Why A High Risk Merchant Account Is Necessary To Safeguard Your Offshore Business
Risks are imperative in shaping up the possibilities for a business to qualify as an applicant for standard merchant account.
Businesses dealing in travel and cruise, e-commerce, forex, casino, business process outsourcing telemarketing etc. are considered to be working at extreme risks.
The amount of trade volumes and monetary transactions throughout the day are huge for such businesses in comparison to others. This makes them prone to both systematic and unsystematic type of risks than their counterparts.
Nevertheless, such dealers can decide on high risk merchant account. They can provide complete security during transactions of large cash online.
High risk merchant account is indispensable to safe guard your Offshore Business.
Offshore merchant accounts are more than saviors for such high risk businesses. Apart from regular functions, they offer many added advantages to the businesses carrying high risks namely:
- High charge back threshold
- Online transaction reports
- Multi- currency credit card processing
- Round the clock customer service
- Compatible with major credit cards
Apart from the above mentioned advantages, offshore merchant accounts are very beneficial in providing extensive customer base.
How high risk merchant accounts safe guard your offshore business operations
High risk credit card processing not only ensures security against any cash fraud but also assists in strengthening the revenue stream. It is the only area that can be easily maneuvered by the fraudsters. Therefore, offshore merchant accounts ensure that revenue framework is top notch and the team monitoring transactions is efficient in controlling and monitoring the various functions.
In addition, the security team that monitors these security transactions helps greatly in reducing the possibilities of high charge backs. The security team is very vigilant and helps greatly in reducing the number of defaults and shady transactions online. Generally, most of the frauds that have been reported worldwide were related to the charge backs. It is not important what you monitor but what is more significant is how you supervise. Merchant account offshore is therefore highly secure mechanism for merchants working on high risks.
Provision of multi-currency options and huge online market where credit cards are used commonly nowadays can help a business a great deal in earning more revenues.
The only thing worth note is that the merchant account offshore provider should be trustworthy. Considering the amount of cash involved in high risk businesses on daily basis, a world class security, firewalls and fail-safe mechanisms are required. Security measures should be sound in order to negate any fraudulent activity whatsoever while receiving payment through credit cards or other payment methods.
Although, high risk merchant accounts involve increased maintenance fee than normal merchant accounts charge, wide range of benefits offered are worth more than that. Therefore, money should not be the foremost criterion when making a decision.
Hence, it’s always in the interest of businesses operating on high risks to avail the services of high risk merchant accounts. They not only guarantee safe operations but also trim down the amount of risk associated with regular monetary transactions.
