Tarot And Psychic Merchant Accounts

Reading Time: 3 minutes

Last Updated on June 3, 2024 by Corepay

Tarot and psychic merchant accounts are needed for merchants that operate primarily online. These accounts are considered high-risk by banks and processors due to the scrutiny of the industry and the risk of chargebacks.

Key Takeaways

• Traditional banks often decline merchants offering fortune-telling and occult services, making it difficult for tarot readers and psychics to find payment processing solutions.
• Corepay specializes in high-risk solutions and has a great understanding of the demands of the industry.
• Chargebacks are rampant in the industry for several reasons, including customers simply not liking the information they received from their reading.
• Applying for your payment processing has never been easier than it is today with Corepay.

Are Tarot Merchant Accounts Different From Other Accounts?

Tarot and psychic accounts are slightly different than traditional accounts as they are at greater risk for chargebacks and operate primarily online.

It is often wise to pair your tarot business with a payment processor that offers anti-chargeback solutions. At Corepay, we offer our in-house suite through our partner product, CB-ALERT, to help you stamp out fraud before it begins.

Why Are Psychic Merchant Accounts High-Risk

These types of accounts are high-risk for several reasons.

Chargebacks

In psychic services, your merchant account is often considered high-risk due to the significant likelihood of chargebacks. Chargebacks occur when customers dispute a transaction, leading their bank to refund the money, often without consulting you first. This practice is especially prevalent in your industry due to the intangible nature of psychic services.

Skeptical customers may feel they need to receive value for their money, leading to disputes. 

Customers Might Be Offended By Claims Of Tarot Reader

When setting up your tarot reader or psychic merchant account, it’s crucial to remember that some customers might take offense at certain claims made during readings, leading to increased skepticism and a high-risk classification for your business.

Additionally, the subjective nature of psychic services can create customer dissatisfaction, increasing the risk of chargebacks.

Fraud

Over time, you’ll notice that psychic merchant accounts are often classified as high-risk due to the increased risk of fraud. This categorization arises from the nature of the services. As a psychic merchant, you’re selling intangible, subjective services that can lead to higher chargeback rates.

Customers, skeptical or unsatisfied with the readings, might dispute the charges, leading to high chargeback rates, a red flag for processors. 

Applying For Payment Processing

Applying for your tarot merchant account is quick and painless at Corepay. Our goal is to streamline the application process and get you approved as fast as possible.

Most approvals come within 24-72 hours of completing your application. 

When applying, you will need the following to speed up the process:

• Company EIN document
• Financial statements, including personal and business
• Proof of operating address
• Principal’s driver’s license
• Articles of incorporation
• Business plan
• Voided check

How To Choose A Payment Processing Partner

Choosing your payment processing partner comes down to a few key steps:

• Experience with high-risk merchants – Not all payment processors are familiar with high-risk merchants.
• Fees – Rates vary significantly from provider to provider.
• Chargeback solutions – Due to the nature of your business, chargeback prevention solutions are a must.

The Risk Of Using Paypal

Paypal takes a firm stance against high-risk merchants, and they can close your account without notice. 

PayPal’s policies aren’t tailored to the specific needs of high-risk businesses, and they can freeze or close your account without warning if they detect a high volume of chargebacks. This can disrupt your cash flow and impact your business operations significantly.

For this reason, it’s wise to choose a high-risk partner rather than Paypal.

Choose Corepay

If you offer tarot reading services, spiritual consulting, seminars, or personal development training, you may need help finding reliable credit card processing. We deeply understand the tarot industry and know what it takes to elevate your business.

At Corepay, we have established strong relationships with acquiring banks, possess expertise in reducing chargebacks, and offer competitive rates tailored for high-risk industries.

For all our tarot merchant accounts, we provide:

1. Swift Approvals: You can expect approvals typically within 24-72 hours.
2. Highly Competitive Rates: We recognize the significance of competitive rates for our valued clients.
3. High-Volume Processing: Our payment gateway, was purpose-built for high-risk industries handling substantial transaction volumes.
4. Multi-Currency Support: We understand the importance of processing payments in various currencies.
5. Robust Security: Our PCI-Level 1 secure payment gateway undergoes continuous monitoring and regular testing.
6. Mobile Payment Acceptance: We simplify accepting payments from customers using mobile devices.
7. Round-the-Clock Customer Support: If you encounter any difficulties, our dedicated customer service operates 24/7 to ensure your business never faces downtime related to credit card processing.
8. Fee Waivers: In our commitment to transparency, we waive annual, set-up, and application fees.

We are confident that we can provide exceptional payment processing tailored to your tarot business. 

If you’re looking to take your payment processing to the next level, skip the foreplay and come to Corepay.