High-risk Merchant/business
You might think that why your business is categorized as high-risk even while you are following the right track. The reason is the target audience and the niche of your business. Some of the high-risk industries are:
Other reasons for being a high-risk business can be an excessive number of chargebacks. Also, bad credit record, selling goods with high value, products open to the risk of fraud or a subscription-based business. These are the factors that make it difficult for you to get a merchant account and especially to be able to accept online payments from debit or credit card, with a merchant service provider. So, without a merchant account, you will stand nowhere and will lose to the competitors.
Right Merchant Service Provider
If your business is among high-risk, so that does not necessarily mean that your company has to suffer. And, If your business is promising but this only limitation is not letting your business grow, all you have to do is find a right merchant service provider that is willing to offer you the suitable services. The companies who provide services to high-risk merchants are called high-risk merchant service providers.
Setup a Collection Account
Setting up a merchant account to handle high-risk has become easier with time and is a straightforward procedure. Therefore, It can be free of cost if you are using a good company. To open the account, you must file an application form and submit the paperwork. If you are new in the industry and have a strong business model and well capitalized, as a result, you don’t have to struggle a lot to find the right merchant account provider for your business.
Things that Work Against Collection Account
Quantity of chargebacks
Crossing out installment or not paying them on time.
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You might think that why your business is categorized as high-risk even while you are following the right track. The reason is the target audience and the niche of your business. Some of the high-risk industries are:
- E-commerce stores
- A website dealing with digital content and steaming
- Travel and transport companies
- Companies dealing with multi-level marketing and direct sales
- Adult and dating websites
- Loan and financial businesses
- Companies providing supplements
- Crypto-currency
- Companies selling custom-made products
- Fast-growing companies
Other reasons for being a high-risk business can be an excessive number of chargebacks. Also, bad credit record, selling goods with high value, products open to the risk of fraud or a subscription-based business. These are the factors that make it difficult for you to get a merchant account and especially to be able to accept online payments from debit or credit card, with a merchant service provider. So, without a merchant account, you will stand nowhere and will lose to the competitors.
Right Merchant Service Provider
If your business is among high-risk, so that does not necessarily mean that your company has to suffer. And, If your business is promising but this only limitation is not letting your business grow, all you have to do is find a right merchant service provider that is willing to offer you the suitable services. The companies who provide services to high-risk merchants are called high-risk merchant service providers.
Setup a Collection Account
Setting up a merchant account to handle high-risk has become easier with time and is a straightforward procedure. Therefore, It can be free of cost if you are using a good company. To open the account, you must file an application form and submit the paperwork. If you are new in the industry and have a strong business model and well capitalized, as a result, you don’t have to struggle a lot to find the right merchant account provider for your business.
Things that Work Against Collection Account
Quantity of chargebacks
Crossing out installment or not paying them on time.
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