High Risk Merchant Account FAQs
Having a high risk merchant account can raise a lot of questions. In case you’re not entirely sure what you are getting into, here are some common questions and their answers to help you in your high risk merchant services.
What is a merchant account?
A merchant account is an account that you obtain through a bank or credit card processor that allows your business to accept credit cards from consumers. Business with a merchant account is all done via electronic communications and tools.
A high risk merchant account is the same as a regular merchant account, but designed specifically for high risk businesses with added security and wider acceptance terms.
Why do I need a merchant account?
If you want to accept credit cards as payment from your customers, you must have a merchant account to do that. Third party payment services are good enough, but they cannot be your only source of payment acceptance.
Why do I need a high risk credit card processor?
If you have been deemed a high risk business, you will need to work with a high risk processor. High risk businesses are generally those that deal with higher incidence of fraud and chargebacks, as well as businesses that inherently have a riskier operation. Some examples include internet gambling sites, online pharmacies, replicas dealers, and high volume companies.
What fees do I have to pay for a merchant account?
The fees that you pay will vary from one situation to the next. If you have a standard merchant account, the fees might be slightly more reasonable. However, your options will be more limited as to payment acceptance and the type of business that you can conduct. High risk merchant accounts have slightly higher fees, but offer better security, better acceptance, and more options for accepting payment from customers. The exact fees that you pay will vary from one high risk credit card processor to the next.
What should I look for in a high risk merchant account and a high risk processor?
A high risk merchant account should have: more security, wider acceptance, higher limits and transaction amounts, and better provisions for your high risk needs than a standard merchant account. All of this should be combined with reasonable fees for the services that you are offered.
A high risk processor should be reputable and have a good track record. They should offer the optimal options for your business merchant account needs, as well as top-rate customer service and support that you can depend on.
What else do I need to know?
You should be aware of the specific details of your account, including lease payment terms, guarantee of funds, security and verification procedures, software and hardware that is required, statement receipt, and other elements that affect your business operation. Any merchant account provider should be readily able to give you this information and discuss your account so that you understand exactly what you’re getting into.
Having a high risk merchant account isn’t rocket science, but it does take a little bit of research and time to figure out what works for you and what doesn’t.
High Risk Credit Card Processor specializes in High Risk Merchant Accounts, High Volume Merchant Accounts and Offshore Merchant Accounts. High Risk Merchant Accounts include such industries as mail order, telephone orders, adult entertainment industry, direct marketing industry, dating, online dating and escort services, outcall services, travel, telecom, timeshares industry, herbal supplements, diet companies, subscription services, membership services and clubs, ticket sales, MLM merchant accounts, multi-level marketing businesses, bail bonds, pawn shops, water filtration systems merchants, collection agencies, auto rental companies, rare coin and collectible shops, computers, custom design products, software sales and service, detective services, door to door sales, massage parlors, gun shops, hair restoration services, cosmetic surgery, high-end ticket sales, high volume merchant accounts, home based and telecommuting businesses, fortune tellers, infomercial merchant accounts, insurance products, investment products, custom jewelry sales, multi level marketing, MLM organizations, phone sales, internet businesses, seminars, educational institutions, sports collectibles, used auto sales, water purifier sales, weight loss centers, vitamin and herbal supplement stores, international merchants, companies facing high chargebacks, etc.
For additional information about this article or about obtaining High Risk Merchant Accounts, please call 877-460-8472 or email info@highriskcreditcardprocessor.com.
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