A merchant account deals with the processing of your business payments. There are various factors of the high-risk industry such as higher chargebacks, high transaction fees, and high-volume transactions. These factors cause the merchant to look for merchant account services.
A high-risk merchant account is an efficient processing account for high-risk businesses that can provide higher monthly or annual transactions. With the ability to conduct volumetric transactions you are capable of achieving the requisite sales for your business.
Easily target your potential customer with the recurring bill subscription model. Provide them with an efficient pricing structure for their monthly payment cycles. An easy recursive payment model with a cost-effective pricing structure drives your customer interest.
Merchants get easily persuaded by the myths and misconceptions in the payment industry. Don’t get carried away with the fake promises and unconventional practices followed by some of the service providers.
If you are a merchant in the UK, find the best cost-effective payment processing solution for your business.
We are here to deal with every complexity your business is dealing with. EskayPay is a global payment service provider that helps you provide the right payment solution. We are collaborating with merchants in the UK to provide merchants with credit card processing services so that merchants can accept global payments through secure cards. We also assist merchants in providing high-risk merchant account UK services to provide integrated and advanced payment solutions.
How to distinguish between a low-risk and high-risk merchant account?
Before, you come on the terms with the right merchant account service provider. It is better o know whether you are a high-risk merchant or a low-risk merchant. Based on some criteria, service providers categorize businesses according to their potential risks. Below are some of the characteristics for both high and low-risk merchants.
Indication of a low-risk merchant account
- A merchant is facing less than $20,000 of monthly transactions.
- An average pay-ins for credit cards is less than $500.
- Merchant operates at low ticket prices.
- Zero to low chargeback ratio.
- The business operates in a low-risk country (European Union Countries, USA, Canada, and Japan).
- The business has moderate returns.
Indication of a high-risk merchant account
- Merchant is processing more than $20,000 volume transactions.
- Average credit card pay-ins are more than $500.
- The business sells products or services in a country that resembles high fraud risk.
- The bad reputation of the merchant’s business.
What are the significant low-risk and high-risk industries?
Note that geographical region, operational countries, price of product/services delivered, and tax regulation are some of the dependencies to classify the nature of the industry.
Here are some of the low-investment industries and high-investment industries
How you can obtain a High-Risk Merchant Account?
It is not difficult to obtain a merchant account. Fill out the online application form. You also require a high processing payment processor to accept card payments. The process for applying for a business account is simple and short. We at EskayPay will help you find a bank that matches your business requirements. Here are some of the documents required to obtain the business account.
- The license and name of the organization that issued the license.
- Processing history of 3 months
- Bank statement of 3 months
- Utility bills
- A driving license or any other government authorized identity card
- A void check
Prepare for a well-functional business website. Once your acquiring bank approves you will start accepting the payments for your business.
No matter what size of business you have, whether it is a low-risk or high. It certainly needs a payment processor so that you can start collecting payments for your business.
EskayPay is best known for efficiently processing payments for merchants in the UK. Not only do the merchants make enormous profits off the services but they are also building trust among the customers by providing seamless payment to the merchant. It is better to seek solutions from highly experienced service providers since they know the best practices followed in the market. We provide the best competitive discount rate for quality services.