It’s undoubtedly essential for merchants operating in high-risk sectors to act in compliance with the law, as they have more obstacles to overcome along the way to getting approved. One of the challenges companies may face is surely obtaining a merchant account considered to be of high-risk to the banks. Therefore, in the article, we would like to discuss what is considered a high-risk merchant, what is a high-risk industry itself and what is important to know before obtaining a merchant account.
It’s not a surprise that any business utilising electronic commerce has a necessity to work with all types of payment cards. However, some providers will only cooperate with companies they are sure of. So, what might dissuade them from granting an account and what are high-risk merchants? The major reasons are various and may be as follows:
Regarding sellers who have a high level of risk, basically, the main issues that arise are what is a high-risk industry as well as which products and services are considered high-risk. The list of such fields, goods and services is available here. Actually, it answers the question of what is a high-risk credit and debit card processor’s objections. Even if your field is not on the list, please ask us for consultation. Our team of professionals will share the experience and give you full information on this topic.
Merchant accounts may be presented in different types, so they can be divided by the level of risk each one may constitute. The two diametrically opposed types of accounts mentioned above differ in a number of respects. The main distinguishing features of an account for a high-risk merchant are presented below:
Ready to get an account in order to, for example, provide recurring payments for the high-risk business? But don’t hurry! We understand how challenging the process is, so take a look at the following advice our team would like to give you:
We hope the suggestions above will assist in your way to get an account and make the process easier and more comfortable.
In this article, we have examined what are merchant accounts considered to be of high-risk to the banks and what sets them apart from the others. Setting up a business with a high level of risk can be challenging in many aspects. One may be faced with the issue of how to find a high-risk payment gateway that best fits the owner’s and business’s needs. Different aspects may land your business in a zone of high risk. However, decreasing the incidence of chargebacks may potentially lower the risk level. In case you have any questions on this topic don’t hesitate to contact us, we are always ready to help you.