Reviews

MerchantScout Review

August 10, 2022

MerchantScout offers merchant accounts and credit card processing for all business types, sizes, and industries. It works with domestic and global banks to deliver tailor-fit solutions and the lowest possible rates depending on your business needs. These cover e-commerce, in-store, mail, and phone payments.

The company is based in London and serves European, UK, and international merchants. To learn more about MerchantScout, read this in-depth review on its services, rates, and more.

 

Overview of High-Risk Merchant Accounts and High-Risk Credit Card Processing

image of merchant scout logo

Although MerchantScout caters to all types of businesses, it highlights high-risk merchants as one of its fortes. It has a global network of over 40 acquiring banks to accept multi-currency payments. These include over 150 currencies around the world.

Merchants will also benefit from a payment gateway that supports over 30 payment methods. It is equipped with security tools for fraud prevention.

MerchantScout guarantees transparent fees through two pricing models – fixed and interchange-plus. Interested merchants can request a quote through the website. Once you apply for an account, approval can happen within 48 hours.

 

MerchantScout Services

Here is a quick overview of merchant services offered by MerchantScout.

Merchant Accounts

MerchantScout provides merchant accounts for businesses in need of payment processing. Its global network of acquiring banks allows it to work with most industries, whether low-risk or high-risk. It also caters to international businesses through its offshore and aggregated merchant accounts. The company will tailor-fit its merchant services and pricing plan based on what is best for your business.

Depending on what type of account you apply for, you will have access to a variety of payment solutions. For example, European merchants can accept more payment methods and currencies than international merchants.

image of merchant scout merchant accounts

Payment Processing of 30+ Payment Methods

With a merchant account from MerchantScout, you can process over 30 payment methods. These include major credit cards like Visa, MasterCard, American Express, JCB, Diners Club, and UnionPay. Debit cards are accepted as well, such as Visa Debit, Visa Electron, MasterCard Debit, and Maestro.

Apart from cards, the company supports e-wallet payments, such as PayPal, GiroPay, Alipay, Yandex, PaySafeCard, iDeal, and more.

Again, as mentioned, acceptable payment methods will depend on the type of merchant account.

Payment Gateway for E-Commerce Merchants

MerchantScount’s e-commerce merchant account comes with a full-featured payment gateway. It is PCI-compliant and equipped with built-in fraud prevention measures, reporting tools, recurring billing, and other payment processing features.

Once your merchant account is approved, MerchantScout will take care of integrating your existing website or system with its payment gateway. It does so using Server2Server APIs. Another option is to set up hosted payment pages on your website.

image of merchant scout payment gateway

POS Terminals for Retail Merchants

For retail merchant accounts, MerchantScout provides POS solutions for in-store payments. These include credit card terminals with pin pad, GPRS, Wifi, and ADSL features.

Virtual Terminal for MOTO Merchants

For merchants with mail and telephone payments, you will be assigned a MOTO merchant account. It comes with a web-based virtual terminal to encode and process payments. Merchants also have the option to integrate with the payment gateway via APIs.

Fraud and Chargeback Prevention

With MerchantScount, merchants will have access to a range of fraud prevention tools. Its payment gateway includes standard checkpoints via CVV, Verified by Visa, MasterCard SecureCode, address verification, and card expiry date requirements.

For more advanced protection, optional checkpoints include velocity controls, BIN country match, cardholder database changes, blacklists, transaction monitoring, and more.

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MerchantScout Rates

MerchantScout takes pride in offering transparent pricing and no hidden fees. The company provides a rundown of its rates and fees on its website.

Processing Rates

Depending on what is best for your business, merchant accounts can choose between pricing plans:

  • Fixed Rate: Between 0.95 percent to 5.50 percent, depending on your risk profile, processing volume, location, and other factors
  • Interchange-Plus Rate:
    • E-commerce merchant account: Interchange plus 0.70 percent
    • POS merchant account: Interchange plus 0.70 percent
    • MOTO merchant account: Interchange plus 1.50 percent plus 0.20 euro

Other Processing Fees

Merchants may also incur additional service fees, such as:

  • Gateway transaction fee: 0.10 euro to 0.25 euro
  • Monthly fee: 0 to 20 euros
  • One-time setup fee: 0 to 100 euros
  • Bank annual registration fee: 0 to 950 euros

  • POS terminal lease fee: 18 euros to 35 euros
  • Refund fee: 1.00 euro
  • Chargeback fee: 15 euros to 24 euros

Some merchants may also be required to provide a rolling reserve of up to 10 percent of sales, which will be released after 90 to 180 days.

MerchantScout does not charge for its virtual terminal and PCI compliance scan report.

image of merchant scout fees

High-Risk Industries MerchantScout Serves

Below is a list of popular high-risk industries highlighted on the MerchantScout website. As the company claims to cater to most high-risk industries, it likely works with others not found on this list. You may contact the company directly to inquire about other industries.

  • Dating and Escort Services
  • Drug Stores and Pharmacies
  • Electronics
  • Financial Services
  • Foreign Exchange and Binary Options
  • Gaming and Gambling
  • Insurance
  • Jewelry

 

Other Notable Features of MerchantScout’s High-Risk Merchant Accounts

Dedicated Agent

Merchants will have access to a dedicated agent for any technical concerns or customer issues.

Daily or Weekly Payouts

Depending on your business, merchants can expect daily or weekly fund payouts.

 

MerchantScout Reputation and Reviews

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MerchantScout was established in 2005 and has close to two decades of experience in merchant services. It also boasts of its partnerships with reputable EU, UK, and international banks. These give them an advantage in offering high-risk and multi-currency processing services.

In terms of its reputation among customers, there don’t seem to be any negative reviews or public lawsuits against the company. However, it does not have that many customer reviews as well. The company has one 4-star review, which praises it for its offshore merchant account. It also highlights the company’s customer service and good rates.

Apart from this, MerchantScout has a 5-star rating from the popular review site, Cardpaymentoptions.com. They appreciate the company’s transparent rates, banking network, and clean track record. It also appears in Bestpaymentproviders.co.uk, which gave it a 4-star rating. Its only negative feedback is the company’s customer service.

Furthermore, ScamAdviser gave it a trust score of 100, concluding the company’s legitimacy and credibility.

 

Conclusion

Overall, MerchantScout is a worthy option for high-risk industries and international companies. Its processing services support over 30 payment methods and 150 currencies, which are good to have for expanding businesses. It also prioritizes fraud prevention through its wide variety of security tools. Moreover, the company caters to e-commerce, retail, and MOTO business models.

Merchants will also appreciate its transparent pricing. You can choose between fixed and interchange-plus pricing models depending on what suits your business. While the company does not have that many reviews, it has years of experience in merchant services.

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