High Risk Merchant Account: How It Works
If your business is dealing with lots of chargebacks and increased fraud, financial institutions will tab it as high risk. High risk businesses need a high risk merchant account, which comes with its specifics. Let’s see how high risk merchant accounts work.
Merchant Account for Your High Risk Business
If you’re classified as high risk, you need to open a high risk account for merchant processing. Be ready to pay higher fees for a high risk merchant account. What’s more, you can’t send in an application to get approved for a merchant account for your high risk business. However, based on your industry and location, you may be offered to fill out an application online.
The good news is that there are high risk payment experts that can provide you with the most advanced, secure, and cheapest merchant processing for your high risk business. Thanks to a respected high risk processor, you can get fast access to the right payment processing services, including a high risk merchant account, for your eCommerce business.
High Risk Merchant Account Specifics
There are certain important nuances and specifics associated with high risk merchant accounts that you should be well aware of before applying for one.
- Unlike low risk merchant accounts, high risk ones aren’t that much limited in terms of international payment transactions.
- High risk merchant accounts allow businesses to grow their performance. How? First, businesses get an opportunity to accept payments in multiple currencies. Besides, high risk merchant accounts enable businesses to sell to clients in foreign countries, thus reaching out to larger markets.
- High risk merchant accounts boast high chargeback protection.
- With high risk merchant accounts, you can offer products or services that are banned for low risk merchant accounts, thus getting an opportunity to enjoy long term growth.
- With high risk merchant accounts, you can increase your revenue. How? You get wider possibilities to sell your products, thus growing your chances of earning more money.
The Operation of High Risk Merchant Accounts
If you need payment processing services for your high risk business, you should apply for a high risk merchant account. The reason is that your type of business deals with a high volume of chargebacks and fraud, financial instability, and bad credit rating. Thankfully, there are high risk payment specialists that can help you enjoy the best for your business needs.
Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest-rated high risk merchant account processor in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.