Wednesday, December 13th, 2017
In this day and age, it’s become critical for businesses to secure a reliable merchant account with a trustworthy payment processor to start accepting credit card payments. For low risk businesses or those with good credit history that operate in certain business sectors such as retail, obtaining a merchant account is usually a straightforward process. The situation is different for those who are classified as a high risk business.
What Makes My Business High Risk?
Merchant accounts are considered high risk mainly because of high rates of chargebacks and risks associated with payment processing fraud. Chargebacks can be expensive both for the business and the bank that processes the transactions.
Chargebacks cost money to process, but higher rates of chargebacks could drag a business to its end. Most people think only tobacco, gambling, and adult entertainment businesses are regarded as high risk. In fact, there are some “mainstream” industries that are categorized as high risk as well.
High Risk Businesses and Merchant Accounts
Businesses need a merchant account to accept credit card payments, and a payment gateway to process cards online. If your business is tabbed as high risk, things are going to be more difficult for you. The point is that you’ll need to get a high risk merchant account, which is likely to be a challenge and more expensive.
High Risk Credit Card Processing UK
If you’re a high risk business, you’ll be obliged to pay higher monthly and transaction fees, which can’t be said about low risk businesses. The good news is that you can turn to a true professional in the field like Best Payment Providers to get to know the best high risk merchant account providers in the field.
Here is a list of high-risk businesses:
- Adult products and services
- Digital downloads
- Drug paraphernalia
- Gambling (both on and off-line)
- Health supplements
- Investment schemes
- Payday loans
- Travel related business
- Web hosting
Best Payment Providers, as a payment expert that provides free consultation, reviews contracts, rates, and fees to ensure you’re getting the best deal. Integration requirements are equally important as fees and customer service, so Best Payment Providers checks each provider’s integration process to guarantee a smooth transition and onboarding process. With Best Payment Providers, you can be sure to get the most honest snapshot of the company at the time of writing.
Even though the “high risk” categorization will create some challenges for you, as a merchant, with the right steps, you can easily overcome the hindrances on your way. A respectable high risk payment processor can approve you for a high risk merchant account UK without major difficulties.
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