Friday, October 18th, 2019
Today, you can’t do without accepting payments online. Is the risky nature of your business putting hindrances on your way while trying to get approved for merchant services? No worries. This article is about finding a credit card processor that’s ready to work with and get you a high-risk merchant account easily.
Payment Processing: High-Risk Merchant Account
Acquirers categorize merchants into low-risk or high-risk groups. When funds get transferred via debit/ credit cards, the process is associated with more than one step. When the user swipes a card or when a chip is read, the payment terminal sends the information to the card network.
Specifically, the high-risk group has to do with dating, adult, gambling and betting sites, bail-bond companies, cryptocurrency sites, and more. The high-risk nature of these businesses makes banks and many processors stay away from them.
However, being tabbed as high risk by one merchant-services provider doesn’t mean you have zero chances to open a merchant account with another processing company. This depends on the approval guidelines processors use.
So, if you’re interested in high-risk merchant processing, be prepared to shop around. Start comparing the rates, application processes, and the time required for getting your approval. Look for a processor that offers transparency and a multitude of features. To make things easier, just turn to a payments-processor comparison company like Best Payment Providers in the UK to get the right deal for your business.
Best Payment Providers helps both low- and high-risk merchants find the cheapest rates for a high-risk merchant account and the most honest snapshot of companies at the time of writing. The consultation is free.
Payment Processing for High-Risk Merchants
There’re certain things you should be focused on as a high-risk merchant when applying to a merchant processor. These include:
- Figuring out what’s been going on with your own finances over the last 6-12 months since processors will want you to show stable income and growth during the mentioned period.
- Since you don’t have lots of options to choose from, you should do some research and put your business in the most appropriate position to get approval for payment-processing services.
- Make sure to have a solid business plan in place that shows how you reach profitability and avoid chargebacks.
- Work on repairing your credit score. Good credit makes you less risky and guarantees better rates and more favorable terms for merchant services.
- Know who you’re selling to. If you’re dealing with a customer that might cause fraud, stop selling to him/her.
- Look for a processor or a business-funding provider that offers the cheapest rates and fees in the high-risk field.
- Search for a processor that provides exceptional fraud-prevention and chargeback-mitigation solutions.
To sum up, merchants classified as high risk are going to face some challenges when getting approved for merchant services. To avoid running into major obstacles, work with a reliable comparison company in the UK.
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