Many consumers buy different products through the Internet. Because of the accessibility and convenience of making online purchases, more and more online businesses are being created.One important aspect of online businesses is their payment options.It becomes much more convenient to the consumer if many payment options are available like the use of different credit or debit cards.
To facilitate the online payments made by consumers, businesses need merchant accounts.These merchant accounts will facilitate processing of online payments that were made through credit cards or debit cards.You can get a merchant account in banks, credit card processors, or merchant account providers. Getting a merchant account is easy for most online businesses except for the ones considered as high risk. What are these high risk businesses?
High risk businesses
Some businesses are considered high risk if they meet any of the following criteria.
1. The online business is not registered.
2. The merchant’s credit standing is not good or is inconsistent.
3. The merchant is already blacklisted by other merchant account providers or credit card companies.
4. Volume of sales is too high which increases the risk of fraud.
5. Volume of sales is too low that the business cannot afford to pay for fees.
Aside from these,your online business is considered high risk if it falls under any of these categories: adult entertainment,dating,travel,Internet service provider, pharmacy, gaming, auctions, tobacco and cigarettes,e-wallet or e-cash,telemarketing,international call centers,replica products,voice-over-IP services, debt service, web hosting, and others.Some merchant account providers, banks, and credit card processors do not want to transact business with these high risk companies because of the risk of fraud.
If your online business is considered as high-risk,getting a standard merchant account is impossible. Therefore,business owners must look for merchant account service providers that offer high risk merchant accounts .Not a lot of merchant service providers offer this service,Or the business owner may have to pay hefty fees for approved high risk merchant accounts .In this situation, the online business owner has to increase his prices in order to cover the fees.
Because of the advantage of having high risk merchant accounts ,business owners must see to it that they get one,A timely and accurate processing of online financial transactions must be ensured to guard against fraudulent transactions made by customers and suppliers.And this will keep the consumers satisfied with the services as well.
Where can the owner of an online high risk business get a high risk merchant account?
Based out of New York City, HR Merchant Services can help high risk business owners in setting up their high risk merchant accounts.Our years in the business have made us experts in this field. We have the capabilities to offer the best services and products in the industry. Another plus is our affordable prices.
Are you an owner of a high risk business? Let our experts here in HR Merchant Services help you in getting a high risk merchant account.