PayMystic Pest Control Merchant Accounts



Payment Processing Walk Through for Pest Control Companies

Bugs and pests are one of the most annoying nuisances to homeowners. Pests don’t know anything else and with the boom of housing that’s why the pest control industry that is doing well in good times and bad. PayMystic has created a pest control company walk through with additional important information about setting up a merchant account, controlling chargebacks, managing risk, and keeping merchant accounts in good standing.

Who is PayMystic?

PayMystic is a recognized global payment processing brand among Disinfecting and Pest Control services companies. PayMystic’s extensive network of partner banks, payment experts, and elite portfolio of tailored online payment solutions has helped launch entrepreneurial start-ups and enterprise organizations to the next level of corporate growth by reducing basis points and risk that’s associated with higher transaction volumes.

Thousands of merchants, from start-ups to enterprise-scale organizations, leverage PayMystic’s curated knowledge, expertise and experience of high-risk payments to securely process millions of transactions across an array of vertical industries. PayMystic works closely with Disinfecting and Pest Control Service companies, providing tailored solutions and timely advice to national and regional service providers, while helping them maintain the highest standards of banking and payment card industry compliance.

PayMystic’s team of experts, combined with our technology partners’ proven record of successful pest control businesses, can facilitate successful new company launches and help existing businesses grow and scale.

Disinfecting and Pest Control Services Guide to Processing Payments

    PayMystic Pre-Application

    A Brief Guide to Disinfecting and Pest Control Services

    Disinfecting and Pest Control Services: An Economic Landscape

    A recent market research report by Grandview research projects the US Disinfecting and Pest Control Services industry is valued at a $19.7 billion-dollar industry. The Disinfecting and Pest Control Services industry is expected to continue to grow by 4.5% from 2020-2027 over the next seven years. With the rise in viral pandemics in the past few years across the globe, it is the major driver of the global disinfection services market.

    Top performing companies in the Disinfecting and Pest Control Services are seeing more success by offering additional disinfection services like biohazard cleaning, infection prevention & control, and mobile disinfection.

    Competing against large market dominators such as Bio Decontamination Ltd,
    JP McHale Pest Management, and The Terminix International Company Limited is like David going up against Goliath. This is why many pest control entrepreneurs have found success by specializing in niche markets such as biohazard cleaning, infection prevention & control, and mobile disinfection. These disinfecting niches are smaller than general-purpose pest extermination, but the profit margins are higher and the customers tend to be very loyal.

    Disinfecting and Pest Control Services companies are doing well due to rise in demand for cleanliness & elimination of infection from home care and other facilities, increase in spread of viral infections, and technological advancements for disinfection services provision.

    Disinfecting and Pest Control Services Merchant Services

    Pest Control SIC, NAICS & MCC Codes

    Disinfecting and Pest Control Services providers are categorized by SIC Codes, NAICS Codes and Visa Merchant Category Codes (MCC) to comply with payment card industry requirements.

    Proper classification is vitally important to prevent funds from being held in reserve for misrepresentation. The Disinfecting and Pest Control Services industry has a specific NAICS code which is grouped under “ Exterminating and Pest Control Services” in NAICS or MCC codes, and can be classified according to the nature and focus of services. The following are some examples:

    • SIC 734: Services to Dwellings and other Buildings
    • SIC 7342: Disinfecting and Pest Control Services
    • SIC 7349: Building Cleaning and Maintenance Services, Not Elsewhere Classified
    • NAICS 561710: Exterminating and Pest Control Services
    • MCC 7342: Exterminating and Disinfecting Services

    Additional information on Visa MCC can be found in this downloadable guide.

    Enabling Disinfecting and Pest Control Services Commerce

    How do I create a Disinfecting and Pest Control Services Merchant Account?

    The first step in enabling commerce is to establish a merchant account. The Disinfecting and Pest Control Services industry is classified as low-risk, making most businesses eligible for merchant accounts at low risk sponsoring banks. PayMystic’s expanded network of banking relationships accepts the pest control and domestic services category and provides competitive rates, terms and conditions.

