Reasons Bank Considers Business to Have Higher RiskThere are several reasons why most of the banks regard your business in this manner, which include:
-Payments Are All Processed Online
Online business transactions are recognized to have more charge backs or disputes compared to the traditional bricks-and-mortar retailers. Because the transaction is not done personally, it is always easier for the customer to have a dispute authorization. This is a manifestation that the business payments that are transacted online will not be denied by a domestic bank.
One of the perplexing factors to business owners, especially with regards to high risk merchant services, is the increased transaction volumes. Most people think that if their business has a bigger quantity of sales, banks will be easily attracted to them. However, very few banks see it that way. This is because an increased sales quantity might cause suspicion of fraud, which may restrict the amount you wanted to transact.
-Controversial Business Natures
Some businesses are perceived as controversial in nature, and most banks will therefore decide not to approve your merchant account. Because of this controversy surrounding it, banks feel that chargebacks may be frequent.
-Large Quantity of Fraud
If the business you have has a high rate of fraud, banks will classify your business account as high risk. Unfortunately in this sense, honest businesses that exist in the specific industry lose out because of the dishonest ones. Knowing these reasons is essential in order to determine if your business needs to have a high risk merchant service or not. This is also an effective way towards maintaining the progress and success of your business transactions as what you wanted it to be.
Perks of Getting High Risk Merchant AccountThere are many benefits that you may receive if you acquire one of these from certain types of banks, which provide convenient and effective assistance services and guidance. Here is a list of some benefits to give you an idea of how this type of merchant account can help you:
- Maximizing your business profits with the use of secure, stable and reputable solutions.
- Straightforward credit card processing procedures for your business.
- Getting hold of getaways from online payments which have the ability to have virtual terminal that can easily process your business transactions.
- Offshore merchant account and credit card processing available
- Multiple types of currencies can be paid and direct accounts for merchant business.
- Chargeback intercepts type of solutions that can help your chargeback count as well as business percentage down.
These are just some of the benefits that you may acquire if you are going to have your High Risk Merchant Account with eSafe Payments.
Apply for our fantastic services today or if you would like more information please call us on (800) 805-7236.