Does high risk-credit card processing seem mysterious to you? In fact, there is nothing intimidating about high risk merchant processing if you’re equipped with the right knowledge. Let’s find out what you should know when applying for a high risk merchant account and see who can best help you with high risk payment processing.
High-Risk Credit Card Processing
Credit card processing is something online businesses can’t do without. The majority of businesses operating online are associated with higher risks in repayments. What if you’re high risk? You’re high risk if you’re running an online gaming, adult or online gambling business among others.
You can find a slew of businesses tabbed as high risk because they’re dealing with a higher risk of fraud and chargebacks. Others are classified as low or moderate-risk businesses. And if you’re having increased sales, you’re going to face a rise in the risk of fraudulent activities.
Did you know that eCommerce businesses were expected to lose $20 billion this year because of criminal activity? By the way, robust protection against fraud is a crucial factor you should take into account when turning to a merchant processor.
Be aware that your bank may put you on a rolling reserve if your business’ history shows multiple refunds and chargebacks. The rolling reserve has to do with the funds covering the possibility of chargebacks.
How to Pick the Best High Risk Merchant Processors
Credit card payments are the largest in-store payment type by volume and are forecast to continue to top the list of payment types. They’re anticipated to account for $1.82 trillion in annual volume by 2024. Thus, you shouldn’t ignore the importance of working with a true professional in the field that can help grow your business successfully.
This is especially true of those merchants who aren’t running a low-risk business. The classification of low and high risk businesses is based on the chargeback ratio, payment processing history, and returns associated with a business.
Don’t get upset when being labeled as high risk. There are reputable high risk processors that offer exceptional high-risk credit card processing services to all merchants interested in the best high risk merchant processors in the country.
Credit card processors are a driving force in payments and will keep on playing a key role in years to come. So, take the time to choose the right processor for your financial needs. What to focus on?
- The merchant processor should be in the same business model you’re in.
- Professional tracking of all your business transactions appropriately.
- The most advanced processing system in-built with AI technology so you can avoid distrustful activities.
- Exceptional chargeback protection service.
- Professional team.
- No extra fees or hidden costs.
What benefits can you enjoy:
- Fewer restrictions while processing international transactions
- Recurring billing
- Load balancing for cutting chargebacks and processing higher sales volumes
- Better fraud protection
High-Risk Merchant Processing You Need
In our increasingly digital world, it’s paramount that you accept online payments from your customers. Take the time to find the right payments specialist for your high risk business. Look for a merchant processor that’s fair, honest, and transparent.
Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest-rated high risk merchant account processor in the country that can best help you with high-risk credit card processing. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.