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Overview
Founded in 2012 and headquartered in Las Vegas, Nevada T1 Payments offers state-of-the-art shopping cart solutions, a secure payment gateway, payment card industry compliance (PCI DSS), ongoing account monitoring via fraud scrubs, and online reporting in real-time.
With T1 Payments’ Fraud Scrubbing Solution, high risk merchants are able to detect and block any suspicious activity or transactions before they are processed. They come with a series of “pre-set rules” that are based on real patterns detected such as:
- Anomalies: anything that departs from expected activity.
- Activity: if a payment card is being used for many transactions within a short span of time.
- Blacklists: a transaction will be halted if any of the data on the card has already been flagged as high-risk.
- IP: if the consumer’s IP address differs from the country associated with their payment card.
- Trends: spotting the typical behavior of fraudsters
- Verification: when the shipping and billing address don’t match.
With T1 Payments’ advanced Fraud Scrubbing Solution, as well as other risk management tools, high risk merchants are well-supported and can accept payments with confidence.
T1 Payments boasts established relationships with banks worldwide, which means that they are able to customize a credit card processing solution for a wide variety of businesses. This includes both domestic and international merchants and online payments can be processed in any currency necessary.
Since they are a “payments facilitator”, it can provide online merchants with an “end-to-end” solution, all in the same company. There are no drawn-out applications or burdensome requirements for underwriting. All customers benefit from a single flat rate from all major credit card companies including Mastercard, Visa, American Express, Discover, and JCB.
As a high-risk merchant account provider, T1 Payments are willing to provide high risk merchants with safe credit card processing regardless of being featured on the MATCH list or rejected by other processors who have deemed them too high of a risk. There are no credit or background checks. Merchants simply need to fill out an online pre-qualification application form, with the last three months of bank statements (personal or business), along with the last three months of your previous processing history, if applicable. Once all documentation has been submitted, merchants can receive approval in as little as 24 hours.
The onboarding process is straightforward, with the time frame being between 2 to 5 business days. An in-house team is available to assist with the process as quickly as possible.
Some of the industries that T1 Payments has worked with include mCommerce, Vape and e-Cigarette, Online Dating, Travel, Hemp and CBD, Multi-Level Marketing, Online Gaming, Nutraceuticals, and Adult Entertainment, just to name a few.
According to T1 Payments CEO, Donald Kasdon, being a high risk merchant is not a deal-breaker. In fact, T1 has taken on merchants that have been rejected or dropped by leading processors. The only criteria that is required is that the high risk merchant meets T1 Payments’ criteria.
T1 Payments also has its own Partnership Program. They offer the following perks and benefits for their ISO agents and partners:
- Flat rate fees
- Chargeback prevention services
- Customer support (in-house)
- Risk management experience
- Anti-fraud account monitoring
- A dedicated account manager
- Regulatory compliance (PCI)
- Global payment processing
- All-inclusive online reporting
Partners are also eligible for residuals. They get 50% revenue sharing on all high-risk accounts. These residuals are paid for the entire lifetime of the account. T1 Payments encourages their partners to stay well-informed with the challenges being faced within certain industries and any issues that are evolving, that could potentially affect their accounts.
Another point of differentiation, as reported by Kasdon, is that T1 Payments is the first processor in the high-risk space to pay its agents and partners daily. However, the unintentional result of that is the attraction of the inappropriate type of businesses via agents who are driven by getting the daily payments rather than how stable the business is. To resolve this, the team at T1 Payments spent two years developing a real-time reporting system that can identify any suspicious activity and seal off those businesses. This can be done quickly due to the data being live.
The proof has been in the pudding since Kadson reported that the results in the chargeback rate have been “10 to 20 basis points” a month.
In order to reduce card not present fraud and chargebacks, merchants must employ chargeback mitigation tools. T1 Payments has partnered up with leading chargeback mitigation tools in the industry. As part of their comprehensive services offered to their merchants, T1 Payments automatically subscribe merchants to Verifi, Ethoca, and TC 40’s.
It simply works like this. As soon as T1 Payments receives an alert, this alert originates with the credit card issuer, to determine fraudulent practices or any history of chargeback. T1 then refunds the transaction instantly to make sure that a chargeback is not given for that particular, suspicious transaction. T1 continues to analyze transactions to ensure that there are not more fraudulent payments being created. With this new data analysis, T1 is able to update fraud rules within its system to prevent future fraudulent transactions.
There are many benefits to T1’s suite of chargeback mitigation tools. They include:
- Terminating fraud
- Stopping chargebacks
- Higher issuer acceptance
- Lower future fraud