Wednesday, March 11th, 2020
You’ve spent countless hours planning and building your business. To continue to grow and be competitive, you will have to find innovative ideas and technologies. The business that provides exceptional services and quality products at the lowest possible prices is the business that succeeds and expands. Keeping customers happy and loyal is all about convenience, reliability and speed.
Especially when it comes to payment processing, customers want as many options as possible and for those transactions to be as fast and seamless as possible. However, acquiring a merchant account is not easy for many businesses, especially if they fall under a high-risk category. What makes a business fall under a high-risk category?
Your business might be deemed “too risky” if it:
- Has a poor credit score
- Has high turnover
- Offers money back guarantee to customers
- Has high risk of credit card fraud
- Has high probability of customers’ dissatisfaction
Without a merchant account, businesses cannot securely process credit or debit card payments. Gambling, telemarketing, tech support, travel, online pharmacies, credit repair, online firearms and sports betting are just a few examples of business types and industries categorized as high risk. Thankfully, there are many providers today – high risk providers – that specialize in working with high risk businesses, offering a full range of merchant services at very attractive fees.
How to Know if You Need a High-Risk Merchant Account
A high-risk merchant account ensures a business can process and accept online payments in a secure way, regardless of being high risk. The business is no longer limited to a particular town or country, since the account will allow them to accept online payments from anywhere in the world. In a matter of minutes, a business can apply for an account and have an account setup in as little as 24 hours.
Here are a few other signs your business would benefit from a high-risk merchant account:
- You’ve been told your business is high risk.
- Your business experiences excessive chargebacks.
- You want to become more secure.
- You are hoping to expand.
If your business experiences an excessive amount of chargebacks, like an online pharmaceutical company for example, securing a pharmaceutical merchant account can provide the help you need to manage chargebacks – protect and prevent them from occurring. The assistance the provider offers in being proactive with fraud will also ensure you keep your business and customers’ information safe. A high-risk merchant account not only lets merchants accept different forms of payments, but also protects your business against customers who try to pay their bills through invalid checks or fraudulent payment cards.
If you want to protect your high-risk business and expand, consider working with a high-risk provider. Get the help you need to create a seamless payment process and grow your business.