Accepting credit cards is a tricky business. You see them everywhere, so it’s assumed that it’s a piece of cake to process payments with them. However, when you reach a certain volume or are in a certain type of industry, things can quickly come to a screeching halt.
Websites such as RubRatings.com are what banks like to call ‘high risk‘. We love our customers, but when a bank looks at the site they automatically make a judgement that the customers are going to be major liability. Most of the time, websites that are considered high risk can still process credit cards, but they just have to pay higher fees. However in the last year, banks have decided to unilaterally start declining any credit card processing for sites like ours or Backpage.
If you have the right connections, foreign banks may potentially accommodate you for a very high price with restrictive terms. If you wonder why prices keep rising on other ad sites, that would be why.
Our ad fees are among the most competitive, and we’d like to keep our prices lower than the rest. For this reason, we will not be accepting credit card payments at this time. Instead we are presenting 2 other very viable options.
Option 1: Electronic Checks (eCheck)
For eChecks, the idea is very simple. Paying for an ad would be just like writing us a check. However, instead of physically filling out and signing a paper check, you would just enter your info on a web form along with the bank account and routing number you would find on the bottom of a check. It uses a different type of fund transfer than credit cards known as ACH. This form of transfer is a lot less risky for banks, so the rates and terms are far more reasonable.
Service providers may not want to use their primary checking account which is understandable. There are many online virtual checking accounts you can setup to use as a business only account. You can deposit a small amount into this account, and then use that account to pay for ads.
Once you enter in your checking account info during the checkout process, we save the data in a secure location. The next time you want to make a purchase using your checking account, you can do so with a single click.
Option 2: Bitcoin
Bitcoin is a digital payment system that was created in 2009. It’s constantly making the headlines, and it’s become clear that Bitcoin is here to stay. In March of 2017, a single Bitcoin surpassed the value of an ounce of gold for the first time.
Part of the appeal to Bitcoins is that they skip the banks entirely and are known as an ‘open source payment method’. There is extreme security and privacy involved with transferring Bitcoins which is handy for many industries. Transferring a Bitcoin worldwide is practically free which is impossible to say for other methods of transferring funds on a global scale.
For those who value privacy the most or just love the hot digital currency, Bitcoin might be a better option than eChecks. Many service providers are already familiar with Bitcoins, and the process to acquire and spend them is getting easier every year. The are 3 basic steps to using Bitcoins:
- Setup a Bitcoin wallet with a respectable wallet service
- Add funds to your new wallet using a credit card or bank account
- Send the funds to the correct Bitcoin address using your Bitcoin wallet’s interface
We’ve written a guide about purchasing and spending Bitcoins here.
We hope that one of the solutions above work for you. If you have questions, please sign up for a free account in the city of your choice below. After creating the free account in your city, there will be a support tab you can use for questions or issues.