6 Main Features to Look for in a High-Risk Merchant Account

Friday, January 7th, 2022

A lot of high-risk merchant account providers offer lots of great features. But some key factors make it easier for you to run a risky business. 

If your company is high-risk, you need these features in your merchant account:

Features That Matter to a High-Risk Merchant Account

1. Strong chargeback protection. 

High-risks are prone to chargebacks and refunds can threaten to kill your small business. You need strong chargeback protection to run a profitable business.

Some processors offer chargeback protection only for online sales, but many others extend it to all types of transactions, including phone, fax and mail order.

2. Protection from fraud

Another important thing to look for in a high-risk merchant account is protected from fraud. Fraud prevention software is an essential tool since it protects both your customers and business from unauthorized charges and identity theft. This feature also helps reduce the cost of doing business by decreasing the risk of fraudulent transactions.

3. A global reach

If you sell products or services internationally, you need a processor that operates on a global scale. That way you can accept payments from international customers without having to worry about currency exchanges.

4. The ability to expand

If your business grows beyond what you thought was possible, it’s crucial to be able to expand without switching processors or having to go through a lengthy application process.

5. Personalization

Many processors offer tools to help you customize your website or mobile app for each customer and simplify the purchase process. These tools can include a shopping cart builder or mobile checkout app customization tool. 

6. Speedy Payment Processing

Processing speed is vital for merchants that rely on timely credit card sales for revenue. Getting paid quickly will allow the business to meet its financial obligations better and provide faster customer service. While some providers will offer speedy processing at no extra fee, others will charge you more for this convenience.

Final Words

If you’re a high-risk merchant, you need a processor that understands your business and offers risk management tools. You also need one that can grow with you as your company changes and expands.