High Risk Merchant Account: Why It is Important for business?

In today’s highly competitive business era, business owners always look for innovative ideas and technologies to grow their businesses. They always try to maintain a steady stream of happy customers by providing them quality products and exceptional services at the lowest possible prices. But customers satisfaction is much more than just providing quality products and services at affordable prices. Keeping customers happy is all about facilities, convenience and reliability.

Today most of the customers prefer eChecks or cards to make payments. That’s the main reason why a merchant account is a must have for all businesses.  

What is a merchant account?

A merchant account is an account that lets business accept online payments via payment cards. The account is just like an agreement between the bank, the merchant and payment processor for the resolution of online transactions.    

Key benefit of having a merchant account

A business cannot process credit or debit card payments without a merchant account. But with it, a business can process and accept online payments in a secure way. A business will not be limited to particular town or country as the account will let the business accept online payments from anywhere in the world.

High Risk Businesses

However, acquiring a merchant account is not easy for businesses that come under high risk category. There are many businesses in this world that are labeled under high risk category due to the nature in which they operate.    

What makes a business fall under high risk category?

A business is deemed as high risk if it:-

Has poor credit score

Has high turnover

Offers money back guarantee to the customers

Has high probability of customers dissatisfaction  

Has high risk of credit card fraud

What type of businesses fall under high risk category?

Some examples of such businesses are mentioned below:-    

Gambling industry

Nightclubs & bars

Telemarketing

Tech support business

Online pharmacies

Can a high risk business apply for a merchant account?

When a business applies for a merchant account, the service providing company evaluates whether it is a low risk or high risk business. However, just because a business comes under high risk category does not mean that it cannot avail merchant services. Today there are many companies available that work specifically with high risk businesses by offering them a full range of merchant services at very attractive fees.  

Merchant accounts for these high risk businesses are easy to set up and can be created online. The great thing is that most of the companies approve account request usually on the same day. High risk merchant account not only lets merchants accept different forms of payments, but also protects the business against customers who try to pay their bills through invalid checks or fraudulent payment cards.

So if you want to protect your high risk business, then avail high risk merchant account today.

This article originally appeared here: https://patch.com/florida/clearwater/classifieds/other/115834/high-risk-merchant-account-why-it-is-important-for-business