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Merchant Account – A Necessity for Financial Advisors and Consulting

As a financial advisor, it is quite obvious that the interests of your clients are of primary importance. Being proficient in your field of expertise, you offer specialised services to your clients with regards to financial advice; specially designed investment plans suitable to their individual needs, and based on their financial goals.

You calculate market risks; filter out the stocks worth investing in; manage assets and personal finances. Your clients entirely depend on you for these services. No doubt, you do your best to keep your clients happy.

Undoubtedly, how well you service your clients is crucial for the relationship. Of course, you get paid by your clients for your expertise and skilful financial planning. So, it is but natural to offer them an easy and efficient way for doing so.

Credit card processing can be set up for financial advisors. Yes, this surely does add value to your services and we are here to offer you this convenience.

Merchant Accounts and Financial Advisors

Credit card transactions for financial advisors ease the process for clients, as well as your enterprise. We facilitate client’s recurring payments in such a manner, that payments can get processed at specified times, either weekly or monthly, as per your convenience. We ensure that you no longer need to wait to receive physical checks and then bank those checks.

So, what kind of Merchant account do financial advisors require?

Every Merchant Account is classified as either low risk or high risk. Cafes, restaurants, retail outlets, etc, all come under the category of low risk merchant accounts.

High Risk merchant accounts include ecommerce and enterprises that provide services. Credit card processing for financial planners falls under the high risk category.

It is not really your enterprise which is risky, but more so it your business model that proves to be so. This can include

  1. The kind of services you offer.

  2. Your method of promoting your business venture.

  3. The level of customer support you offer.

  4. The fees that is charged.

Apart from these criteria, we consider other factors too. Chief among them being the risk of chargebacks by clients.

As a financial advisor, you are most likely to be aware that due to a long-lasting relation with your client, chances of a chargeback are minimal. Nevertheless, many banks do not consider relationships while evaluating the potential risk of chargebacks. This is where we step in, take a risk and set up a merchant account for your business transactions, albeit at a slightly higher fee. Surely worth it, as we are ready to cover in your risky business.

Rolling Reserves for

financial advisors

Rolling reserves allows a credit card processor to hold back a pre-determined percentage of your gross sales. These funds are deposited into a non-interest bearing account for a specific period of time that is mentioned in the merchant processing agreement.

Rolling reserves are typically imposed on high risk merchant accounts to lower the risk factor. In a few instances, the processor will be able to provide merchant account services only if a rolling reserve is included.

The underwriters for the processor are responsible for requesting rolling reserves for high risk merchant accounts.

Having said this, financial advisory does fall into the category of high risk businesses. Hence, rolling reserves will be imposed here. Here again, we step in, one step ahead of the others. We are here to set up your merchant account irrespective of rolling reserves or not simply becauserolling reserves do affect your business in terms of the cash flow, growth etc.

Card Present Vs Card Not Present

Merchant Accounts forfinancial advisors

All merchant accounts are based on the same premise, that they allow businesses to accept credit cards or other types of electronic payments for products or services. But not every business will have the same credit card processing requirements.

There are two categories of credit card transactions:

  • Card Present (face to face) – When the customer and the card are physically present at the time of sale.

  • Card not present (CNP) – When neither customer nor the card is present at the time of sale.

The type of merchant account you choose will depend on the kind of business transactions you carry out regularly.

The card present type of transaction is very common such as retail stores, convenience stores, restaurants, hotels etc.

The card present type of transactionsis considered to be much safe. Because credit card processing rates are based on the risk factor, the fees charged are much lower than card not present transactions.

The card not present type of transactions, are largely conducted by ecommerce industries and other high risk business ventures. Financial Advising included. As the name suggests, since neither the card holder nor the card is physically present, the chances of fraudulent transactions are very high, and hence higher processing fees.

Our merchant processors offer highly competitive rates in such cases.

Payment processing has been further simplified with the advent of virtual terminal merchant accounts. These virtual terminals are simple, reliable and cost effective. The entire process of accepting credit card payments over the phone is simplified. The only pre-requisite being an internet connection and a secure web browser for the log-in process.

We provide Virtual Terminalthatcompletely eases the process of online payments.


  • They aid in credit and debit card payments.

  • Virtual Terminals support ACH (Automated Clearing House) payments.

  • They allow for setting up of recurring payments

  • They allow for uploading of processing files.

Virtual terminals support a variety of point-of-sale hardware such as check readers; check imagers; credit card readers and receipt printers.

So, as a financial advisor to high yielding clients, your aim to simplify the process used by them to pay for your niche financial advisory services, virtual terminal from our merchant processor is the perfect payment processing tool to handle all your financial transaction needs.