    Disinfecting and Pest Control Services companies may find it advantageous to work with processing partners who are familiar with their industry, jargon and common business practices, that’s why PayMystic’s Payment processing sales representatives who are familiar with exterminator lingo and practices may be more effective at managing relationships. Disinfecting and Pest Control Services who work with knowledgeable processing partners, can save time and money, improve efficiencies and attract and retain more customers and followers.

    PayMystic Domestic Cleaning Services

    Why are Extermination Services considered low-risk by some banks?

    At PayMystic, placing extermination businesses for merchant accounts isn’t an issue for us. Some banks are not willing to accept pest control businesses as the industry can have higher-than-average number of chargebacks. An entrepreneurial start-up company that has created a pest control business may not anticipate the risks involved in working with consumers whose sometimes unrealistic expectations about using a pest control or domestic cleaning service. Given that many banks may not understand the Disinfecting and Pest Control Services industry and that many house holds desire these services, it may be difficult for them to find a bank that understands the process. Here at PayMystic, we understand your plight and have a wonderful working relationship with our partner sponsoring banks.

    Here are some risks commonly associated with the Disinfecting and Pest Control Services:

    1. Lack of Infrastructure:

      Disinfecting and Pest Control Services companies in the early stages of setting up their businesses may not have the appropriate levels of customer service support to deal with consumer complaints and inquiries. Consumers who are unable to communicate their concerns to merchants are at increased risk of turning to payment card issuers for refunds and chargebacks.

    2. Subscriber Remorse:

      Consumers who opt in for recurring billing may forget that their credit card will automatically be billed every month. They will then dispute the charge that appears on their credit card statement. Many card issuing banks require consumers to contact the merchant before they process a chargeback request.

    Can PayMystic Acquire Disinfecting and Pest Control Services Merchant Accounts?

    Yes, at PayMystic, Disinfecting and Pest Control Services are our specialty. Our financial services specialists are familiar with the industry’s unique framework and diversified categories, business models, SIC and NAICS codes and VISA MCC. We underwrite our extermination merchants before sending their applications to our sponsor bank.

    Once new merchants establish credibility and trust with PayMystic’s banking partners, they receive personalized attention and ongoing risk management from PayMystic’s team of payment specialists. This personalized service, coupled with the sheer volume of transactions we process through multiple banks, ensures our merchants receive the highest level of service and support.

    Choosing the right payment processing partner is critical, because without the ability to accept payments, merchants are out of business. PayMystic’s merchant onboarding process combines sophisticated technology with human oversight. Experienced underwriters who understand the Disinfecting and Pest Control Services industry, and have expertise in payment card brand and banking industry compliance, bring a refreshingly holistic approach to new account set-ups.

    Whether you’re interacting with customers in person, your interactive website, or mobile app, PayMystic will give every merchant the attention and resources they deserve and a one-stop shop for processing solutions. The Disinfecting and Pest Control Services industry is growing and PayMystic can accelerate that growth. The first order of business is eliminating any barriers to progress. Look no further than PayMystic, where getting a merchant account will open doors to a bright and prosperous future.

    Why is so much information required to obtain Disinfecting and Pest Control Services account?

    Because of the potential higher risk associated with pest control companies, more due diligence is required during the new merchant onboarding process. This means underwriters need to review a range of documents to assure the business is compliant, financially sound, and a good credit risk. PayMystic is unique because we underwrite merchants in-house before we submit their applications to the bank. Because our team of underwriters is experienced in low-risk and high-risk, your business is presented to the bank with all required documents and full disclosure, to engender trust and stability.

    Presenting your business in the best possible light from point of first contact is important because merchant accounts are essentially a line of credit from a processor. Because low-risk merchants have typically lower chargeback ratios. Complaints to the FTC against a merchant create liability not only for merchants, but can also hold processors accountable under Know Your Customer (KYC) regulations.

    PayMystic’s in-house team of underwriters and risk managers have curated knowledge in all areas of low risk and high risk. We are best qualified to guide you through the process efficiently and painlessly while helping to present your business to increase approval and gain credibility.

    PayMystic Pest Control Merchant Service Provider

    How do I increase my processing volume limits?

