How to Monitor High Risk Merchant Account

If you’re running a business with a very high turnover and large volume of sales then your business is susceptible to fraud. In this case, the best way avoid a credit card fraud is to apply for a high risk merchant account. A credit card fraud is not only a problem for business owners who will incur a loss, but also for the merchant account providers who will have to investigate the fraud.

The major business categories that fall under high risk businesses include online casinos, adult products and service providers, online dating service providers, pharmaceutical companies, online sales of cigarettes and tobacco, online sale of replica products, online auctions, lottery dealers, weapon dealers, and the list goes on.

Getting a high risk merchant account maybe an easy task, but monitoring it to avoid cancellation is where the problem begins. So in order to protect your payment processing accounts, you can follow the aforementioned simple tips, and hope for the best results.
Monitor monthly volumes of sales

All high risk businesses have a processing limit, and if at any point you think you’ll be exceeding those limits, it must be communicated with the high risk merchant services in advance. This can happen when the company is about to launch a new product, or there are some changes in the marketing schemes of the company to boost sales.

Think of getting additional merchant accounts

If your business is expecting a high spurt of growth in the coming times, it is advisable to apply for additional merchant accounts in advance. Many high sales businesses with diversified segments often apply separately for each segment.

Never switch accounts abruptly

Banks or account providers both dislike surprise. Suddenly closing a merchant account can cause panic in the bank, and it may permanently freeze your working account. Let them know your plans in advance, and gradually decrease the merchandise with the bank, giving it time to make all due adjustments.

Always mention your company numbers on bills

Putting your company numbers on the bill descriptors allows customers to first contact you in case of any problem, whether it is cancellation of the order or refund. This saves you from coming in the bad books of the banks and the account providers, thus saving you from undue hassles.

Implement fraud protection

The internet criminals are far smarter than others, and therefore capable of unbelievable fraud. Most high risk businesses are more vulnerable to such activities, and therefore spending a few bucks on the protection of your website, and securing anti-theft solutions is not a bad idea. Also make sure to keep the protection system well updated.

Allow easy return of items

Especially if customers are not satisfied with your products, allow them easy return of the same. To take the product back is far less expensive than if you have to fight the charges against you. Also, the charges will have to be verified by your bank or account provider, which is added work for them.

Advanced Merchant Systems (AMSLV) is a renowned merchant account dealer, and in case you’re interested in opening a new account, or adding more accounts contact them for their reliable services.