High Risk Merchant Account And What You Should Know
If you are setting up an online gaming site, pharmacy, or adult site there is a good chance you will need a high risk merchant account. The reason for this is that many of these businesses are known to experience a greater ratio of chargebacks and often have more risk of fraud. With that being said, don’t let this stop you from beginning your new business.
In the event you have been turned down for a regular account, you may need to apply for a High Risk Merchant Account. The only downside of this is that you might have to pay a start up fee that is usually much higher than a regular account would charge. Of course, you will also be charged a higher credit card processing rate, as well. This is simply due to the fact that your new business is at a higher risk for those chargebacks.
Due to the high fees charged by banks on these higher risk type of businesses, business owners may wish to consider going with a third-party provider. They may be able to get you lower fees and processing rates. Generally, you should expect to pay a fee of as much as $5000 or more to get started and processing fees of as much as $.75 per transaction.
The most important thing you can do for your own business is to try and set up a system to reduce how many chargebacks your own account receives. You can do this by making yourself available to your customers and always providing them with quality customer service. Leaving a telephone number for them to contact you or an email address and getting back to them quickly is the best way to reduce chargebacks on your account.
A high risk merchant account may not be what you expected when you started planning your new business, but it may be necessary in order for you to get your business up and running. The best thing you can do is research the various companies that will provide you with an account and do a comparison of the services and fees they can provide to you.
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Tags: ECommerce, High Risk Merchant Account, merchant accounts