Now Easily Get A High-Risk Merchant Account

High-risk Merchant Account

All kinds of financial institutions process money. And when it comes to processing money. They are followed by regulators to classify merchants as low risk, medium risk, and high-risk merchants. 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 a few reasons why your business can be a high-risk business. Few reasons are:
  • Questionable sales and marketing tactics
  • You have lost your previous merchant account due to high chargeback ratio.
  • Potential legal and financial liability
  • An industry is known for excessive chargebacks or fraud incidents
  • Your credit is really bad.
  • Trial continuity business
  • Also, you’ve been branded as the terminated merchant (TMF).
  • Previous credit card processing is not good enough

OBTAINING HIGH-RISK MERCHANT ACCOUNT

If you are not getting the merchant account, don’t worry. There are providers who are specialized in providing gateways to the high-risk account. So, it may be a little more expansive, you may need to agree to a high rolling reserve or you may need to send more documents during the onboarding process but you’ll be able to get the payment gateway. Therefore, you need to find who is able to cooperate with you. We at Merchant Stronghold love to cooperate with merchants that have a high-risk business category.

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.

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.

Selecting the payment processor: If you are a high-risk merchant, it does not mean that you need to settle for less. Hence, choose the PSP carefully who is ready to negotiate with you.

Your processor should offer online viewing and reports. instead traditionally mailed transaction reports. That way, you can keep track of your transactions and reports.
Location: Clearwater, FL, USA

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