There are two primary factors why you might be forced to choose a high-risk merchant account. First, you or your business has a bad credit score. Second, your business falls under high-risk industries.
In both above cases, your business will not get merchant account service from banks or financial institutes.
A high-risk processor accepts responsibility for increased risk, which needs more intricate processes for in-depth analyses. The risk is measured differently, and it is always about how likely the business will be to cause chargebacks.
To maintain the highest security level needs more engrossment from a payment processor in fraud protection. The risk factor goes up, which is also associated with having a team on board that monitors all payments and online tracks of high-risk merchants.
This is why a merchant in the UK needs to get a High-risk Merchant Account UK with extensive expertise and experience in the market.
Reasons why businesses need a high-risk merchant account
The business selling products and services online:
Businesses involved in the e-com industry selling their products or services online are also considered a high-risk industry. Banks consider them risky and do not provide assistance.
A merchant involved in a highly regulated sector:
Merchants selling CBD Oil, E-cigarettes, and adult products or services are among a few of the many that fall under the high-risk category.
The business is in an industry that a bank may notice as a reputational risk:
Businesses involving reputational risks like IT or security service deals with customer information are also rated as the high-risk industry. Additionally, adult merchant accounts qualify.
The business industry is recognized for having a high occurrence of chargebacks or fraud:
Businesses that experience a high chargeback ratio, identity theft, account takeover, and fraud fall under high-risk industries. This factor makes it challenging to get a standard merchant account service.
The business sells products or services using a recurring billing model:
A business model based on a recurring billing model brings more chargebacks for business. It often happens when a customer is billed without his consent or remembering they even signed up. As a result, the chargeback ratio increases for the business, which leads to the account shutting down entirely.
The person with a bad credit score:
This one is a no-brainer. Banks and financial institutes are less willing to lend funds to merchants with bad credit. That’s the reason a high-risk payment processing service provider comes in handy.
Due to the above factors, a merchant requires a high-risk merchant account service for his business. With high-risk payment processing, it becomes way more accessible for them to receive and process their payouts.
But choosing a merchant account provider is a challenging task. Various factors need to keep into consideration before opting for merchant account service.
Factors to keep in mind while choosing a high-risk payment processor
There are some factors that you need to keep in your mind while selecting a high-risk payment processor. It makes things easy for you.
Choosing a payment processor for your business is a wise decision that includes various points. Here are some of them:
Security indicators: As a high-risk merchant, you require a merchant account provider that follows strict security guidelines and provides a set of anti-fraud tools that will keep your business safe from fraudsters. Be assured that the service provider offers chargeback prevention management and a multilayered approach to security.
Expertise: It is essential to know how long it’s been a merchant account provider dealing in the market and its background. Their expertise of all ins and outs of niche industries positions them as market leaders. You also need to ensure that the merchant account provider you want to work with is reliable, so your money is safe.
High-risk payment processor website: Visit and inspect the layout of the processor’s site whether they publish updated erudition. An outdated or basic website that makes you feel like back in time could be a warning sign that something is wrong with the service provider you consider.
Accepted business models: You need to make sure before applying for a high-risk merchant account that credit card processing should work with industries your company operates in. The same applies to the countries accepted. A reliable high-risk payment processor will keep a list of supported business models on their websites.
Why EskayPay?
For a high-risk merchant, it is beneficial to have a high-risk merchant account service. And it is essential to do some market research before opting for services.
When you look for the best merchant account service provider in the UK, EskayPay will appear in the top list.
If we talk about EskayPay, it is among the industry’s best high-risk payment processing service providers. It has specialization in providing service to high-risk industries from different niches.
High-risk merchants can make payment processing way easier for them with EskayPay. High-risk payment gateway integration with your website allows you to accept payment via different modes securely. Merchants can enable their customers to pay via cards, eCheck, ACH, mobile payments, etc.
There are various other benefits and feature you get with High-Risk Merchant Account UK like:
- Easy integration
- Multicurrency payment processing
- Multiple payment methods
- Credit card processing
- Offshore payment solution
- PCI-DSS Level 1 compliance
- Fraud protection tools
- Chargeback management tools
- 24*7 reliable customer support
Contact us
The expert team at EskayPay is always available to assist you in the process of getting instant approval for High-Risk Merchant Account UK.
Don’t hesitate to connect with our experts right now by filling an online form on our website. They will love to educate you about our payment processing service and us.
We work for your business growth.
Tags: High Risk Merchant Account Instant Approval, International Merchant Account, Online Credit Card Processing, 2d Payment Gateway, High Risk Payment Processing
High Risk Merchant Accounts 