Customized high risk merchant accounts, some advantages
There are many legal e-commerce and online business which are considered high risk by financial institutions and acquiring banks. Merchant account is essential for online processing of credit cards; but high risk merchants find it difficult to get a high risk merchant account to facilitate card processing for their services and goods.
Banks term some business high risk as they believe that such businesses are risky involvement, thus they shy from providing such businesses with a merchant account. Though, high risk system is designed to restrict illegitimate businesses from having processing solutions, but at time some hard working merchants who genuinely need a merchant account can also get hit by the system. This is where High risk merchant service provider comes in. Service providers High risk merchant account and offshore merchant account depending on business needs.
Types of high risk businesses
Generally the industry type is considered a factor in determining a business high risk. In addition lately, the cash flow, credit card processing history and country of incorporation are also playing a part in determining a business high risk.
Some legitimate business marked high risk include – Online Pharmaceuticals, Internet Gaming, Gambling and adult entertainment, Online Dating Services etc.
Benefits of high risk merchant account
With customized high risk merchant accounts, there are a variety of benefits that you can reap from the merchant account and can help your business skyrocket. Service providers have a large number of offshore acquiring bank partners who like to work with high risk merchants and provide them with customized high risk merchant accounts to suit your needs.
Some of these benefits include:
- Secure payment gateway
- Acceptance of all types of popular credit card brands
- Recurring billing options
- Monthly volume caps
- Multi-currency processing