    Once a Disinfecting and Pest Control Services company is approved, payment processors set monthly processing limits for new businesses, typically between $25,000 and $50,000 per month, for the first three-to-six-months. This gives processors time to develop a customer risk profile by evaluating payment flows, average ticket sizes, processing levels and chargeback ratios.

    Those Disinfecting and Pest Control Services companies that maintain a stable, consistent performance throughout their initial trial periods can usually increase their processing limits. PayMystic’s risk management team works with merchants and sponsoring banks to shorten trial periods and raise processing limits.

    Managing Alerts, Refunds and Chargebacks for Disinfecting and Pest Control Services

    Maintaining a low chargeback ratio is key to maintaining a healthy merchant account. When chargebacks exceed card brand maximums, your merchant account is at risk of being shut down. If a merchant category has consistently excessive chargebacks, banks will sometimes shut down an entire vertical industry. For this reason, it is critical for low risk and high risk verticals to self-regulate and work collaboratively to establish industry best practices.

    How can I track my chargeback and refund ratios?

    Keeping track of your Transaction Chargeback Ratio as well as your Volume Chargeback Ratio is critical because this is what Visa, Mastercard and payment processors monitor. Payment processors with high chargeback ratios in their merchant portfolios can trigger unannounced audits by Visa or Mastercard. For this reason, PayMystic, closely monitors chargeback and refund ratios, reacting quickly to spikes in activity. Excessive refunds, frequently the result of alerts, can be a sign of fraud or poor business practices, information the card brands and banks may consider when assessing risk.

    The formulas shown below use simple math to derive Transaction Chargeback, Volume Chargeback and Refund Ratios:

    1. Transaction Chargeback Ratio:

      Add total monthly number of chargebacks and divide by total monthly number of transaction. For example – if during a month you processed 500 sales, and there were 10 chargebacks, your chargeback ratio would equal 10/500, or 2.00%.

    2. Volume Chargeback Ratio:

      Add total monthly dollar amount of all chargebacks and divide by the total monthly sales volume.
      For example – if during a month, you processed 500k in sales, and your chargebacks were 10k, your chargeback ratio would equal 10/500, or 2.00%.

    3. Transaction Refund Ratio:

      Add total monthly number of refunds and divide by total monthly number of transactions.
      For example – if during a month you processed 500 sales, and there were 10 refunds, your refund ratio would equal 10/500, or 2.00%.

    4. Volume Refund Ratio:

      Add total monthly dollar amount of all refunds and divide by the total monthly sales volume.
      For example – if during a month, you processed 500k in sales, and your refunds were 10k, your refund ratio would equal 10/500, or 2.00%.

    How do I maintain low chargeback and refund ratios?

    It is important not to ignore chargebacks, because win/loss ratios matter. Visa and Mastercard can impose penalties and fines in the tens of thousands on payment processors and their sponsoring banks for continuing to process transactions for merchants that exceed the permissible 2 percent chargeback ratio. Non-compliant processors and banks may also be subjected to further scrutiny and potential shut-down by card brands and regulators.

    Here are some recommended ways to maintain low chargeback and refund volume ratios:

    • Be Accessible to Customers:

      Be easy to get ahold of. Answer the phone, return calls and emails. Dissatisfied customers who have access to live support will frequently be satisfied that they had the opportunity to air their grievances. They may be satisfied with a simple return or refund and find it unnecessary or initiate a dispute or chargeback.

    • Maintain Excellent Logistics and Fulfillment:

      In the always-on, always-connected world, customers expect immediate confirmations and emailed receipts when they place orders online. A good CRM program can automate this process. The PayMystic Gateway is preconfigured to display a merchant’s contact information and customer service number and ensure that collateral, training guides and supplemental materials are locatable by including tracking information with each shipment notification.

    • Create an Easy Refund Process:

      Refunds are a reality of life and a cost of doing business in the automotive parts and accessories industry. By accounting and budgeting for refunds, automotive parts and accessories facility merchants can accommodate dissatisfied customers, avoid chargebacks and improve transaction flows.

    • Have a Billing Support Hotline:

      Providing customers with a dedicated, toll-free number and email address will alleviate their concerns and build good will. Automotive parts and accessories companies that are responsive to customer inquiries have been shown to increase customer loyalty and decrease chargeback and refund ratios.

