My Merchant Account Is High Risk: How Do I Secure Services?
Merchant account providers, banks, and payment processors look at the nature of e-commerce and see high risk. These accounts, and the businesses attached to them, are considered high risk because of many different factors, such as their high sales volumes, online credit card transactions, and subscription-based products. Even with a high risk account, you can conduct business and secure merchant services.
Turn It Down
If you’ve been denied a traditional merchant account, you may want to consider a high risk account. If your business is conducted online or promotes nutraceutical sales, among others, you’ll need high risk merchant services.
Securing this type of account for your business isn’t necessarily easy and can require a longer and more difficult application process. The fees and rates may also be a bit higher; however, a high risk account can be beneficial for your business.
Benefits of a High Risk Account
Having a high risk account isn’t a bad thing; you just need an account from a payment processor that understands your business model. In fact, the opportunities for growth and profitability are practically unlimited with high risk accounts. So whether you operate a high risk enterprise or have credit issues, you can secure high risk merchant services to keep your business on track and growing.
A high risk account will grant you and your business access to a global marketplace, fraud protection, effective e-commerce solutions, and, of course, the freedom to accept every major credit card.
Keep It in Reserve
There are a few ways you can secure high risk merchant services. The first is to keep a large liquid reserve for your business. This will give the issuing bank or provider the assurance that your business will succeed. It also demonstrates that chargeback liabilities will be low or nonexistent.
Spell It Out
Another great way to ensure that you can secure high risk merchant services for your business is to clearly state your terms and conditions for your customers. This clarity helps to ensure that your business receives as few complaints and chargebacks as possible.
Run It Smooth
A great way to secure services and reduce the risk of your business is to run your business as professionally as possible. Ensure that your shipping and handling times are accurate and efficient. Limit returns, complaints, and chargebacks. Make payments in a timely and orderly fashion. Doing this will decrease the likelihood of fraudulent activity and help you obtain the merchant services you need to effectively run your business.
We Can Help
At Allied Wallet we offer a wide range of payment processing solutions and services. We work with a number of e-commerce businesses to ensure they operate safely and profitably. Contact us today to discuss high risk merchant services for your business.