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High-risk businesses are ones that sell items that fall into areas such as adult entertainment, online gambling, ticket sales, or medications. While the products sold and services provided are completely legal, these items come with a higher risk of theft.
Major credit card processors tend to stay away from giving high-risk businesses the power to process credit cards because of possible false refunds and stolen cards. These credit firms also want to avoid the issues that come with a high-risk merchant account. Some card processing companies feel they’ll lose larger customers if they offer high-risk card processing services.
Some companies are ones that credit card processors typically won’t serve:
These types of businesses and others like them have to use a high-risk merchant account to process credit cards. Indeed, customers like the safety and ease of using a credit card both online and for purchases over the phone.
For a business to make sales and profits, a business owner needs to accept credit cards as a form of payment. Otherwise, customers may go somewhere else to buy the product or get the service they require. Ask yourself if lost sales are worth not taking credit cards or using an undependable external processor.
Sadly, customers can buy products without paying for them. They may use stolen credit card numbers and later deny the charges took place. For a business, the result is lost income and product in cases where credit card banks back up their customers.
While these situations are common for any operation that accepts credit as a form of payment, some industries come with more risk than others. Credit card processors like to limit their exposure. Some won’t offer a high-risk merchant account to a business owner. You could be in a tight spot to keep your customers happy and profits high.
Fortunately, many people who buy goods and services with a credit card intend to pay for their purchases. Not every transaction is a false one. But, a 5 percent return rate is too high for many banks. Banks can close an account of a merchant who has too many refunds and stolen cards during a certain amount of time.
Even if 95 percent of credit card purchases go through without problems, the risk is still too high. The amount is not enough for a credit card processor to keep the account open. In turn, the business loses the ability to accept credit cards when the account closes.
Why should you open a high-risk merchant account, especially given the trouble that could come with taking credit cards? While you can boost your sales, turnover, and profits by accepting credit cards, you gain more as a business owner. You add a layer of respectability and trust to your business.
Customers think of a business that accepts credit cards as credible and well established. People get the feeling that a business isn’t going to close and disappear when least expected. Customers also know that you’re going to keep the doors open, and you’re willing to help them through all aspects of a sale.
Accepting credit cards can also increase your customer base. You’re no longer restricted to your home area or region to sell your products and market your services. With a high-risk merchant account, you can reach customers that live all across the country and around the world. Limit the places you’re willing to sell and ship to, but you can grow your customer list to a size you may not otherwise have thought possible. Accepting credit as a form of payment can make these benefits possible.
A high-risk merchant account lets business owners accept all methods of payment. You can give customers the option to swipe a card at a physical location, call in an order and process a card not present for the transaction, or pay through a secure payment system on your business website. You give your customers the freedom to shop at their convenience through an online shopping system. In return, all you need to do is fill the order and make sure the customer gets it.
What about fees? A high-risk merchant account can have higher taxes and restrictions on it. We don’t punish customers for being in a business that presents a greater risk for more theft or refunds compared to other companies.
Through HighRiskPay.com, fees are similar to traditional card processors. In return, you as a business owner get many ways to accept credit cards for transactions. You’ll have the pleasure of serving your customers, and you make transactions convenient for them.
In an economy based on e-commerce, high-risk businesses that can’t take credit cards as a form of payment have a weakness. If conventional processors or lenders think your merchant services are high risk and won’t give you an account, you’re not out of luck. A high-risk merchant account lets you accept cards and get the benefits of it without having to go out of pocket.
Take the time to think about what a high-risk merchant account can offer for you and your business. Remember, this account type can help you give your customers multiple payment options.
Your business may be in a high-risk industry, but you gain respect and trustworthiness when you can accept credit cards. Customers view you as a reputable business, and they are more willing to buy products and services from you. When your business has the backing of a high-risk merchant services provider, you can feel better about reaching your customer base and making customers happy. A high-risk merchant account can mean the difference between making sales and struggling for sales with your clients.
Accept Credit Card Payments!
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