High Risk Merchant Account Services
Entrepreneurs enter the market with new business ideas. When everything is established and they go to the payment gateways/ Banks to get the payment gateway, they don’t get the approvals from the risk departments considering the business to be
All kinds of financial institutions process money. And when it comes to processing money – they are obligated by regulators to classify merchants as low risk, medium risk, and
Payment processor will never accept you when they think you process high risk and there are chances that they will lose money. And even if they accept you they will charge very high transaction discount rate. There are few reasons why your business can be considered as a
- You have lost your previous merchant account due to high chargeback ratio.
- Questionable sales and marketing tactics
- Potential legal and financial liability
- Your credit is really bad.
- Industry is known for excessive chargebacks or fraud incidents
- Trial continuity business
- Previous credit card processing is not good enough
- You’ve been branded as a terminated merchant (TMF).
OBTAINING
If you are not getting the merchant account, don’t worry. There are providers who are specialized in providing gateways to the
Dos and Don’ts:
Read your contract carefully: Most processors will make you sign the merchant processing agreement. Read the entire contract carefully. Pay attention to fee, terminations, restrictions and all other things.
Selecting the payment processor: If you are a
Ensure that all the online transactions are protected by encrypted server transactions. Generally, payment processors are backed by large security and technology companies to ensure all their accounts are safe and transactions are secure. That’s a good sign.
Your processor should offer online viewing and reports, rather than traditionally mailed transaction reports. That way, you can keep track of your transactions and reports.
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