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The Benefits Of Ahigh Risk Merchant Account

By Expert Author: davud obuya

The need for a high risk merchant account arises when merchant banks refuse to handle credit card processing for a business. All business are different, this is especially true when it comes to their risk profiles. A high risk merchant is one whose business has a higher risk of charge backs, sales disputes or returns. They are categorized in this fashion mainly because the actual credit card is not presented during the ordering process.

If you own an online business then you will probably be seen as being at greater risk for fraudulent buying practices. Online merchants have a higher risk of credit card fraud than brick and mortar retail outlets. Being able to handle credit cards is important to an online business. High risk merchant accounts may be the only way to make your business dream a reality.

Another thing that adds to the risk is the high volume of business that many online retailers experience. There are not many ecommerce merchant banks that are willing to take the risk of handling credit cards for a certain type of business. Credit card processes is an integral part of having an online business. Without it your chances of success drop significantly. A High risk merchant account does have a few benefits as well.

List of high risk merchant account benefits:

• You gain a team of professionals whose only job is to make sure your business runs smoothly.
• You will always be on the cutting edge for new technology when it comes to payment solutions.
• They can show you how to change your risk profile over time
• They work with you to ensure customer satisfaction resulting in fewer returns and chargebacks.

How do you know if you need high risk merchant account services?
There is not a set formula that says which businesses a particular merchant account service will consider high risk. The following list is of known high risk businesses. If you are thinking of starting one of these businesses online, then you will definitely need to apply for high risk merchant accounts.

• Online dating services
• Online casinos
• Travel services
• Telemarketing businesses
• E-cash
• E-wallet
• Cigarette and tobacco vendors
• Auctions
• Debt consolidators
• Credit brokers
• ISP and web hosting services
• Custom jewelers

High risk accounts also are need for some brick and mortar businesses, here are just a few of those:

• Hair restoration services
• Home based businesses
• Pawn shops
• Fortune telling
• Insurance brokers
• Shopping clubs
• Computer stores
• Lotteries
• Weight loss centers

What You Should Know Before You Apply

One of the biggest approval factors for high risk merchant accounts is the business owners’ credit score. The higher your FICO score the better the chances that you will hear a yes. Other factors taken into consideration will be the life span of the business, monthly processing volume, fraud and chargeback history and the business profile. Like any other business, those that offer high risk merchant account services are not created equal. It is important to search out the one that has the features you want and the support you need. Well, that is about all you need to know to get started on your application.

Find more information relating to high risk merchant account, and online credit card processing here.

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