Ngawai – I asked a payment expert for some thoughts/guidance –
“A common question. It comes down to the acquirer’s risk position and realistically each acquirer sets the benchmarks for this individually. Some options are:
• Leverage main bank relationship by meeting with the bank Relationship Manager and talking through options that will satisfy the bank’s risk criteria e.g. if the customer holds a mortgage with the bank leverage this to support the approval of a merchant facility
• Initiate a merchant facility through an independent aggregator who tend to have lesser risk requirements to support merchant facility approval. Examples include: Stripe, Paypal, Ezidebit, Flo2Cash etc. Really depends on the needs i.e. online vis physical store/EFTPOS terminal. Often an aggregator is a great option for a new merchant having issues establishing a merchant facility, at least until they can establish a proven trading history that supports a mainstream provider’s risk approval (obviously also ensure all previous defaults are paid in full).
• Consider Alternative Payment options: Online EFTPOS (Paymark), Poli, Account to Account (Windcave), Afterpay, Zip, Laybuy
• Bank transfers – not ideal, but will get things started”