To run an online business, you can’t do without a merchant account. If you’re a high risk business owner, you need to open a high risk merchant account. Expect to have a difficult time getting approved for this type of merchant account. On the other hand, there are a number of advantages associated with this type of accounts that you can find below.
High Risk Merchant Account Benefits
Merchant processors classify businesses into low or normal and high risk categories based on several factors. These mainly include the industry type, credit history, as well as chargebacks and fraud the business is dealing with. Pharmacy, adult, marijuana, online games are among high risk businesses, but, of course, these aren’t the only ones.
So, if you’re a high risk business owner, you need to find a trustworthy merchant processor specializing in the high risk field that knows your pain points best of all. This is how you can open a high risk merchant account easily and enjoy the cheapest possible rates in the industry, even though high risk merchant account fees are higher than those associated with the low risk ones.
Now, let’s go through the mentioned advantages:
- Better Protection From Chargebacks
This means you can keep the merchant account in good shape.
- Better Protection From Fraud
A reputable high risk merchant services provider can protect your high risk transactions from fraud.
- Higher Chances for Expansion
Opportunity to access larger markets.
- Ability to Earn More
Expansion means increased sales and, quite naturally, increased revenues.
- Offering Multiple Currencies to Your Customers
Selling in multiple currencies opens up doors for enlarging your customer base and earning more.
- Source of Long-Term Growth
By setting up an online storefront, you can again earn more and enjoy a sustainable source of long-term growth.
As you see, if your business is in the high risk field, you should expect to face a number of difficulties when opening a merchant account. Thankfully, there are respectable high risk processors dedicated to providing the safest, most advanced and cheapest credit card processing services to help you take your business to the next level with as little challenges as possible.
Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated high risk merchant account processor in the country offering the safest and cheapest high risk merchant account in the space. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.