Tuesday, July 31st, 2018
Do you have a poor credit history? Maybe your UK business has, doesn’t it? Are you involved in a high-risk industry in the UK? If yes, in all these cases, you should apply for high-risk merchant accounts UK? Let’s move forward and find out how you can obtain the best high-risk merchant account UK.
Applying for a High-Risk Merchant Account
High-risk isn’t necessarily associated with being unprofitable. It just means banks see a strong possibility of refunds, higher rates of chargebacks and fraud associated with your business.
The main difference between a high-risk and a low-risk merchant account has to do with the fees and settlement period. The settlement period of high-risk merchant accounts requires 1 week. That of the traditional ones will take some 3 days. Also, expect that your bad credit will make the provider look at your application a little more closely.
So, which industries are usually considered high risk?
- Adult content, products, and services
- Alcohol products, beverages & Off-licenses
- Credit Repair
- Car parts
- Digital downloads
- Drugs and related accessories/paraphernalia
- E-cigarettes and Vaping
- Health supplements & Wellness Products
- Gambling and Casinos (both on and off-line)
- Game codes & hacks
- Investment schemes
- Jewelry, watches & related accessories
- Massage parlors & Tattoo studios
- Money Transfer
- Nightclubs / Cabaret bars
- Payday loans
- Phone locking services
- Software and other downloads
- Smartphones including sale, resale & spare parts
- Technical Support & Web Development
- Travel, booking, and tickets
- Web hosting and ISP services
You can look for a no-credit-check merchant account to avoid risking the acquiring bank looking at your financial records. However, this may prove to be not so easy because you can’t find many no-credit-check merchant accounts in the UK, but this doesn’t mean they don’t exist.
Another important thing to be aware of is that high-risk merchant accounts require higher monthly and transaction fees. That’s where a reliable and experienced payment expert UK comes into play. Working with a respectable merchant account comparison company, you can get the best deal for your business at the most acceptable fees.
How to Find the Best High-Risk Merchant Account
Have you tried turning to Best Payment Providers, a reputable comparison company in the UK? Best Payment Providers offers free consultation and reviews of contracts, as well as rates, and fees.
Given the importance of integration requirements, Best Payment Providers always checks each provider’s integration process to ensure you’re enjoying a smooth transition and onboarding process. Best Payment Providers is focused on providing the most honest snapshot of the company at the time of writing.
Since Best Payment Providers works with other merchants in your field, you can be sure to get truly the best high-risk merchant account UK to grow your business. You can just pick up the phone and talk to the experts at Best Payment Providers right away.
Credit card transactions represent the most popular type of payments in the UK. Realizing the diversity of UK consumers, Best Payment Providers can help you find a reliable payment processor that’ll allow you to process transactions in a wide range of currencies.
Having bad credit or no credit means you may have difficulty getting approved for a merchant account. However, this isn’t an uphill battle. Just work with a true professional in the field to get the best for your business needs.