Now a day, everyone who wishes to grow their online business requires a credit or debit card. While getting a reputable payment processor provider can be difficult for any business. It is even harder if you are associated with high-risk. Do you even know what a high-risk business account is? In the simplest words any business which is related to fraud or higher risk to the credit card processor. While this is usually due to the nature of your business, it may also cause because that owner is associated with bad credit or the business caters to customers that are deemed to present a higher risk of fraud. Though every processor has its own set of criteria to decide whether it is a high-risk or not. Hence, a business might be considered as high risk by one processor but not by others.
Various businesses are associated with a high-risk industry such as adult entertainment, Tech Support, e-cigarettes, Vape shops, Online Gambling business and other business. All these businesses require an efficient payment processor that will allow you to have smooth and flexible payment transactions. We at ePayGlobal provide you with the best High-Risk Merchant Account facility that will allow you to stabilize your payment transactions.
There are following factors that determine high-risk status such as:
High Chargeback: If you are getting higher dissatisfied customers for your business. This determines is usually based on the behavior pattern of your customers, not you personally.
Offshore businesses operating in the United States: If your business is headquartered overseas, but you don’t sell to primarily to US customers, you might also be considered as high-risk.
Products or services of questionable legality: This factor is one of the major factors that are associated with the high-risk business. Adult Entertainment and Online Dating business are examples of high-risk businesses.
Bad Personal Credit: If you are having bad credit for your business then most of the processor will consider you high-risk category by some processor.
High Average Sales: If your business is getting high-cost purchases, you could be considered as high-risk. This factor primarily affects businesses such as furniture stores and companies who process a lot of B2B business.
These are some of the factors that are considered when providing you with the merchant account. Banks or Financial Institutions may hesitate to provide you with the payment gateway. Since they want to ensure that you are not associated with the high business or they are running a legal business. Hence, they will ensure that you are having a legal product or services.
If a processor has not accepted your credit card processing your application then they will call you a “high-risk merchant”. You will still be able to accept card payments for your business. Granted you wouldn’t be able to qualify for the best processing rates. We at ePayGlobal provide you with the best High Risk Merchant Account facility that will allow you to have smooth and flexible payment transactions.
Read our another blog post : Get Reliable Payment Transaction Services with High Risk Payment Solution