If you are a new business owner, then it is majorly possible that you are finding it confusing to find the perfect credit card processing company. The possibilities of the confusion increase if you have never come across the term ‘Merchant Account’ earlier in your life. You may come across a number of Merchant Account service providers who offer same type of services, but that is not the reality, in reality each service provider is unique in its own kind. Some specialize in High risk business while some specialize in low risk.
Do not worry about the confusions as the following whole blog is written to help you seek answers for your queries related to a High Risk Merchant Account for your high risk business.
What are the businesses included under High Risk category?
Businesses like Fantasy Sports, Debt Collections, Firearms, Memberships and subscriptions, Online Dating, Marketing, etc are some of the business included in the High Risk Business category.
What makes my Business a high risk?
There are lot of points taken into consideration for the classification of a business. A business is considered high risk because of following points:
Reputational Risks, High Ticket Size Chargeback’s, Bad Credit score, Recurring Bill Designs, Industry rules and regulations, etc.
What are the benefits of High Risk Merchant Account for my High Risk Business?
Having a High Risk Merchant Account benefits in a multiple ways for a high risk business. Some of the common benefits of High Risk Merchant Account for a High Risk Business are:
1. Low rate of account being frozen then in the aggregate service providers.
2. Long Term Processing Safety.
3. High possibility of Excessive Chargeback.
4. You can continue earning more through various methods of online transactions.
5. The risk to theft and fraud is reduced with a proportional rise in security.
6. Expansion of business won’t be a problem as the earning opportunities become limitless.
Our final suggestion to you is that, please do a proper research for a reputed Merchant Account Service provider and don’t just stick to the first one that comes in your way.