You need a high risk merchant account with a higher risk of chargebacks and want to process credit card transaction, if you are run an online business. But hare is a question raise that what is a high risk merchant account and how it is work and also that how do you know that you need this account?
Who present a degree of risk associated with their business, a high risk merchant account is a type of business bank account assigned to those merchant. There are some reasons that are labeled high risk merchant account:
- Some fact that is present by the merchant industry like that, financial, health risks, reputation and some others.
- A merchant have flawed and imperfect credit history.
- The merchant process has a high transaction volume and usually domestic.
- Traditionally the merchant is an industry that has high fraud rates or chargeback, such as technical support or recurring billing.
- Fearing the risk outweighs the reward, not all acquiring banks are acute on providing high risk merchant account solutions. The opportunity to process credit card transactions, the opposite instable believes business and legitimate merchant that should have legal.
- Only after their applications are declined, often we receive inquiries from many merchant that might be considered high risk and who are not aware they and their business.
How to define high risk merchant account?
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To define a risk merchant account there are many attributes. Ever evolving, and ever changing the landscape of high risk electronic – commerce. With regulations and shifts we like to think that we have remind up to date, with high risk merchant accounts and also with more than fifteen years of furnishing electronic – commerce.
- With little or no processing history of credit card a business is starts.
- High rates of returns and chargebacks an industry tarnished.
- History of bank reputation, imperfect credit card, flawed.
- Highly costs like that airline tickets and timeshares.
- Nutraceuticals high volume of businesses.
How to get a high risk merchant account?
It is challenging to getting the right merchant account and the merchants that are considered high risk. For high risk of industries deemed, to payment processing not all banks are eager to provide. Has been providing quality solution since 2001, in the high risk merchant services instable carved its own niche.
There are some rewards and challenges of high risk merchant account:
Without challenges high risk merchant account are not beings. High risk industries instable has embraced and their merchants finding many some processing solution of payment and affordable credit card, by partnering of acquiring banks with like-minded, for nearly 20 years.
Perhaps payment services and acquiring banks provided some steps:
- Welcome only certain types of high risk business.
- Procedures of tightening Underwriting and additional KYC documents required.
- Prevents schemes of mandatory chargeback and transaction of security presets and imposing volume caps.
To get a feel for the prospective merchant’s goals and business, merchant account relationship with a telephonic conversation for 10 to 15 minutes, instable opens every prospective. We decided that the merchant is fits on our portfolio, decided on that conversation.
High risk merchant account experts also offer:
- Funding for the business
- Solution for High volume of payments
- Processing of telephone order and mail order
- Processing solution of instant check
- Cash advance of merchant