Every business merchant knows how vital it is to have a digital payment system. No matter if it is a retail store or online business. Digital payments services help a business to attract more customers. Thus it results in high profits in business revenue. It doesn’t mean to stick only with debit cards, credit cards. You should provide a diversified payment solution. There are several advanced payment methods available. This includes tap and pays contactless credit card payments, mobile payment processing through e-wallets. On-the-go payments methods are now the most popular and highest in demand among customers. But the real problem arises when you are operating your business under a high-risk category. Don’t worry! Theecheck has the solution for your every query and this for what a high risk merchant account is made for. This is a special type of merchant account which is customized to handle the risky industry and high-risk payments. Contact us now at +1-855-403-3855
What Does It Mean “High-Risk Industries”? Is It Safe With A High Risk Merchant Account?
A type of business can fall under the high-risk category when it possesses a high chargeback or usually attains high volume processing. There can be a lot more reasons also. Like It can also be a reputational problem. The industry can be prone to have fraudulent transactions. Banks generally label these types of business activities as a risky practice. That’s why most of the banks and financial institutions deny providing the merchant account or payment processing solutions. Let’s explore more in the classification of the high risk payment processing industry.
- If you are operating a business like CBD or marijuana trading, online gambling, tourism services, online escorts services, online dating, etc. then these businesses are always termed to be highly risky. They tend to have a history of high chargebacks.
- If you do not maintain the credit score, banks are going to deny your merchant account request easily. It would be best if you keep a good credit score to get a higher sales volume limit for your business.
- Your business is going to face reputational issues while getting a merchant account. If you are working with business sectors related to the adult entertainment industry or some other age-restricted businesses. This can be like selling tobacco or e-cigarettes online.
- If you provide subscription services. Then you may also be counted under the high-risk category. Because of membership services, your customer tends to have a long chargeback period. So if a customer files a dispute after some months, it can lead to a very high chargeback if the refund is initiated.
- Trading expensive products or services are also counted under high-risk business categories. These products may be like customized superbikes or supercars, precious jewellery which costs over a million dollars.
You don’t have to think that much now because of the high risk merchant processing solution. Theecheck provides the best payment processing solutions specially designed to deal with these industries. High risk merchant accounts consist of several safety measures. So that you can always have a hassle-free payment processing experience.
What Are The Fees Associated With A High Risk Merchant Account?
Some of the fees that are applicable on high risk merchant account are :
- High Risk Merchant Account Setup Fees: These are the registration charges that are taken while making a contract with the merchant account provider like Theecheck.
- PCI Compliance: You may get charged some extra bucks if you try to violate the rules and regulations of payment gateway under PCI compliance.
- Processing Fees: A merchant needs to pay some per cent extra per transaction when you process a transaction with a credit card. This varies from card to card provider and goes straight towards them for interchange charges. Theecheck offers an affordable pricing structure while comparing to the others in the market. This allows you to gain more profit with your high-risk business.
We provide best in class customer support service. So, If you still have any query, you can reach out to us at [email protected].