E-commerce businesses that cater to a worldwide customer base are often considered “high-risk” by banks. They are more prone to face chargebacks, bad credit scores, and fraudulent transactions. These kinds of merchants are not eligible to acquire standard merchant accounts.
High-risk businesses need special payment processors who would enable them to establish a rolling reserve to compensate for chargebacks and other similar financial issues. The high-risk payment processors also allow businesses to accept various payment modes, including credit cards.
Five Star Processing is one such payment processor that has risen to prominence because of its excellent services. This article will explore what 5 Star Processing is, its different services to its clients, and why it has become an indispensable choice for E-commerce businesses.
What is 5 Star Processing?
5 Star Processing is a payment provider that specializes in providing financial solutions to high-risk merchants. The company collaborates with merchants who face lousy credit scores and frequent chargebacks.
They enable those merchants to accept a wide range of credit cards, cryptocurrencies, and other payment modes. Since its launch, 5 Star Processing has catered to over 26,000 merchants.
With their high-grade payment processing, they have saved almost $4.2 million combined for all their clients. They have a wonderful track record that continues to attract more and more high-risk clients. Let’s look into the different services 5 Star Processing provides that make them indispensable for any E-commerce merchant.
What Services do 5 Star Processing Provide?
1. Credit Card Processing
5 Star Processing enables its clients to accept a wide range of credit cards. The processor makes sure that all operations associated with credit card transactions occur smoothly without any security risks or mishaps.
2. Payment Gateways
Five Star Processing also offers its clients to set up payment gateways. The payment gateways are secure and SSL encrypted so that the transaction remains protected from external invasions and internal mishaps. The payment gateway allows the clients to accept payments through different modes like credit cards, debit cards, net banking, wallets, and even cryptocurrencies.
3. POS Systems
POS or “Point on sale” systems combine software and hardware that e-commerce merchants utilize to oversee transactions and accept payments. Five Star Processing offers its clients best-in-class POS System.
They specialize in Clover systems like Clover Flex, Clover Station, Clover Mini, and Clover Go. The POS system is flexible and can be used right from your phone.
4. Business Lending
A business often needs funding to expand its reach and increase its sales. 5 Star Processing makes sure that their clients receive the benefits of business lending to grow and diversify their business.
5. Payroll Processing
5 Star Processing offers Payroll services for their clients to have an easy-to-use and foolproof system to pay salaries to their employees.
5 Star Perks Program: What All E-commerce Merchants Should Know?
5 Star Processing has launched a new program recently for their existing clients and new customers. The program is designed to offer high-risk merchants various tools to enable them to expand their business. With the 5 Star Perk Program, an e-commerce merchant will be able to procure funds for their business ventures, build their credit scores and grow their business.
If a merchant wishes to join this program, they will be able to get access to discounts and savings worth over $1000. High-risk businesses will even get special discounts for their credit card processing. They will be able to access various business resources too. In addition, they will have the opportunity to collaborate with over 70 business credit partners.
5 Star Processing believes in the well-being of its partner. They allow their clients to access personal and student loans and other perks such as business coaching and training, business credit tools, and other affiliate programs.
What Businesses are Covered by 5 Star Processing?
5 Star Processing offers credit card processing, merchant accounts, payment gateways, and recurrent billing systems for several high-risk companies. 5 Star Processing also caters to several low and medium-risk companies.
Here is the list of industries that are catered by 5 Star processing:
- Adult Entertainment
- Antiques and Collectibles
- Ammunition and firearms
- Fantasy sports
- Legal services
- Moving companies
- Pharmaceuticals and nutraceuticals
- Precious metals
- Vapes, e-cigarettes, and e-juices
- Travel Booking
- Multi-Level Marketing (MLM) companies
Benefits of Hiring Five Star Processing:
Five Star processing has gained a position of prominence in the field of high-risk payment processing in recent years. This is because they offer several notable features to be enjoyed by their clients.
1. 24/7 Customer Assistance
Many payment processors only allow their customers to connect with them only for a few hours a day. If the client faces any problem in their payment processing and transactions during some other time of the day, they would have to wait for the customer support to come active. It will cause them to lose valuable time and resources and may even result in the absolutely undesirable loss of potential customers.
Five Star Processing offers their customers 24/7 customer support so that they can contact them whenever they need it. The customer assistance team is always ready to help their clients with their queries and grievances and tries to find a quick solution so that things continue to run smoothly.
2. Low Waiting Time
Prolonged waiting time for receiving approval can make high-risk merchants lose business. 5 Star Processing makes sure that their high-risk clients get approved almost instantly. Most industries will get their approval within 48 hours, which is the fastest in the industry. It means the merchant will be able to accept transitions sooner and gain more customers.
3. Integration with Popular Systems
5 Star Processing integrates various high-grade POS systems so that its customers will have the best possible payment processing gateway. Their high-risk merchant clients will be able to enjoy the benefits of CardPointe, NMI, and Authorize.net.
4. Complete Transparency
5 Star Processing valued transparency and utmost honesty. They provide their clients with all information other need to know before they sign an agreement with the payment processor. Their operations are entirely transparent. All the processing fees that are required to be paid are quoted upfront, and there are no hidden charges.
The Bottom Line:
Five Star Processing is a reputable payment processor that caters to several high-risk merchants. The processor offers a wide range of services that enable its clients to operate smoothly from an online platform. If you are an e-commerce merchant, 5 Star Processing is just what you need.