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Tips For High – Risk Merchant Account
Total Articles: 26
Time has gone where we had only one way of payment. Now we have multiple ways of paying as a result demand for HIGH-RISK MERCHANT account starts increasing. It is nothing but just like a bank account for the online and offline business that allows accepting payments in multiple ways, usually debit and credit cards. A high-risk merchant account in language of business is agreement between an acceptor and merchant acquiring company for the settlement of payment card transactions.
There are many traits to define high-risk merchant account with the time criteria has also emerged but there are some labels which are important when bank labels a business high risk;
• Startup business with little or no credit
• A merchant who has suffered a terminated merchant account
• High volume and high-cost business
• Flawed, imperfect credit, history of bankruptcy
• An industry tarnished by high rates of chargebacks and returns.
If a business is at low risk, then it is very easy to get approval and merchant acquiring company also offers various services. On the other side when it comes to high risk in terms of unconventional processing and history of other payment services who do not want to give payment access. And when it comes to approval one must know approval of high-risk merchant account is not a cup of tea. Some merchant account approval takes a week. Based on several components approval of high merchant account depends. High credit score, funds in the bank, fully functional website, valid identification, the complete list of documents are some of the criteria.
If there is a high-risk business, the best solution is to maintain a relationship with online payment gateway specialized for risky business. And we RADIANT PAY will guide in monitoring suspicious transaction and potential threat and fight the chargeback.
A successful entrepreneur may not have depth knowledge of every aspect of the business but they definitely know how to get information and use their resources. And when it comes to payment processing like high-risk merchant account, payment gateway they choose the best solution.
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