A high-risk merchant account is a kind of business account that is provided to a merchant who is associated with a certain level of risk in running their business. A merchant can be labeled as high-risk for various reasons-
· A merchant might be associated with a bad transaction history.
· The business he/she is associated with concern’s reputation, health risks, financial, and among others.
· The merchant’s business may involve a high volume of transactions.
· The merchant is associated with the business that has a high chargeback such as recurring billing, or technical support.
· Acquiring banks may not provide you with payment gateway solutions, since your business may be associated with the ill-things that is unacceptable to the banks. However, we at WebPays consider that equal opportunities should be given to merchants who are legitimate and should be allowed to have the opportunity to process credit card transactions.
· Often we get too many inquiries from the merchants who are unaware of the fact that their business lies under a high or low-risk category. Once their application is rejected they get to know about the nature of their business.
Webpays gets you the best High-Risk Merchant Account that will help you prevent high chargeback falling for your business and allow your business to reach at towering heights.
High-Risk Payment Processing Gateway Benefits
A lot of benefits are there for the merchants who are taking high-risk merchant account for their business. The multiple benefits involve multiple currency options, different modes of payment, reliable payment transactions, fraud protection system, and other benefits. Here are some of the benefits listed here.
· High-risk merchants get the highest level PCI/DSS support that ensures compliant processing. A high-standard security help protects business confidential data and safeguards customer sensitive information.
· Each payment transaction gets hundreds of the test done for validation purposes. These validation tests require no time. There are customized rules and parameters set that allow you to accept or reject transactions.
· The payment processor has an extensive database for providing high-level of security to the merchant holding the merchant account. A database can help you discover the fraud if a customer database has a positive/negative value stored then you can easily detect whether a customer is a fraud or not.
· Allowing the anti-fraud mechanism in the gateway will help you accept good orders. It also eradicates the transaction that you don’t want for your business.
· A significant feature that you are getting with a PSP is a recurring billing feature. You can easily customize an unlimited no. of recurring payment plans in order to meet the requirement of your business.
· There are some other high-risk features such as card verification, address verification; Geo-location, accept/block strategies; consolidated data reviews and audit trails and other important aspects that you get with an efficient processor.
How to apply for a High-Risk Merchant Account
Applying for a high-risk business account is always free. If you have already decided to take a merchant account, then you need to submit an application. An expert will be assigned to you to walk you through the process. The only assigned task is to get a merchant account as soon as possible for your business. Though the process for getting a PSP is simple. You submit an application along with supporting documents.
You need to get supporting documents ready that includes:-
Director’s Profile KYC, Driving Licence/Voter ID/ Passport, 3 months recent bank statements, 3 months of recent processing statement, A void check, the company needs to have a fully functional and a valid website, Domain Ownership Copy, Application Form.
Account approvals are easy and can be very as quick as 1 or 2 days. Although the high-risk businesses account can take 3 to 7 business working days due to the time needed to properly underwrite a file. A complete application package is important for quick approvals.
You are required to take your time in filling out the application form & provide all the necessary documents. The more accurate and legitimate the information you provide in the application form, the quicker your High-Risk Payment Gateway account approval will be.
Read our another blog post : Best Collection Agency Merchant Accounts Solutions