Saturday, June 13th, 2020
Industries are classified into high- and low-risk ones based on the criteria set by financial institutions. Risky businesses are tabbed as high risk. Let’s look at payment solutions for high risk businesses.
Payment Solutions for High Risk Businesses
Traditional financial institutions or big merchant account providers such as World Pay, Elavon, Global Payments, etc. aren’t generally willing to work with high-risk businesses. Risk assessment is based on several criteria, including the credit risk of the business, what trading history it’s had, its prospects, and the industry it’s in.
Happily, there’re alternative options to get a high-risk merchant account for your risky business. All you need is to work with a reliable merchant-account comparison expert like BestPaymentProviders.co.uk that can help you with the best payment solutions for high risk businesses. Best Payment Providers UK pays exceptional attention to terms, complaints, and integration and guarantees the most unbiased review of providers at the time of writing.
Financial Solutions for High-Risk Businesses
It’s more challenging for high-risk merchants to open a merchant account to accept payments online as compared to low-risk ones. Usually, the whole process is associated with:
- Establishing an offshore company
- Opening an international business-bank account to expand globally and reach out to new clients worldwide
- The last challenging step is to open a merchant account for a new or already existing business
Let’s take a look at payment companies offering merchant services to high-risk businesses. E.g., iPayTotal is proud to offer its Tier 3 Package to all its clients. It includes company registration, registered/virtual office address, global IBAN/SWIFT accounts, merchant account solutions, and not only.
Worldnet provides high-risk merchants with its payment-gateway solutions throughout Europe and North America. This payment company offers well-established and highly-valued services. Worldnet’s payment gateway is ideal for merchants in the CBD and hemp industry. Thanks to this payment gateway, merchants can securely and reliably process card payments online.
So, merchant-account providers put certain businesses into the high-risk category based on several criteria. These include higher rates of chargebacks and fraud, cancellations, and unauthorised payments processed during daily business operations. To find the most suitable high-risk merchant-account provider for your business, work with a reputable payment-comparison specialist in the UK.