    • Maintain a High Transaction Count:

      Companies with high levels of credit card transactions are in a better position to absorb chargebacks. Low-volume merchants can find themselves in the dubious position of having a high chargeback ratio with just a few chargebacks.

    • Use Email Automation:

      Follow product orders and shipments with a simple survey or thank you email. This simple gesture will improve brand recognition when customers receive their credit card statements and make it easy for them to contact your company to complain or request a refund.

    • Prevent Fraud:

      Proactively identify fraudulent and stolen cards and suspicious behavior when possible. By utilizing fraud prevention tools, this will leverage positive transaction counts.

    • Setup Pre-Chargeback and Refund Alerts:

      Create instant notifications of incoming requests for refunds, chargebacks and assorted customer inquiries. These services can be implemented in-house or outsourced to third-party providers. Merchants have a small window to react to customer disputes before card brands rule in favor of consumers. Automated chargeback and refund alert systems help merchants mitigate risk.

    How do I choose an eCommerce gateway?

    Disinfecting and Pest Control Services providers rely on Virtual Terminal, eCommerce and Mail Order/Telephone Order (MOTO) sales to scale their businesses. Credit card payments transacted online or by phone are called Card Not Present (CNP) transactions. Online CNP transactions involve credit card gateways that transmit payments from merchants to their payment processors.

    Following is a list of recommended attributes of payment gateways that address the unique requirements of Disinfecting and Pest Control Services industries:

    Support multiple merchant account IDs (MIDs):

    Some Disinfecting and Pest Control Services companies may need multiple merchant accounts to support their diversified array of offerings. Gateways should ideally be able to manage multiple merchant I.D.s organized under one master MID relationship.

    Simple integration:

    Payment gateways need to seamlessly integrate into CRMs, POS systems, third-party software, and ecommerce shopping carts to facilitate all forms of online, MOTO and in-store commerce.

    Enhanced reporting tools:

    Disinfecting and Pest Control Services companies need access to a variety of real-time reports and transaction data to grow and scale their businesses and manage chargebacks and refunds.

    Merchant Dashboard, with permission levels:

    In addition to enhanced reporting, automotive parts and accessories stores need secure access to transaction data from anywhere they happen to be working, with built-in permission levels to facilitate all levels of employees and management.

    Payment gateways must comply with the Payment Card Industry Data Security Standard (PCI DSS). Ask your gateway provider if they are PCI DSS compliant and verify their certificate annually. Disinfecting and Pest Control Services businesses also need a gateway with a data vault for tokenization of credit card numbers and encryption of customer personally identifiable information (PII).

    Tokenization replaces a Primary Account Number (PAN) with a randomly generated set of numbers and records this in the data vault. This is to prevent hackers from accessing customer data. By storing PII and PAN in a highly secure, offsite location merchants shift their liability to the gateway provider. Encryption and tokenization keep your customer’s information safe while allowing merchants access to the data for future transactions.

    Growing and Scaling Your Disinfecting and Pest Control Services Business

    It’s a Great Time to be in Disinfecting and Pest Control Services Industry

    The Disinfecting and Pest Control Services industry has become a household staple that is only continuing to grow. PayMystic is excited to play a supporting role when it comes to the growth of Disinfecting and Pest Control Services. Our extended family of pest control businesses, with vastly different models and product sets, are equally committed to optimal results, performance metrics and profitability. Some offer subscription programs; others provide mobile apps. All want affordable and easy low risk and high-risk payment card processing, which is our specialty.

    Join the growing community of Disinfecting and Pest Control Services businesses that process with PayMystic Payment Processing

    Thank you for taking the time to review this compendium to learn about available opportunities and solutions in the pest control industry. We look forward to welcoming you to our growing merchant community.

    Our online application takes minutes to complete. Once approved, our relationship managers will help you personalize your business management portal and leverage our full complement of secure payment gateway and chargeback management tools. They’ll help provision your processing account, eCommerce website and POS systems in brick-and-mortar stores.

    PayMystic will also make it easy for your customers to find you, by helping you create an engaging online and in-store presence and seamless customer checkout experience. Take your Disinfecting and Pest Control Services business to the next level today.

      PayMystic Pre Application