day delay. However if you are an established business the bank will likely take a view and in some cases settle in as little as 3 days.

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Higher rates – the likelihood is that if you have been terminated or declined then it’s because there was no margin for the bank to take comfort against the risk exposure. So, please expect a slightly higher rate than you would usually see advertised openly on the market.

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A longer sign up period – please allow a little longer than usual to get your application all approved and up and running, our underwriting process ensures that you are stable for the future of taking card payments, however might take a little longer to get approved.

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CNP fees – there will likely be an uplift on customers not present transactions, make sure you know exactly what your fees are before agreeing as this could add up to be quite a bit extra.

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How do you want to take payment? Is it via a virtual terminal, or Terminal or pay by link, make sure that you have the correct solution for your business needs.

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KYC Required – the documents that you will need in place to apply for a merchant account for your double glazing business are:

  • Proof Of ID for all directors or shareholders over 25%
  • Proof of business bank
  • Proof of directors address
  • Proof of business address
  • 6 months of acquiring if you have it
  • Terms and conditions
  • Refund and cancelation policy
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If you have a start-up double glazing business you will need to provide the following extra documents to be accepted for a merchant account:

  • Business plan
  • Cash flow forecast
  • Proof of Stock
  • Proof of funds
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IC++ Pricing – double glazing companies are usually placed under what is called a IC++ pricing structure, this allows the acquirer to retain the margin on top of interchange and scheme fees set by Visa and Mastercard. Please make sure you understand what this means for your business, we can help explain this to you in more detail should you need it.

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Please ensure that if you wish to take payments or deposits over your website that you understand what gateway you have integrated on your site, This is vital for us to marry up with the correct acquirer to help you get accepted to take card payments for your windows business.

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There will be many other variables to be wary of when you are setting up your merchant account for a double glazing company, the best thing possible is to get an expert in your corner to represent you and to be able to act as the go between so that all of the terms can be carefully relayed to you.

We can be that partner!

If you would like to get started with setting up your merchant account for your double glazing company please fill out the contract us form below and we can get the ball rolling!

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