Just about everyone in business these days have an urge to accept credit cards. Finding a reputable merchant account provider to process those credit card transactions for you can be a pretty challenge for any business, but it’s even harder if you’re a high-risk merchant.
What is a High-risk merchant?
There are many factors that defines a high risk merchant. The vastness of a High risk e-commerce is ever changing, ever evolving. With years of expertise dealing in e-commerce businesses with high risk merchant accounts, we’ve remained up to date with all the rules and regulations. When banks label a business high risk, it can mean several things:
STEPS TO CONSIDER BEFORE APPLYING FOR A MERCHANT ACCOUNT?
Now since you have a basic idea of what a high-risk merchant account is ,let’s study a little deeper and examine how banks determine your business’ risk level.
Its very much similar like applying for a loan.When a business owner applies for a merchant account, there is an underwriting process the merchant account provider will go through to estimate the risk of adding your account to their portfolio. Some of the points taken into consideration when applying for a merchant account are:
We at IpayTotal Ltd do everything we can to stay ahead of our competitors, including offering the most aggressive pricing, the best services, and the best support and customer experience in the business. Our merchants are our top priority.
Customised High Risk Merchant Solutions
Every legal business should get the opportunity to accept payments online.IPaytotal is a merchant account provider that specialises in serving high risk business types. The organization’s services and products consist of point-of sale solutions, an online payment gateway and virtual terminal, fraud prevention and MOTO/POS. IPaytotal offers a dedicated account representative to all new retailers for the life span of the account. We have established relationships with various processors. Few of these processing companies may onboard merchants from select high risk industries. High-risk credit card processing can be tricky, but it’s not a death sentence for your business. Running any business these days more or less requires that you give your customers the option of paying with credit or debit cards. If you’re an eCommerce entrepreneur, credit/debit cards are just about your only option for getting paid. While it would be nice if credit card processors treats all businesses equally, the fact is that they don’t. Larger, high-volume businesses receive lower processing rates and often get more generous contract terms. Businesses are also treated differently based on the degree of financial risk they present to their processor. All processors will carefully judge your business to determine whether you fall into the “high-risk” category.
Get pre-approved in as little as 3 hours for difficult to obtain high risk merchant accounts – our team of experts say yes to virtually any business type, business model, and even those restricted product types – all through Ipaytotal’s high risk payment gateway .
If your business falls into one of the high-risk categories we have already mentioned above, that you still have a chance to obtain a High Risk merchant account. However, your rates and terms of your contract may be less desirable in comparison to your low-risk counterparts.
The good news is, there are a lot of merchant service providers that specialize in high-risk merchant accounts.Many merchant processors openly advertise their standard, low-risk merchant rates, high-risk account fees are usually less transparent because there are more variables to take into consideration. However, generally speaking, high-risk merchants can expect to pay anywhere from one to two percent more per transaction.
Additionally, if you’re deemed as a high-risk business, your account provider will likely require you to keep a reserve. There are three types of reserve accounts you can expect from your account provider, and they are:
One last thing to keep in mind,due to the nature of your business which is considered a High Risk, you may also be susceptible to account freeze. During this freeze, you cannot continue to process credit or debit cards until the hold is lifted.
If there’s suspicious activity with your merchant account, a payment processor may temporarily freeze your account to analyze your processing habits and decide whether or not you’re operating within the terms of your agreement or are in breach of contract.While account freezes may be unavoidable from time-to-time, the best way to avoid termination is to be honest on your merchant application. Be upfront about the types of products and services you offer and your expectations for credit card volume.
iPaytotal, in addition to having significant experience working with high risk merchants, also maintains positive reputations among merchants and is known to offer fair pricing and quality customer support. Based in London and United States, iPaytotal is a merchant account provider that specialises in serving high risk business types. The company’s products and services include point-of-sale solutions, an online payment gateway and virtual terminal, fraud prevention and MOTO/POS. iPaytotal provides a dedicated account representative to all new merchants for the life of the account.
It’s hard to find quality credit card processors for high risk business types. A lot of merchant account providers will decline to process transactions for high risk businesses, which restricts the options that are accessible to hard-to-place merchants i.e. High Risk Merchant Account. Perhaps, with only a few processors to choose from, merchants can find themselves simply signing up with the first provider they stumble upon that will accept them instead of shopping around and looking for reputable, experienced processors that specialise in high risk merchant accounts. This leads to headaches down the road, as high risk merchants are especially vulnerable to charge-backs, the fund holds, excessively high rates and various other parameters.
iPaytotal, in addition to having significant experience working with high risk merchants, also maintains positive reputations among merchants and is known to offer fair pricing and quality customer support. As always, the best way to ensure that you receive a great deal on your high risk merchant account is to contact multiple providers and compare their pricing and service packages.
Based in London, iPaytotal is a merchant account provider that specialises in serving high risk business types. The company’s products and services include point-of-sale solutions, an online payment gateway and virtual terminal, fraud prevention and MOTO/POS. iPaytotal provides a dedicated account representative to all new merchants for the life of the account. We have not received any negative complaints on consumer forums, and we customise our pricing according to each merchant’s business type and processing history.
To know more just fill out our short form and we’ll get back to you and help you save time, give a brief comparison with several multiple merchant account providers, save money i.e., find the best pricing with respect to your particular situation, even if you’ve been declined payment processing before.