Replica Merchant Accounts

Replica Merchant Account

The replica industry has experienced many changes in the 21st century. What was once a thriving online industry, filled with imported handbags, watches and scarfs, had slowed down considerably. Starting in 2006 with the amendment to a 60-year-old law, the restrictions on replica products increased significantly. This changed how financial institutions viewed replica and many of them decided to exit the industry, making replica merchant account services next to impossible.

Partnering with a payment processor like EU Paymentz will give merchants the ability to accept payments in a reliable and affordable manner. Unlike other payment processors that charge astronomical rates on accounts that operate for mear weeks, EU Paymentz provides solid solutions. Contact our team of replica professionals to see how we can help your business accept payments.

Concerns for Replica Merchant Account

Payment processors that recognize the potential risk involved in the replica industry will usually prepare accordingly. The processors have 2 main concerns when it involves the replica industry. Losses from chargebacks and losses from legal fees. Finding a way to avoid the potential for problems will benefit both the merchants and payment processors.

One of the best ways that merchants can protect from chargebacks is by having an ironclad Terms and Conditions. Being completely upfront and laying out all the conditions of the sale and refunds will help decrease the number of chargebacks. Also, making it easy for customers to get in touch with the merchant to resolve concerns and problems is another way to reduce the possibility of chargebacks.

Another big concern of payment processors is their legal liability. With changes to laws in the USA, the reach of manufacturers has increased, allowing them to go after a much broader base of merchants. Payment processors need to ensure that the merchants are not breaking any laws or selling anything that could be potentially illegal. Names and styles on the website require close monitoring to confirm that no infringements have been made.

Types of Replica Payment Processors

The options that are available to merchants for payment acceptance can vary between processors. Some payment processors are only able to offer one kind of payment while others have multiple different solutions available. Two of the most common types of payment processing available to replica businesses include:

  • Credit Card Processing
  • Cryptocurrency Processing

Accepting credit or debit cards is one of the most common methods of acceptance for e commerce businesses. This is done through the use of a merchant account from a bank or another type of financial institution. Merchant accounts allow businesses the ability to accept payments through either their online store or a retail storefront. Banks and payment processors will monitor the products sold on the merchant's website to reduce the potential for legal problems from manufacturers.

Another option for payment that has become popular in recent years has been cryptocurrency. Many merchants have preferred the use of crypto due to its anonymity for both buyers and sellers. Merchants that have lost credit card processing services have also resorted to crypto as a way to avoid dealing with the payment processing networks. More flexibility means merchants can sell more replica products without worrying about legal restrictions from the financial networks.

Both types of payment services are excellent choices for replica businesses. Merchants can also elect to accept both types of payments simultaneously on their websites. Regardless of the type of payment processing that a merchant wants to use, EU Paymentz can help businesses accept the payments they want.

How Replica Payment Processing Works

Payments using credit and debit cards are primarily processed in the same manner regardless if its a high risk or general ecommerce transaction. Merchants will have to connect their website shopping cart to the payment gateway for transactions to properly processed. Once the transaction leaves the merchant website, it follows the same process as all other transactions. The main organizations involved include:

  • Merchant Acquiring Bank
  • Payment Card Network
  • Card Issuing Bank

The merchant will work with either a merchant acquiring bank or payment processor to get their account approved and set up. The acquirer will handle the underwriting and give the merchant the final determination on the fees for the account. Merchant acquirers, or the payment processors they work with, will handle the customer support and financial management of the business' merchant account. Authorization requests from the merchant are sent through the merchant acquirer to the payment card network.

The payment card network licenses access to their networks to the various merchant acquirers and card-issuing banks. Transactions that come from the merchant acquirer are routed through the payment card network to the proper bank that represents the card holder. The payment card network ensures that all transactions are secure, as a way to limit fraud, and that merchants along with the various banks are maintaining the integrity of their networks.

The card issuing bank is the last major organization involved in a transaction. Transactions that originated with the merchant and sent through the payment card network are delivered to the proper card issuer. The card issuer maintains the relationship with the customer, providing support and account management. When authorization requests are received on behalf of a customer, the card issuer runs security and financial checks before approving or declining a payment request.

All these financial parts work together to help run a bank card transaction. While replica merchant accounts might have additional underwriting or other requirements, the merchant accounts themselves operate in an almost identical format. With many of the same organization and processes in place regardless of the merchant or customer types.

Requirements for Replica Credit Card Processing

Replica businesses looking to open up a payment processing account will need to undergo an application process through the financial services provider. Payment processors are required to perform a variety of underwriting checks, including background and possibly financial checks. Some of the most common documents and requirements they will ask for include:

  • Completed Application
  • Copy of ID
  • Previous Processing History
  • Setup Fee

One of the most important parts of the underwriting process is the application. Financial institutions need to have a completed application from the merchant to perform the proper underwriting and KYC checks. Banks and payment processors will make sure that the applicant does not have a criminal financial history and has a good (or no) history with the payment card association.

In addition to a completed application, prospective merchants will also have to provide a copy of their ID. In addition to the personal information provided on the application, underwriters will need to verify the identity of the applicant. Color copies of a government-issued ID is the best way to provide it since it is usually required.

In some instances, the underwriting bank is going to request to see the processing history of a merchant. This will help the bank and payment processors better understand the types of transactions run by the merchant. Underwriters do not like any surprises which is the reason why so many times this information is requested with the application package.

One of the final requirements to get an account operational is the setup fee. Many times these fees can be upwards of $1,000; so whether it is required upfront or taken out of the settlement, it is important for the merchant to realize this upfront. It is recommended for merchants to request these fees be taken out of their first settlements as a way to protect themselves from potential fraud or other issues.

Open Your Replica Merchant Account Today!

Merchants that are currently operating replica or designer inspired websites are welcome to contact EU Paymentz. Our team of payment professionals will be happy to work with anyone in the industry, from startups to the largest websites. We have solutions from around the globe to fit the needs of all types of merchants. Contact us today for a free rate analysis or to get started!