From the perceptive of various credit card payment processors, some businesses are riskier than traditional ones. The factors that come into determining that risk can vary from constant chargebacks to bad credit scores.
WebPays delivers high-risk payment processing solutions to almost every high-risk business. And it also offers more than a 95% of approval ratio. So, if you are looking for a high-risk merchant account solution for your high-risk business. WebPays delivers various multiple beneficial features with high-risk merchant account solutions. These are some specific industries for which we have cutting-edge payment processing platforms.
- Forex businesses
- Online Casinos
- Online Gambling Businesses
- Adult Toys Businesses
- Tobacco merchants
- eCigarette Businesses
- Gaming Industries
- IPTV businesses
- Online poker businesses
- eCommerce sector
What is a high-risk merchant account?
A high-risk merchant account simply means that payment processors and various credit card networks consider the business as more conceivable risky to process online transactions. Furthermore, they might possess an excessive volume of chargebacks and fraudulent activities. There are some more factors that can also make a business high-risk:
- If a business is newly entered the industry and didn’t process any online transactions.
- If online business functions in a specific industry that is considered controversial or unpredicted.
- However, all sorts of eCommerce businesses inherently come in the high-risk sector. Because they take credit card payments where the merchant cannot see the customer’s credit card physically.
However, the high-risk stage can happen with increased credit card payment prices and increased payment processing ratios. And also standard rules and restrictions across compliance and reporting.
If your chargeback volume exceeded a certain ratio. So, you will have more chances of being considered a high-risk business. If your chargeback ratio is not under the specified limit of low risk. Then credit card networks may quit executing business with your business and make it inaccessible to process card payments.
How can high-risk online businesses prefer the most suitable payment solution provider?
It may also have a few extra struggles for businesses to assure a payment processing associate when they are considered as high-risk. Yet, the task is away from impossible.
It is quite significant to emphasize that businesses that come under a high-risk category also have an identical level of products or services to the low-risk ones. But you must need to consider some additional factors before preferring a high-risk merchant account provider for your high-risk business. Some of them are
Know your own risk factors
The first step is to specify the high-risk factors evaluated with your online business. As per the research, “When you are preferring a payment processor, you must ask them how much knowledge and experience they have in dealing with high-risk businesses like yours. You must also ask for their chargeback policies and pricing structures.
Gather all contract-related details
Conceivable payment processors will assess your business and tax documents to determine whether you are a high-risk business. Ensure your payment service provider is an expert in managing high-risk businesses. And then inspect your payment service provider’s contract carefully to know their criteria and conditions in labeling online merchants as high-risk.
Be transparent and genuine from the beginning
It is vital to be comprehensively transparent and dedicated with your payment service provider. Functioning genuinely in your application is suggested. Because delivering fake and incorrect details about your business will generally result in the deletion of your account, the pausing of your merchant account, or both.
Inspect pricing structure and security standards
High-risk business merchants should also inspect all the terms and conditions of merchant service providers to understand all per-transaction or percentage-based pricing structures that will be evaluated.
Ensure your payment service provider is also compliant with the PCI DSS (Payment Card Industry Data Security Standard. And also inspect whether they have relevant features and solutions with payment processing platforms for fraud and chargeback prevention.
Request for customer support capabilities
At last, high-risk businesses should also consider the customer support system they must acquire from the payment service providers if there any kind of issue occurs. This also implies the knowledge that your merchant account will reevaluate in the future. Because they also aspire to reduce your prices and allow your online business to look more attractive with an adequate track record.
What can high-risk business merchants anticipate from payment processors?
Operating an online business with a reliable high-risk payment service provider with great expertise in delivering high-risk payment gateway will support high-risk businesses to get approval more effectively. But some factors they deliver will be different from accounts that are considered low-risk. So, you can expect:
- Higher payment processing prices of almost 1.5%
- Additional interchange fees
- More increased chargeback costs
Benefits of acquiring a High-Risk Payment Processing solution
Executing a high-risk business comes with multiple challenges, but acquiring a reliable online credit card processing service doesn’t require to be one of them. A high-risk payment processing system that is personalized to your business offers peace of mind knowing your payment process is prepared to transform as per your business requirements.
Some primary factors you can expect from a high-risk merchant service provider include
Detailed Underwriting Procedure
It decreases the unpleasant surprise of account management, delays, and exits due to unexpected risk movement. It also assists in evading fake high-risk merchant accounts instant approval.
Availability of various types of Products and Services
It also embraces online businesses that are rejected by multiple payment processors and acquiring banks.
An excessive volume of Maximum Transactions
Yet, your preferred payment service provider must offer high-ticket transactions that match your pricing structure as well.
Certified Volume Expands
It will authorize monthly volume ratios that will increase your online business.
Furthermore, it operates with you to decrease the high chargeback activity rather than shutting the account without any prior information or alert.
It enables you to expect more increased refund activity to prevent chargebacks from increasing.
It also enables more astonishing freedom to access your online business across international limits.
Reliable Customer Support offers various knowledgeable solution specialists
To resolve all payment-related issues instantly, reliable and 24*7 available customer support plays a significant role.
Why Prefer WebPays?
WebPays is delivering payment processing platforms to make things and procedures effortless for high-risk business owners from the first transaction. We feel proud in getting our payment processing services that bring online businesses to their most essential potential without having overwhelmed by the details of payment processing. WebPays will be your best suitable payment processing solution for a secure and reliable high-risk payment processing solution created to meet the business’s unique payment requirements of your online business.
In this digital era, global merchants like the highly secured high-risk merchant account solution and the effortless payment processing solutions we offer every day. You can also research our payment platforms and can also review testimonials on our website. We are glad to support you in achieving the success level which you want for your business. For further details, you can drop us a mail with your business requirements. Our payment support team will contact you and suggest the best suitable payment solution as per your business structure.